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What are ‘Smart Contracts’? Is InvenTrust using these?

A smart contract is a computer code running on top of a blockchain containing a set of rules under which the parties of that smart contract agree to interact with each other. If/when the pre-defined rules are met, the agreement is automatically enforced. The smart contract code facilitates, verifies, and enforces the negotiation or performance of an agreement or transaction.
Our Protocol enables rights ‘Holders’ to register their rights through immutable and secure mechanisms. These are encrypted yet searchable and enables blockchain based smart contracts that allow the Holder to sell data access to selected network members.