Smart contract history and creation

History and Creation

The notion of smart contracts was first proposed by Nick Szabo in 1994. Szabo is a legal scholar and cryptographer known for laying the groundwork for digital currency.

Back then, there was little interest or activity in smart contracts because there was no digital platform or distributed ledger technology that could support them.

In 2008, the bitcoin cryptocurrency was developed on a blockchain network with a distributed ledger that tracks monetary transactions. This technology enabled the development of smart contract code that is used to enter the terms of the contract into the blockchain.

Many platforms now allow for the use of smart contracts.Today, with the growing adoption of bitcoin and the support of blockchain technologies, smart contracts are growing in popularity.

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