Smart contracts are critical to understand but have a misleading name. The first thing people think of when they hear smart contracts is legal documents that think for themselves, which misses the mark by a wide margin. We believe smart contracts are better thought of as conditional transactions because they refer to logic written in code that has “IF this, THEN that” conditions. For example, it can easily be programmed in a smart contract that “IF Jack misses his flight and IF it was the airline’s fault, THEN the airline pays him the cost of the flight.” A vending machine is another commonly
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