THE USE OF SMART CONTRACTS AND THE ALGORITHM OF THEIR OPERATION

Korotkova Anastasia Stanislavovna

Introduction The article describes the historical characteristics and features of the development of smart contracts. From the origins of the technology developed by Nick Szabo to examples of the use of technology in modern times. Details such as the intricacies of smart contracts, their advantages and disadvantages, as well as algorithms and further steps that will be presented to the participants of the transaction who decide to apply a smart contract will also be touched upon. Additionally, species were identified and described. Objectives To study the application of smart contracts and the algorithm of its operation in order to determine the need for automation of the settlement process between several participants. Tasks To conduct a study of the historical aspect of smart contracts and analyze the work of modern smart contracts. Methods The work used the collection, analysis and systematization of information. Results A study of the historical aspect of smart contracts, an analysis of the logic of modern smart contracts and their distinctive features for making decisions about automation. Conclusions The conclusion is made about why it may not be useful for companies to automate the settlement process using a smart contract.

Keywords:smart contract, automation, calculations, contract, algorithm.