Learn Commercial Real Estate
This week we are going over smart contracts.
A smart contract is a piece of code that stores the information for the NFT itself on the blockchain. The smart contract outlines the details of what's inside the contract, and what it suppose to take place.
For example, Person A owns building XYZ when Person B pays for building XYZ, and after Person B has paid, they will be delivered the Deed or Lease, etc.
The blockchain is where the transaction information is kept, just like a ledger at a bank.
As it pertains to real estate, the Letter of Intent Lease, and any other addendums would also be put on the blockchain.
The smart contract is proof of ownership.
Smart Contracts are not tangible. You can print out the code and the Leases for sure, but the smart contract is not tangible. It is still honored and verifies the pace and unfolding of what the smart contract entails.
I am thinking about the type of (smart )contracts we hold on the blockchain of our lives tangible and intangible.
The Intangible and unspoken contracts among our peers and loved ones.
Most of all, the contracts we hold with ourselves.
In our efforts to move forward and reach our goals. We make smart contracts with ourselves and others that can cause a chain reaction.
In our efforts to be the better version of ourselves than we were last year, last month or yesterday, comes the willingness to increase our value.
Let's focus on creating our real life blockchain with smart contracts that allow us to elevate and increase in value over time.
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Let's keep learning and growing.
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