Smart Contracts Under The Scope Of Law Of Contracts

Smart contracts are contractual software that users connected to decentralized networks that embody distributed databases, known as Blockchain, conclude by arranging them among themselves. Smart contracts organized as digital algorithmic rules and stored on the Blockchain platform. From the moment they are established and recorded on the Blockchain, if the contractual conditions previously agreed by the parties are fulfilled, without the need for any external intervention, it automatically fulfills all or a part of the debts that the parties have determined beforehand. In addition, the data, which are connected to each other in blocks and secured by cryptographic algorithms, cannot be changed after they are recorded in the system.