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ARTICLE · 26 JUNE 2018

A Beginner's Guide To Smart Contracts

Al Tamimi & Company
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‘'Smart' contracts will have a disruptive effect on traditional contractual performance, both practically and conceptually. However, are smart contracts actually "contracts" and are they really "smart"?

Saudi ArabiaCorporate/Commercial Law
Andrew Fawcett
Andrew Fawcett

''Smart' contracts will have a disruptive effect on traditional contractual performance, both practically and conceptually. However, are smart contracts actually "contracts" and are they really "smart"?

What are smart contracts?

Smart contracts are computer protocols, not contracts in the strict legal sense. They execute commercial transactions or enforce legal agreements in a manner that eliminates the need for intermediaries and their associated transaction costs.

Smart contracts represent a progression of blockchain technology from a financial transaction protocol (e.g. bitcoin) to a multi-purpose mechanism to effect business activities involving purchases and exchanges of virtually any goods, services or rights.

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