Digital contracting involves the creation, execution, and management of agreements using electronic means, often through smart contracts on a blockchain. These contracts are self-executing and tamper-resistant, with their terms directly coded into the underlying software. This method automates contractual obligations and reduces reliance on intermediaries. It offers enhanced transparency and efficiency for various transactions.
Context
Digital contracting, particularly via smart contracts, is a transformative area within legal technology and decentralized finance. Key discussions involve the legal enforceability of smart contracts, their integration with traditional legal frameworks, and the prevention of coding errors. Future developments anticipate widespread adoption in supply chain management, real estate, and automated escrow services, simplifying complex agreements.
A game-theoretic framework for smart contracts proves unique, stable equilibrium, transforming resource allocation from ad-hoc to provably efficient and fair.
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