Smart Contracts

Smart Contracts

Smart contracts, also known as cryptocontract, will help you to exchange money, property, shares or anything of value in a transparent, conflict-free manner without any intermediary.

Smart contracts contain code functions and can interact with other contracts, make decisions, store data and send ether to others. The code and the agreements contained within exist across a distributed, decentralized blockchain network. Transactions are traceable, immutable and transparent.

Smart contracts are complicated, and their potential goes beyond the simple transfer of assets, being able to execute transactions in a wide range of fields, from legal processes to insurance premiums to crowdfunding agreements to financial derivatives. They have the potential to disintermediate the legal and financial fields. It simplifies particularly and automates routine and repetitive processes for which people currently pay lawyers and banks sizable fees to perform.

The role of lawyers could also shift in the future as smart contracts gain traction, for example from adjudicating traditional contracts to producing customizable smart contract templates. Likewise the ability of smart contracts not only to automate processes but also to control behaviour, as well as their potential in real-time auditing and risk assessments. They can be advantageous to compliance.