Similar and different at the same time.
Smart contracts are if-else clauses that work if all the conditions are met. To illustrate an example, vending machines could be given as an example. Let’s think about a vending machine: to get the product, you need to enter the number of the product and pay for it to obtain the product. If you pay the right amount, it’ll give you the product right away. If you don’t give a sufficient amount, the machine requires you to put the funds unless it’s been fully paid. If you pay the machine more than the product, the machine will give you out the product and the change. And all these processes can’t be turned back.
Because smart contract processes can’t be turned back, there’s huge reliability on how the whole system will work. This has allowed automated business practices and helped companies to further secure their business processes. Especially when it comes to the supply chain, smart contracts could be used in full effect.
As smart contracts had some deficiencies, many companies had issues implementing them in various fields. Therefore, some other alternatives to smart contracts were born, and LTO Network became the first blockchain network offering alternatives to smart contracts.
Live contracts work smart contracts in a similar way. But they can work even though all the conditions haven’t been met. Instead, these contracts decide the rules interact with all the parties involved in the contract. Therefore, these contracts are not binding, and it helps corporations in many ways.
As live contracts are flexible, many corporations started to implement Live contracts on their workflows. This has resulted in improvements for legal, notary, and leasing. While these fields are known for paper-based static processes that potentially having fraud. Live contracts are used as immutable evidence in these fields, and no counterfeit could ever occur.