Smart Contracts and Blockchain : An Analytical Approach

Abstract

The conventional paper-based legal agreements have been replaced with smart contracts in the modern day. The way legal contracts are utilized to bind the parties to do business is changing as a result of this developing idea. SM-Smart contracts offer a solution to the issue of trust in the digital era. A smart contract is a computer program that is designed to automatically execute the terms of a contract between two or more parties. It operates on a blockchain network and contains the rules and conditions of the agreement. A software developer creates smart contracts by computer-programming the terms and conditions of the written legal agreement. In order for all parties to be aware of the conclusion right away, smart contracts are used to automate the execution of legal agreements. No third party is involved in the contract's execution. Numerous platforms and applications built using blockchain technology depend heavily on smart contracts.