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smart contract use case

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Jennifer Hasegawa
2019-01-15 13:04:56 -08:00
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# Create a Smart Contract Using Escrow
A smart contract is a blockchain-based program that encodes the conditions and fulfillment of an agreement between two or more parties and automatically fulfills the terms of the agreement once conditions are met.
A smart contract can help you exchange anything of value in a transparent, traceable, tamper-resistant, and irreversible way.
The benefit of encoding a smart contract into a blockchain is that it enables the contract to be securely performed without third-parties. Instead, the contract is supervised by the distributed, decentralized network of computers that run the blockchain. Smart contracts also eliminate the need to engage a third-party, such as central authority, legal system, or external enforcement mechanism, which can result in lower costs.
You can use the XRP Ledger escrow feature to build publicly-provable smart contracts. Here’s a roadmap to the high-level tasks you'll need to use an escrow as a smart contract. ***TODO: what is a real-life example of an escrow we want to model this use case on? Who is our target audience - anyone using the XRP Ledger?***
{% set n = cycler(* range(1,99)) %}
<span class="use-case-step-num">{{n.next()}}</span>
<!-- <span class="use-case-step-length">(1 hour)</span> -->
## [Meet prerequisites for creating an Escrow-Based Smart Contract](.......)
<span class="use-case-step-num">{{n.next()}}</span>
<!-- <span class="use-case-step-length">(1 hour)</span> -->
## [Generate a condition and a fulfillment](send-a-conditionally-held-escrow.html#1-generate-condition-and-fulfillment)
In the context of using an escrow as a smart contract, the condition is XXXXXX and the fulfillment is XXXXXX.
<span class="use-case-step-num">{{n.next()}}</span>
<!-- <span class="use-case-step-length">(1 hour)</span> -->
## [Calculate release or cancel time](send-a-conditionally-held-escrow.html#2-calculate-release-or-cancel-time)
In the context of using an escrow as a smart contract, the condition is XXXXXX and the fulfillment is XXXXXX.
### Related Tasks
- [...](....)
<!-- for the future, link to Implement Destination Tags -->