Smart contracts integrated into the blockchain: the beginning of the end of traditional contracts
Summary
Abstract: This study addresses the phenomenon of the emergence of a new contractual model for interaction in cyberspace called the smart contract integrated into Blockchain, which is considered one of the most important legal revolutions that electronic transactions will witness. This Blockchain, which is considered the technology behind Bitcoin, allows “smart contracts” to exploit its full potential. Any party can automatically create its transactions and pre-program the possible outcomes and effects that arise during the contractual relationship. A smart contract can also ensure that a legal contract will be executed correctly and automatically. As a result, the blockchain that underpins smart contracts provides “automated justice” by automating and enforcing contractual relationships by encoding these relationships on it, providing its users with the ability to link a myriad of possible circumstances to the corresponding outcomes.
Summary
Abstract: This study addresses the phenomenon of the emergence of a new contractual model for interaction in cyberspace called the smart contract integrated into Blockchain, which is considered one of the most important legal revolutions that electronic transactions will witness. This Blockchain, which is considered the technology behind Bitcoin, allows “smart contracts” to exploit its full potential. Any party can automatically create its transactions and pre-program the possible outcomes and effects that arise during the contractual relationship. A smart contract can also ensure that a legal contract will be executed correctly and automatically. As a result, the blockchain that underpins smart contracts provides “automated justice” by automating and enforcing contractual relationships by encoding these relationships on it, providing its users with the ability to link a myriad of possible circumstances to the corresponding outcomes.