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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.
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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.
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