How Smart Contracts Work

Blockchain technology could run a flight-insurance business without any employees

1 min read
Illustration: Greg Mably
Illustration: Greg Mably

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Smart contracts are software programs that live on a blockchain and form the basis of many of the new blockchain applications and schemes. They are essentially automated systems that can provide services in exchange for cryptocurrency. However, because blockchains are not good for storing large amounts of data nor for querying the state of the outside world, they need services that exist off the blockchain to do those things for them. In this example, an automated flight-insurance smart contract uses an “oracle” to look up data about flight delays.

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Four examples of Nvidia's Instant NeRF 2D-to-3D machine learning model placed side-by-side.

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NVIDIA

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This is a sponsored article brought to you by 321 Gang.

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