Legal Assessment On Smart Contracts And Force Majeure

A "contract" is a transaction performed in order to bear legal consequences by two or more people or organizations with mutual statements of will. Currently, some contracts are concluded in the digital media with Blockchain technology. Blockchain technology refers to a distributed database system that provides encrypted transaction tracking. Along with the development of technology, Blockchain technology has also become advanced and widespread. In Blockchain technology, contracts are automatically formed, developed and even concluded without human participation and intervention. These said contracts are called "smart contracts".

Thanks to smart contracts, it is possible for written contracts to be converted into a computer code, stored, copied and altered. Additionally, they can be used in many areas such as banking, storing medical records, supplying, inventory management, finance, realty and real estate industry when they are monitored by a computer network that