Signing a Smart Contract

Abstract

When we talk about blockchain and smart contracts, it is necessary to consider the parties participating in them, their rights and obligations, as well as the prerequisites for concluding a smart contract, namely, offer and acceptance. We also have to understand how it is used in different fields of law. As we are aware, blockchain is considered as the fourth generation industrial revolution. Its creation is related to a person named Sabo, it is still unknown who he was – it means that we do not have exact information, whether it was one person who created blockchain – part of the fourth industrial revolution or a group of people. At the same time, lets define the meaning of the contract in general, we can formulate the definition of the agreement (contract) as follows, the agreement (contract) is a deal concluded by two parties, which must have legal consequences, i.e. the parties participating in it have rights and obligations. It should also be noted, that thousands of years have passed since the first contracts were signed, however, the most significant change in the development of contracts occurred during the last century. The article will discuss all the issues and problems that are very important in relation to this topic. The role of offer and acceptance in blockchain and smart contracts and how it differs from the usual standard contract will be described, we will also talk about the parties of the smart contract and how we can use it in different fields of law