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ARTICLE · 17 JUNE 2021

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What Are Smart Contracts?

MGC Legal
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A smart contract is a type of self-executing contract without the need for the parties to take a separate action.

TurkeyTechnology
İrem Şallakçi
İrem Şallakçi
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The main disputes about smart contracts in the legal atmosphere are whether they are contracts in the legal sense, or there is a disruptive innovation in the legal system, and benefits, and potential threats. Nevertheless, despite its rapid growth in the literature, legal research on this essential issue is still relatively scarce compared to the effect of smart contracts, which may have in the future.

Definition of Smart Contract

A smart contract is a type of self-executing contract without the need for the parties to take a separate action. One of the traditional instances of a smart contract is a vending machine that dispenses a soda can after the correct currency is entered. However, nowadays, smart contracts are created using blockchain technology and distributed ledger technology.

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