What a smart contract constitutes: code as law on the blockchain

Blockchain technology has emerged as one of the most revolutionary innovations in digital space that enables transparency, immutability and security in the process of recording and authenticating transactions. One of its most disruptive uses is the principle of the smart contract, which is programmed to execute agreements automating business logic and implements commercial rules without the use of intermediaries. This radicalisation has redefined the process of formation and execution of agreements in all kinds of industries, with the belief of the principle of “code as law”.

Source: Teamblockchain

A smart contract is a computer code that dwells in a blockchain and automatically takes effect in an automatic manner when a set of specific conditions are completed. Such digital contracts operate similar to a flow chart - “if this happens, then do this….. if that happens, do another thing” - all pre-agreed and transparent for all parties to examine. After being deployed on a decentralised b…