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ARTICLE · 19 JUNE 2018

Smart Contract In The Indian Crucible

Khurana & Khurana, Advocates and IP Attorneys
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And smart contracts are garnering as much attention as they are owing to the benefits they bring in.

IndiaTechnology
Anirudha Bhatnagar
Anirudha Bhatnagar
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Smart Contracts- First Impressions

Few words have caused as much bewilderment in the Indian setup as "blockchain" and "smart contracts" have. Much excitement has been generated by the coverage of cryptocurrencies in mainstream media, and the general aspiration towards digital transactions. But, the lack of understanding of the workings of the systems has stalled the growth rate of these entities. Currently, Ethereum is one of the most popular platforms that are specifically built for creating smart contracts, while bitcoin was only limited to currency usage.

Before we jump into the question of regulation of smart contracts in India, we need to first understand what smart contracts are and how exactly do they function. Smart contracts, just like standard contracts, contain a set of terms and conditions which are encoded, saved and replicated in the system, and by virtue of the blockchain, administered by the network of computers that run it. And smart contracts are

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