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A smart contract refers to programs kept on a blockchain, which functions when predetermined conditions are met. A blockchain is a sort of decentralized and immutable distributed ledger which provides a process of recording transactions and tracking assets in a business, also the ideal foundation for the implementation of smart contracts. It keeps all the necessary information regarding a business in digital form. Smart contracts are used to automate and check the execution of an agreement so that all the participants can keep a check on it without the need for any intermediary and without wasting more time.
Smart contracts were first seen in the early 1990s when cryptographer and legal scholar Nick Szabo first introduced the concept. A digital protocol that could automatically execute and enforce contractual obligations without any requirement for an intermediary. Increasing use of digitally native smart contracts is envisioned, which is transforming the traditional contract generation and negotiation process. Contract management has been limited to technological advancements. A reevaluation of traditional legal agreements is observed after the commencement of smart contracts. Certain advantages of contract management are there like speed, smart contracts are observed much faster than traditional contracts as it takes less time for the participants to check the agreements. Another benefit of smart contracts is their accuracy, smart contracts are more accurate than traditional ones, be it the method or the human errors in it. Smart contracts are more self–executing and require no intermediaries whereas traditional contracts require more manual efforts and tend to have more errors than smart contracts. Smart contracts observe reduced costs than traditional contracts and together with all these benefits along with other benefits, smart contracts challenge the norms of trade contract law.
