The Impact of Smart Contracts on The Field of Law
Smart contracts are emerging as a significant technological advancement in today's rapidly evolving tech landscape. Unlike traditional contracts that are centralized and controlled by a single entity, smart contracts are stored on a decentralized database that is linked by blockchain technology. This digital architecture automates the execution of contractual obligations, ensuring that these obligations are fulfilled as stipulated. A key distinction of smart contracts is that once they are uploaded to the blockchain, neither the parties involved nor any third party can alter them individually. Consequently, creditors using smart contracts do not worry about whether the debtor will fulfill their obligation or how a court might rule in a potential dispute, as the execution is automated and guaranteed by the contract itself. However, the innovative nature of smart contracts brings about several challenges that need to be addressed within the legal framework, especially in the realm of...