Smart Contracts: The Blockchain Revolution in Contract Law.

Abstract

Emerging technologies play pivotal role to accelerate the application of various developing sectors of the world. Automation and digitalization coupled with blazing fast networking have the potential to automate the execution of civil law. More precisely, smart execution and enforcement of contracts. With this notion in mind, this short article elaborates on the technical attributes of smart contracts and the technology that empowers it, the “Blockchain” and Distributed Ledger Technology or DLT. Moreover, the author of this article strived to emphasize the need for regulatory compliance of this evolving technology with reference to the adoption of smart contracts in various jurisdictions. Finally, the goal of this article is to extrapolate the exigencies of smart contract and how it can revolutionize the traditional contract law with automation and efficiency.