Contract – A written or spoken agreement, especiallyone concerning employment, sales, or tenancy, etc., that is intended to be enforceable by law.
Smart Contract – A programmable digital agreement that may be self-enforcing or self-executing or both, based on the nature of the agreement and transaction, made directly between involved stakeholders over a blockchain network.
Smart Contracts help two parties come into a self-enforcing, immutable contract that auto-executes itself as the conditions defined in the agreement are met.These are new age contracts that use blockchains and AI to intelligently read, evaluate and execute contracts in a tamper-proof manner.
Smart contracts are truly the future of contracting across the globe in a post Covid world. Things that give a smart contract edge over a regular contract are:
Explore our proprietary tool SmartPlug, to make any contract a Smart Contract!