Smart Contracts vs Traditional Contracts

In our days, there is an abundance of opinion that blockchain technology could spark a revolution. The blockchain is fast becoming a symbol of the Fourth Industrial Revolution which is a fusion of advances in technologies that are becoming indispensable in our modern life. Therefore, the Fourth Industrial Revolution is paving the way for transformative changes on how we live and radically disrupting business sectors. Everything is happening at an unprecedented, whirlwind pace.

Core to this revolution is the idea of entering into smart contracts based on blockchain technology. Yet, it is believed that this escape from law is a mere illusion. Szabo famously defined smart contracts as 'any computerised transaction protocol that executes contract's terms'. 'If x then y'. Smart contracts are recorded in a computer-readable code placed on blockchain, an open, distributed ledger that runs on the computers of thousands of users, having no central authority. They