Essay Example on Cyberlaw: Smart Contract

Smart contracts can be defined as self-executing contracts that comprise terms of agreement amongst sellers and buyers, which are outlined in the lines of code. The kind of deal found in smart contract exists across a decentralized, distributed blockchain network. Smart contract permits are supposed to be carried in anonymous functions without the requirement of a legal system and central authority. They offer transactions that are irreversible, traceable, and transparent. The blockchain technology is thought to be the basis of Bitcoin; it has grown further to underpin the virtual coins. The primary purpose of this paper is to explain the future of the smart contract.

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The smart contracts will continue to improve with the introduction of Cortex. Cortex is a regionalized modern intelligent system that encourages al smart contract. Developers can integrate their models to smart contract and blockchain, and the developers of Cortex can access these models through paying the cortex innate token. The launch of Cortex exclusive approach will directly bring an implication on-chain, which will contribute to the elimination of trust issues. Cortex is used in exploring the hidden possibilities which are involved in computing the power of Virtual Machine which is improved under a particular set of instructions.

Smart contracts can be used in various transactions. They can assist someone in exchanging goods, currency, shares or anything else which is of great value in an open, conflict-free means, as well as avoiding the services of a third party. In the past, someone could look for a lawyer, pay him or her, and wait to get the document. With the introduction of smart contracts, the long process is cut short, you only insert a bitcoin in the vending machine, and your license is processed immediately. This is the best method to be practiced currently and in the future.

Smart contracts face a range of problems. Some computer experts are mainly concerned with hacking financial applications, that is the preprogrammed automated programs. They claim that smart contracts are not ready to be used. The programs involved are also complicated to the fact that if a single mistake is made, the contract will not run and the repetition of the process is very costly.

When it comes to legal matters, smart contracts are differentiated among weak and strong smart contracts. The strong ones have regulative costs of modification and revocation while weak contracts do not. For instance, if the court can change a contract after execution, the contract will be referred to as weak. If a huge cost is involved in the alteration of the contract and the court finds no sense with doing it, then the contract is considered as strong.

Conclusion

In conclusion, smart contracts are contracts that involve terms of the agreement among sellers and consumers. The introduction of Cortex will enhance transaction methods and eliminate the issues connected with trust. Multiple transactions can be done using a smart contract, including shares money and property, among others. People should consider using smart contract to save time and improve efficiency as well as eliminating doubt.

References

Christidis, Konstantinos, and Michael Devetsikiotis. "Blockchains and smart contracts for the internet of things." Ieee Access 4 (2016): 2292-2303.

Cong, Lin William, and Zhiguo He. "Blockchain disruption and smart contracts." The Review of Financial Studies 32.5 (2019): 1754-1797.