The IT Law Wiki

Smart contract

32,640pages on
this wiki
Add New Page
Talk0 Share

Definition 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]

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.[3]

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. Digital Currencies: Response to the Call for Information, at 8 n.8.

Ad blocker interference detected!

Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.