The smart contract in construction

Abstract

Contracts are the currency of commerce. Insight into the future of commerce is likely to be gained through the application of smart contracts. The improvements in technology and the direction of travel for the collaborative agenda seem to coalescence around the concept of the smart contract. Lawyers and legal academics have become increasingly aware of the challenges and potential of smart contracts in recent years. The key characteristics of smart contracts is it in digital form and is embedded as code in hardware and software. The performance of the contract and the release of payments and other actions are enabled by technology and rules-based operations. The smart contract process can be described thus: the operative inserts the brick in the wall. The key characteristic of smart contracts is the coding of legal terms and processes into software.