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ARTICLE · 12 APRIL 2019

Immutability In A Smart Contract: A Blessing Or A Curse?

G M Corporate and Fiduciary Services Limited
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Since the smart contract operates in a pre-set manner and without the need for human intervention, there is no room for human error.

MaltaCorporate/Commercial Law
G M Corporate And Fiduciary Services
G M Corporate And Fiduciary Services
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Smart contracts are contracts which are written in computer code on a blockchain according to the terms set out by the parties to such contract and which are self-executing in the manner pre-determined by said code.  Nick Szabo, known for being the creator of smart contracts, famously described them as "A set of promises, specified in digital form, including protocols within which the parties perform on these promises"1.  He also used the "vending machine" analogy, hailing it as being the "primitive ancestor of smart contracts", to further explain the way they work by noting that the machine takes in coins, and via a simple mechanism, dispenses both change and product fairly.

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