The simplest example of a smart contract is a transaction between a consumer and a business, where a sale is made. The smart contract executes the customer's payment and the business's shipment or transfer of ownership. What Blockchain Has Smart Contracts? Ethereum has smart contract capabilities inherent to its blockchain.
Can smart contracts be used in the legal industry?
Some U.S. states have begun to permit the use of smart contracts and blockchain in the legal industry in certain contexts. For example, Arizona allows enforceable legal agreements to be created via smart contracts, and California allows marriage licenses to be issued via blockchain technology.
How do smart contracts work?
Smart contracts run on decentralized networks whose ledgers cannot be tampered with or changed after registering a transaction.
