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Smart Contracts and Their Licensing: Advancing To The Future?

Authors: Rudra Shandilya and Disha Chaturvedi, Students, National Law University, Visakhapatnam, India

Abstract

In this paper smart contracts and licensing will be discussed along with the enforceability of smart contracts in the court of law and security issues related to it. Different digital forms of money or cryptocurrencies have actualized sorts of smart contracts. Blockchain usefulness can be constructed utilizing an assortment of entrenched programming advancement dialects, including C++, JavaScript, and Python. Moreover, explicit programming dialects have been custom-made to smart contracts. Different forms of cryptocurrencies among others are using smart contracts for the purpose of transaction because of the fact that smart contracts are trackable and transactions made through it are irreversible. The possibilities related to smart contracts stretch out a long ways past the exchanging digital resources starting with one wallet then onto the next. Smart contracts address an assortment of multi-party game plans that can be caught digitally. The authors have tried to elucidate the definition that smart contracts can’t be upheld in a courtroom is supposition. The reason being is, at this beginning period, the meaning of a smart contract is as yet being created. There is no genuine definition for a smart contract right now that all specialists can concur upon. Smart Contracts rehash how lawful contracts, business contributions, and other formal game plans are both made and upheld. The smart contract also influences the blockchain's conveyed record to present data straight forwardness as a swap for well-meaning plans and trust. It is expected to see this digitization and tokenization of agreements develop past the universe of cryptocurrencies as we advance into the million token futures.


Keywords: smart contracts, cryptocurrencies, licensing, digital resources, blockchain

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SMART CONTRACTS AND THEIR LICENSING ADVA
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