The connection points between smart contracts and artificial intelligence – Opportunities and challenges

Abstract

This study explores the opportunities and challenges presented by smart contracts and their technological foundation, the blockchain.It details the history and mechanics of blockchain technology, emphasizing its decentralized, immutable, and tamper-proof nature.the paper delves into the concept of smart contracts, tracing their origins to nick Szabo and their evolution through the ethereum blockchain.It highlights the role of oracles in enabling smart contracts to interact with the physical world and addresses various practical issues such as immutability, code errors, and the legal implications of smart contracts.The study also examines the integration of artificial intelligence (AI) in smart contracts, discussing how AI can function as an oracle to provide reliable information and support the contractual process.By examining different types of blockchains and smart contracts, the study provides insights into their potential applications and the inherent limitations and risks associated with their use, particularly in terms of legal enforcement and jurisdiction.