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A Summary of

The idea of smart contracts (1997)

by
Nick Szabo
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Szabo argues that formalizing our relationships through smart contracts provide the blueprint for ideal security

  1. Contractual clauses can be embedded in the software we deal with to make breach of contract expensive 
  2. The vending machine is a smart contract 
  3. One example could be a hypothetical digital security system for cars 
    1. If the car is being used to secure credit, we can create a smart protocol in which if the owner fails to make payments, the smart contract invokes protocol which returns control of the car keys to the bank 
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