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【Take a chestnut】
Example 1: Rental contract
Let's say you sign a rental contract with your landlord through a smart contract:
The lease period is 3 months, and the rent is 1000 yuan per month.
The rules of the smart contract are: after the tenant pays the rent, the landlord provides the house key, and the contract is valid; If the tenant fails to pay the rent on time, the contract is automatically terminated.
When a tenant deposits $1,000 into the smart contract, the smart contract will automatically confirm the payment. Once the payment is made, the smart contract automatically sends the tenant the key to the house and the lease period begins.
If the tenant does not pay on time, the smart contract automatically notifies the landlord to terminate the contract, and the tenant's payment amount is refunded.
With smart contracts, all of these processes are performed automatically, avoiding human intervention and disputes. 1 reply
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