White Paper

Understanding the Functionality and Benefits of Smart Contracts for Corporations


Defining Smart Contracts

First of all, smart contracts are not contracts in the legal sense. Smart contracts are digital, immutable, automated contracts based on blockchain technology, in which the contracts’ rules and execution instructions are written directly into self-executing programme code. Predefined processes ensure that corresponding transactions are automatically triggered when certain events occur. These transactions, in turn, are stored on a blockchain and run in a decentralised manner...

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