Blockchain Smart Contracts and The Future Promise

Abstract

Global networks like Bitcoin emerged and became prominent in a short time. Smart contracts began appearing in literature and research work as early as the mid-nineties when Szabo first coined the term to denote that contractual clauses can be programmed into some sort of hardware or software and be self-executable with little or no human supervision and involvement. The popular view on smart contracts is that they can automate the execution of interactions between parties without the need to involve a trusted intermediary. A smooth transition from the codified deterministic world of computer science to the legalese and argumentative dynamic world of legal contracts is challenging. Binding a conventional legal contract is typically done when all parties in the contract agree to the terms. Conventional legal contracts that are legally binding can be enforced if the terms of the contract are not followed by either party.