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ARTICLE · 19 NOVEMBER 2021

Market Intelligence Thought Leadership Award Winner

Smart Contracts In India

Obhan Mason
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With the advent of modern technology and innovation, we are moving towards a more digitised world where automation is the name of the game.

IndiaTechnology
Ashima Obhan
Ashima Obhan
Shuchi Dutta
Shuchi Dutta
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With the advent of modern technology and innovation, we are moving towards a more digitised world where automation is the name of the game. The ideas surrounding the blockchain, artificial intelligence and big data are revolutionary and are poised to change the way business and human infrastructure operates. Today, these the concepts are closer to us than one might first think, and stand to indelibly change our lives.

This brings us to a concept of smart contracts. Put simply, a smart contract is a self-executing contract that is triggered upon the happening of certain pre-determined events. The concept of a smart contract may be traced back to a paper authored by American computer scientist Nick Szabo in 1996, titled "Smart Contracts: Building Blocks for Digital Markets."1 In the paper, Szabo explores the idea of embedding certain kinds of contractual clauses in the hardware and software of a computer program, which are structured in a way that breach of contract

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