Different viewpoints and misgivings are there about Smart Contracts which are embedded in Blockchain platforms and used for execution of transactions. Doubts have been expressed about the efficacy and legal enforceability of Smart Contracts particularly due to reported frauds in dealings of cryptocurrencies, which is the very first use case of Blockchain technology. Therefore, there is a definite need to demystify those hazy understandings so that this powerful technology can best serve interests of commercial, governmental and non-governmental organisations who are using Blockchain for digital transformation. A Blockchain platform can facilitate economical and speedy execution of very many activities. Readers can refer the author’s published paper1 to know more about these.
Just to quote a few random examples, Blockchain facilitates executing varieties of business transactions; identity management of citizens, delivering services to them, and conducting elections by governments, running an old age home, protecting IPR of an artist, and even charities and donations through crowd funding.

There is absolutely no scope of doubt that all these transactions must have to be executed in compliance with the related laws, regulations and / or laid down code of governance. Execution of those transactions must also comply with similar requirements of more than one country when the transacting parties transcend more than one sovereign boundary. Again, offer, acceptance and terms and conditions for the contract are to be duly pre accepted and signed by and between parties to ensure legal enforceability. Such a digitally executed agreement is called a Smart Contract. Those are to be processed using the Blockchain platform for offer, negotiation, acceptance and sign-off through a series of digitally self-initiated events. All related documentary evidences are stored in a chronologically sequenced digital library of the platform, which can be used for reference and retrieved in case any litigation is dragged to a Court for judicial remediation. One can take, for more clarifications, the specific example of an Indian entity exporting manufactured goods to say Germany which will involve a series of legally binding transactions between the importer and exporter, their bankers, shipping line, insurer, quality control agency, ports, CMA (Dr.) Paritosh Basu Senior Professor NMIMS School of Business Management Mumbai DIGITAL TRANSFORMATION DIGITAL TRANSFORMATION – SMART CONTRACTS FOR TRANSACTIONS EXECUTED IN BLOCKCHAIN PLATFORMS www.icmai.in January 2020 – The Management Accountant 95 transport agents.
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