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Smart contracts are simply programs stored on a blockchain server that runs when pre-established conditions are met. Smart contracts allow individuals to set a condition that can start a series of actions when met, automating transaction processes or agreements. The code controls the full execution of the contract and the transaction is fully trackable and transparent to all parties involved.
Smart contracts have implications for almost every industry. Examples of ways smart contracts have already been implemented include financial purposes, such as training, investing, and lending, as well as in gaming, real estate, and healthcare. Due to their applicability in contract law, smart contracts help a wide array of industries integrate smart contracts into their processes. Some states have started permitting the use of smart contracts in the legal industry, and at the moment, states have the agency to adopt different views about how to implement smart contracts in their legal system. For example, California allows marriage licenses to be issued using blockchain technology, and Arizona has tested allowing enforceable legal documents to be created using smart contracts.
There are several benefits to smart contracts that can be seen in the decentralized atmosphere. Smart contracts have a high level of security, as they run on blockchains that are networked with immutable data, meaning the data in the networks can’t be changed by any of its users. The contracts also rely on a “trustless” community, meaning that no parties involved need to have trust in the other parties because the trade doesn’t require the trust of any of its parties. Although it sounds counterintuitive, the conditions of the contract are predetermined; thus, a transaction will go through if conditions are met while taking into account no other factors. The autonomous nature of smart contracts helps to reduce transaction costs and increase transaction speed because it removes the need for intermediaries.
Smart contracts are executed based on their code, making them essentially error-free if coded correctly. However, there are certain limitations and potential issues with smart contracts. Given that smart contracts rely on data, whether from a third-party program or a domestic source, there is always a chance that the data source is corrupted. Also, real-life contractual disputes often arise due to changing situations that were not initially anticipated, but a smart contract’s immutable nature makes it difficult to understand the contract in light of the circumstances.
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