Smart Contracts – When Code Becomes Law
In the evolving digital economy, the phrase “code is law” is taking on real world significance. Smart contracts have emerged as a revolutionary technology that is transforming the way we understand agreements, trust, and legal enforcement in the era of blockchain.
What Are Smart Contracts?
“Smart contracts” is a term used to describe computer code that automatically executes all or parts of an agreement and is stored on a blockchain-based platform. Smart contracts are self-executing agreements with terms directly written into software. They automatically enforce and carry out these terms once predefined conditions are met. This automation brings several advantages, including improved efficiency, lower costs, and the removal of third party involvement.
