Formation Of Smart Contracts And Liabilities Imposed On Business

Abstract

<em>This paper aims to identify the practices involved in the formation of smart contracts and the limitations that are faced by the organizations through development of smart contracts in business. The Smart contract is developed based on specific criteria in the business. The smart chain in the business identify the block chains that are developed in the business to resolve different financial issues in the company. In this report, the elements of smart contracts are evaluated and analyzed along with a discussion of previous researchers on the same criteria. This study identifies that smart contracts become essential for business practices with development of technology. The form of smart contracts has captured the attention of legal attorney and its impact on contract law of business. This report implements the descriptive methodology approach in which the secondary data is analyzed to identify the formation of smart contracts and its liability on business. Additionally, the research data is analyzed through secondary qualitative analysis. </em>