Smart Contracts
Smart contracts are self-executing agreements written as code and deployed on a blockchain, which automatically carry out or enforce agreed terms once predefined conditions are met -- for example, releasing payment automatically upon confirmed delivery. Despite the name, smart contracts are a distinct category from AI-assisted contract drafting or review tools: the underlying technology is blockchain and cryptographic execution rather than natural language processing or generative AI, and the output is executable code rather than a traditional legal document. Legal use cases include escrow and payment automation, supply chain and trade finance agreements, and tokenized asset transfers, often alongside a conventional legal agreement that governs interpretation and dispute resolution. Adoption in mainstream legal practice remains comparatively limited, concentrated in fintech, digital assets, and specific commercial use cases rather than general contracting.
Smart contracts are self-executing agreements written as code and deployed on a blockchain, which automatically carry out or enforce agreed terms once predefined conditions are met -- for example, releasing payment automatically upon confirmed delivery. Despite the name, smart contracts are a distinct category from AI-assisted contract drafting or review tools: the underlying technology is blockchain and cryptographic execution rather than natural language processing or generative AI, and the output is executable code rather than a traditional legal document. Legal use cases include escrow and payment automation, supply chain and trade finance agreements, and tokenized asset transfers, often alongside a conventional legal agreement that governs interpretation and dispute resolution. Adoption in mainstream legal practice remains comparatively limited, concentrated in fintech, digital assets, and specific commercial use cases rather than general contracting.
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