The Smart Contract
How does it all work?
Last updated
How does it all work?
Last updated
Smart contracts are basically programs stored and run on a blockchain that activate when specific conditions are fulfilled. They are commonly used to automate certain agreements, enabling all parties involved to immediately understand the result, without the need for an intermediary's participation or any time delay. This is especially useful for transactions that have measureable conditions, and specific outputs. Once a transaction is complete, the transactions are trackable and irreversible. Smart contracts can also be used to store specific data. This essentially the fundament of the VIDT DAO timestamping technology; the document fingerprint is stored in the VIDT DAO smart contract.
Did you know that for every timestamp that is performed in the smart contract, one VIDT token is used.
The code for the smart-contract can be be on GitHub. It is open-source so that everybody can integrate the technology into any existing or future systems. You can find the smart-contract on the blockchain here (Ethereum) and here (Binance Smart Chain).
