Ed-vise Episode 31

A post anniversary GOOD MORNING!!! to you all! Yup, day after the 24th year of wedded bliss! Carb loaded from our favorite dish of Angel Hair Tomato Basil Toss. Needless to say fell asleep early last night!

Technically Speaking Tuesday Ed-vise today. Cause it’s TUESDAY! Time for some tech.

In the crypto/ Bitcoin/ blockchain world, there is a thing called a Smart Contract. That is where the technology of blockchain comes into play.

We have, in our industrialized world, a thing called contracts. They make the rich get richer and the workers keep working. They are what the world really revolves around especially if you are of a Libertarian mindset.

Often times, these things get negotiated and modified; fulfilled and breached. They range in extremes of performance because, they are negotiated by humans.

Well, a Smart Contract, is one that automatically happens. Takes away excuses and mulligans and errors and whatever else you can think of that would make a contract not happen. These type contracts “happen” NO MATTER WHAT!

For example a vending machine. You put your money in, press your choice and PRESTO, out comes the Snickers Bar. If you lucky, you get two.

Some car agencies have a Smart Contract built into the vehicle. What happens is if you miss a payment, they shut the car off. The action of activation happens automatically. They are a bit illegal because you could be driving on the freeway and suddenly the car stops in mid, high speed traffic. Not good.

But, what if there were a Smart Contract for say speeding. Basically your license is tied to your bank account. Every time you go above the posted speed limit, you get issued a ticket with a fine. That fine is automatically deducted from your account. Much like in Demolition Man where Sylvester Stallone’s character kept getting a ticket and fine for violations of the “Verbal Morality Code.”

So, whenever you hear or read the phrase “Smart Contract” now you know that it relates to contract activity that occurs automatically. Nothing to be afraid of IF you pay attention to “Why” such a contract is needed.

I’m just saying

That’s it for today. Take care of yourselves. Check in on each other and remember a bear with no ears is a…B! HAHAHAHAHAHAHAA

Peace

Published by edhlaw

Son, husband, father, uncle, nephew, cousin

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: