Smart Contracts

On-chain computer code or “Smart Contracts” are computer protocols that facilitate, verify, or enforce the performance of a contract making a contractual clause unnecessary. Smart contracts often emulate the logic of contractual clauses.

Smart contracts can exchange money, property, shares or anything of value in a transparent, conflict-free way, while avoiding the services of a middleman. Ordinarily, a process would require payment to a middleman, government agency, bank, lawyer or a notary, and then a processing time before the receipt of goods or services. However, with smart contract technology it can all be automated.

Smart contract technology can be compared to that of an automated vending machine. With a vending machine, money is deposited into the vending machine, and the desired item drops for collection, provided that the correct amount is deposited. Comparable to that, with a smart contract, the money is deposited into escrow on the blockchain for receipt of a transfer of a token (e.g. a digital certificate of title for a house), which is instantaneously transferred into a counterparty’s control once conditions are met. Smart contracts not only define the terms and conditions around an agreement in the same way that a traditional contract does but also provide enforcement of those obligations.

In the case of the GS Hubb, smart contracts are used to automatically select a cohort of Experts that meet the requirements as stipulated by the Client or Project Owner when the Project Work Order is created. These selected experts are then free to submit a bit value for the Project Work to be done.

The GS Hubb also uses smart contracts to automatically facilitate Project Work Order payments and partial payments when the Project Work Order milestones have been accomplished and the accepted by the Client or Project Owner.