Bitcoin continues to make news and inroads into the world of finance. Two of the basic technologies that drive Bitcoin include blockchain and peer to peer computing. These two concepts are relatively understandable. Blockchain uses a distributed ledger, which is essentially a list that is shared across many computers (peer to peer). Because many computers contain a time-stamped replica of the data, it is very difficult, and expensive to hack or change the data in a fraudulent way – and its encrypted.
These concepts are moving into other areas such as smart contracts. However, these contracts are not documents as that term is generally understood. The smart contract is essentially a perfectly known set of conditions and data, that when met, results in a payment or action. The contract is essentially data points; house address, meter number and usage, bank account or Bitcoin account, electricity rate, dates. All immutable data that can be kept in a ledger.text