Smart contracts, where some or all of the contractual obligations are defined in and/or performed automatically by a computer program, are expected to have a significant impact on the way business is done. Whilst already being deployed for relatively straightforward transactions, such as facilitating transfers on cryptocurrency exchanges, with the technology underpinning smart contracts becoming more sophisticated, they are increasingly being considered as an alternative way to do business when compared to the traditional paper contract. With the advantages they bring to transactions, such as increasing efficiency, security and transparency, smart contracts are seen as a means of automating processes in day-to-day business, from payment of insurance claims, streamlining customer verification processes to managing supply chains.
Full story : Smart Contracts – Recognising and Addressing the Risks.
