Increasing improvements to blockchain technology which allows for the transfer of ownership without the use of a centralized third party such as a bank has resulted in the mass availability of blockchain smart contracts. A smart contract is a prewritten software program that automatically performs each party’s obligation in an if-then format, while taking advantage of blockchain’s decentralized verification system. Uber-secure cryptocurrencies, such as bitcoin, use the same type o

Source and More information: Op Ed Three Legal Pitfalls to Avoid in Blockchain Smart Contracts

Author: CryptScout.com