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Definitions Edit

Smart contracts

are unambiguous. They are enforced by cryptographic algorithms. The rules of the game are determined before the contract executes, rather than at the foot of a judge's podium.[1]
are computer protocols that facilitate, verify, or enforce a digital contract. The idea is that these programs will eventually be used to replace lawyers and banks when handling common legal and financial transactions.[2]
are legal contracts, or elements of legal contracts, being represented and executed by software.[3]
is an automatable and enforceable agreement. Automatable by computer, although some parts may require human input and control. Enforceable either by legal enforcement of rights and obligations or via tamper-proof execution of computer code.[4]

Overview Edit

"'Smart contracts' involve greater automation of the processes of creating, monitoring and enforcing contracts. This may be intended to increase efficiency and reduce the risk of human error.[5]

References Edit

  1. "Code as Law: How Bitcoin Could Decentralize the Courtroom," Motherboard (full-text).
  2. NexChange, The geek's glossary: A guide to fintech jargon for 2016 (full-text).
  3. Smart Contracts and Distributed Ledger–A Legal Perspective, at 4.
  4. C. Clack, V. Bakshi & L. Braine, "Smart Contract Templates: foundations, design landscape and research directions" (2016 rev. Mar. 2017) (full-text).
  5. Digital Currencies: Response to the Call for Information, at 8 n.8.

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