Smart Contracts verify an execute themselves by monitoring external data sources like digital payments, GPS or any other data that can be used to objectively prove a contract's performance. All Smart Contracts and their updates are placed into the blockchain, creating a secure record of proven contractual performance.
A computable contract that been made tamper-proof by being run on a decentralized computing network. Smart contracts run on node networks beyond the control of a contract's participants, assuring that the contract will be executed as it was written once performance occurs. Self-verifying in its evaluation and provable recording that contractual performance has occured. Recording performance in realtime as it is reflected in various pre-defined data feeds (e.g., price, location, events, etc.) Self-executing in its performance of the contract by releasing payment to the appropriate party once key conditions have been met. For example; IF weather event and price change have provably occured by time X, send $100 from Alice's account to Bob. Smart contracts provide new levels of efficiency for contract monitoring and execution, creating gains in profit for high maintenance contracts. Smart contracts track performance in realtime and can take immediate action based on their predefined conditions; replacing costly human error and fraud prone processes.