Belaws Home ›› Thailand ›› Legal ›› Blockchain ›› Smart Contracts
legal – blockchain
Smart Contracts
A smart contract is a self-executing contract. Smart Contracts have a unique feature where the terms of the agreement between the parties have been directly written into lines of code. Both the code and the agreements will exist across a distributed, decentralized blockchain network. Smart Contracts can be used to automate a workflow i.e. the next action will be triggered after certain conditions have been met. Transactions made using Smart Contracts are trackable and irreversible.
Smart contracts allow transactions and agreements to be executed between anonymous parties without the need for a central authority, legal system, or external enforcement mechanisms. Due to their nature, they are also very secure as only parties who have been granted permission can see the results of any transaction.
Essentially, Smart Contracts are used to automate the decentralised execution of an agreement so that all relevant participants are immediately aware of the outcome, furthermore, there is no reliance on 3rd parties.
before you start
Clear, efficient and dependable advice
for Smart contracts from expert lawyers
Receive legal advice
to draft, develop and
release your Smart Contract
Smart contracts are essentially programs stored on a blockchain that activate after certain pre-established conditions have been met. Smart contracts are programmed to follow simple “if/when…then…” statements that have been written into a Blockchain’s code. After predetermined conditions have been met and confirmed, the Smart Contract will execute that condition and move on to the next one.
Examples of actions that can be performed by a Smart Contract include; releasing funds to the appropriate parties, sending notifications, or issuing a ticket. After each condition has been satisfied and the transaction has been fully completed, the blockchain will be updated. As a result, the transaction cannot be changed, and only the parties to the contract can see the results.
Smart Contracts can contain as many stipulations as needed in order to satisfy the participants’ needs. When establishing the terms of a Smart Contract, participants must determine how transactions and their data will be represented on the blockchain. They must also agree on the “if/when…then…” rules which will govern those transactions, explore all possible exceptions, and confirm a framework for any disputes resolving disputes.
Belaws’ expert lawyers and developers can assist you with the drafting and coding of Smart Contracts in both Thailand and abroad.
Other relevant pages
Book your Legal Consultation
Up to 1 hour
With a Senior Lawyer and Blockchain Expert
5,000 THB / $150 USD / $90 USDT
get assistance on
Smart Contract Service
Work handled by a Blockchain expertThe last 3 posts of our blog
Belaws Thailand
What is the current scope of regulations relating to Blockchain in Thailand today?
Thailand was one of the very first countries to regulate blockchain, how does the legislation look today?
Buying real estate in Thailand with crypto-currencies
Is it possible to use your crypto to buy a property in Thailand? In theory, yes, but in practice it depends.
Why choose Belaws?
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed quis dui finibus, feugiat tellus suscipit, eleifend ante. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
+66 (0) 92 990 1046We are open: Monday – Friday
9 am – 6 pm (UTC+7)
Belaws 2017 - 2024 | Belaws provides information and software only. Belaws is not a "lawyer referral service" and does not provide legal service or participate in any legal representation. Belaws is not a law firm or a substitute for an attorney or a law firm. The use of Belaws is subject to our Terms of Use.