In the crypto currency industry you can see a term ‘’smart contract’’. This term is used when you will do a transaction and this technology is used something similar to a real contract.
In real life when you are sending wire transfer money to another bank account the bank is the dealer.
The same way the smart contracts are working.
Especially smart contracts will help you to trust the other party.
I will give a real example.
Let’s say you want to do a project and you don’t trust the other party because you don’t know him. Both parties will send cryptocurrencies to a third party dealer, so this contract end of the day will protect both of the parties. When the project finish then the money will become in your account. The below example show a real smart contract progress.
1. Alice agrees to store her payment for the website within the escrow contract, and Bob agrees to deposit an equal amount
2. Bob completes the website project and Alice gives the smart contract permission to release the funds
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3. Bob receives Alice’s payment along with his collateral