Originally from Alternatives to the High Cost of Litigation

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Blockchain-based distributed ledgers, referred to here as Blockchain Ledgers, provide an immutable, secure, and tamper‑evident alternative to conventional transactional modalities, one which also yields enhanced accountability, traceability, and transparency.

These inherent benefits, and hence growing adoption of, Blockchain Ledgers, Smart Contracts and recently Smart Legal Contracts (the latter two being built on blockchains), across a wide range of the economy, has caused and is now accelerating a fundamental paradigm shift. This movement, in certain sectors of society, is increasingly displacing traditional written and oral contracts with automatically executing blockchain implemented agreements.

For ease of reference and to prevent confusion, when “Smart Contracts” and “Smart Legal Contracts” are collectively discussed below, then, depending on context, they will be referred to as “smart agreements.”