Understanding Smart Contracts And Their Uses

Indrajit Nagtilak, Student, ILS Law College, Pune

ABSTRACT

With the emergence of blockchain technology, traditional paper contracts are being replaced by smart contracts. Smart contracts are transaction protocols stored on blockchain that execute automatically when certain predetermined conditions are met. Smart contracts are eliminating the need for reliance on middlemen or intermediaries and giving more autonomy to the people. The decentralized nature of smart contracts ensures transparent execution in a more secure manner. In this article, we discuss the concept of smart contracts, their legality and how they can be applied in the real world.

Keywords: Smart contracts, blockchain technology, cryptocurrency, contract.

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Indian Journal of Law and Legal Research

Abbreviation: IJLLR

ISSN: 2582-8878

Website: www.ijllr.com

Accessibility: Open Access

License: Creative Commons 4.0

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