Blockchain technology, smart contracts, and Houszy
Blockchain is a decentralised distributed ledger. This means that a network of participating computers having an identical copy of the database can change its records by a common agreement carried out automatically.
To simplify the concept let’s picture a spreadsheet that is duplicated thousands of times across a network of computers. Then let’s also imagine that this network is designed to regularly update this spreadsheet and we have a basic understanding of what the blockchain is.
Information held on a blockchain exists as a shared and continually reconciled database (or gigantic spreadsheet), cross-checking all participants inputs and outputs. This is a way of using internet and network computers with obvious benefits.
The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by a large number of computers or servers simultaneously, its data is accessible to anyone on the internet.
This technology represents that there is no need for any central server or agent to trust to.
And this technology applied to an agreement between two parties derives on a smart contract.
A smart contract is a piece of code which is stored in the blockchain network (on each participant database). It defines the conditions to which all parties using contract agrees. So if required conditions are met certain actions are executed automatically. This fulfilment automatization is precisely the key cutting-edge feature of a smart contract.
As the smart contract is stored on every computer in the participating network, they all must execute it and get to the same result. This way users can be sure, that outcome is correct.
Houszy and smart contracts
Blockchain technology and smart contracts are key to the fulfilment of what Houszy is set out to do, which is to give home owners the chance to book evaluation stays on the properties they would like to buy, with the added benefit of having the exclusivity to buy them for the asking price during the time of their booking.
This is a serious matter that must be 100% reliable for these prospective buyers to embrace this fantastic opportunity.
Together with Ethereum, we are working on a platform that whenever prospective buyers make an evaluation stay booking, blockchain technology and smart contracts will grant them acquisition fulfilment on a fast, secure and 100% reliable way.
We are planning to officially launch this exciting new service by Mid 2018. In the meantime, please get your free account and we will keep you informed when all is ready.