Introduction to Blockchain-based transactions and smart contracts

Abstract

Having set out in the last chapter some of the basics that underlie the Blockchain, this chapter will further develop some of the concepts described previously. In particular, the concept of the Blockchain will be expanded upon to encompass different versions of the Blockchain currently in operation. The reader will be introduced to some of the technical refinements in the Ethereum Blockchain that have given rise to what has been termed ‘smart contracts’ that allow the automatic execution of code to ensure that certain actions take place once a stipulated set of conditions is found to exist. From here, the discussion will move to consider how Blockchain proponents seek to resolve some of the conventional consumer protection issues that tend to emerge from a doctrinal perspective in consumer sales contracts.