Corporate and Commercial Law

The Future of Smart Contracts

The Future of Smart Contracts

As the transactional world evolves moving more and more into the digital sphere incorporating smart contracts as a service is one of our unique offerings. Smart contracts are a set of guarantees, specified in a digital format it is executed and settled automatically.

What are smart contracts?

Smart contracts are self-executing transactions, written in computer code and performed in an automated way, the transactions coded within a blockchain network. Smart contracts require a set of guarantees, specified in a digital format that includes protocols in which all parties in the agreement should adhere to. For a transaction to happen on a blockchain network, a smart contract ensures the policies required to execute an exchange of information are satisfied.

Even as transactions move to a digital space smart contracts are designed to fulfil conditions that satisfy all parties involved and help adhere to requirements such as confidentiality, terms of enforcement, payment terms and protect clients' interests. The offering of Smart legal contracts instead of just smart contracts is to ensure that the contract meets the legal requirements of a valid contract. 

However, it is essential to note that new technologies call for regulation, securities, guidance on how to structure entities and how these models operate. The regulatory rules and laws for the blockchain industry are continually evolving, and we keep constantly abreast with any policy changes such as the National blockchain roadmap 2020. The role of the NXT Legal team is to provide bespoke services to suit our clients' specific needs in the fintech industry.

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