Smart contracts are a prime example of a technology created ahead of its time. While many in the blockchain space associate them purely with cryptocurrencies, the fact is that they actually existed long before the blockchain did. Believe it or not this technology was first conceptualized way back in 1994 by Nick Szabo, who coined the term. However, it would be many years later before smart contracts would be anything more than a mere concept.
While Szabo himself is a bit of legend in the world of cryptography and cryptocurrency, smart contracts honestly do not apply only to the blockchain. They are simply a tool which can be utilized by it and the many projects that have been created within the space. In this article we’re going to explore those applications and learn a little bit about smart contracts, but first let’s talk about why you would want to use a smart contract to start with.