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Unlike typical contracts, though, smart contracts can manage themselves and execute the terms of the deal automatically.
Neither side executed the terms of the pact in good faith.
Greece's finance minister, Evangelos Venizelos, dismissed the talk of a default and said it was committed to fully executing the terms of the aid package, Bloomberg News also reported.
As a concept, Smart Contracts was first introduced by Nick Szabo in 1994, who defined it as a "computerized transaction protocol that executes the terms of a contract".
"We're lucky to have investors with the rationale to think long term and execute long term, too," he said.
Students work in small teams to execute a substantial term project, with emphasis placed upon developing creative designs - via a deterministic design process - that are developed and optimized using analytical techniques.
In the Congress no one is able to make and execute long-term plans.
Another reason Byun is skeptical of StarCraft AI: players need to devise and execute long-term strategies to stay ahead of their opponents.
He has extensive operational experience in a challenging urban and media environment, and a proven ability to create and execute long-term sustainability strategy, operational efficiency initiatives, and organizational restructuring plans.
Their participation will be necessary to execute longer-term commercial plans".
These civil servants could design and execute long-term plans across administrations, even when elected officials do nothing.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com