Smart Contracts: Automated Stipulations on Blockchain

Abstract

Contracts, a set of legally negotiated rules between the transacting parties are often the prime cause of legal as well as business disputes. Due to this discord, they are generally viewed with contempt. The need to revolutionize contracts has been much felt by the attorneys and the business professionals, so as to avoid these daedal contract conflicts. This resulted in the advent of smart contracts that was led by Blockchain technology. It is a blend of legalese from lawyers and computer code. A smart contract is a versatile system capable of facilitating, automating and enforcing an agreement (i.e. contract). In this paper, we preview as well as analyze smart contract based on blockchain technology for a decentralized system.