32nd Monthly Article on DT Smart Contract April-2022-1

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32nd Monthly Article on DT Smart Contract April-2022-1

Genesis of Smart Contract
Many lawyers across countries and continents follow one century old axiom which signifies that “There is everything in law, and there is law in everything”. Business entities, government agencies and even NGOs also follow this axiom for success without frictions and litigations. They always aim at remaining on the right side of law. One of the building blocks in their functional framework is exclusive reliance on legally enforceable contracts, terms of which are executed with external interventions beyond ICT systems. Compliance with legal and regulatory provisions are generally ensured by incoherent human interventions for performing in compliance with the policies and processes defined and laid down with idiosyncratic judgement and interpretations of statutes and regulations by people at the helm of affairs.

No technology until late 1990s by itself could help ensuring such a unique and all pervasive responsibility totally and squarely. ERP systems and solutions, offered by likes of SAP, Oracle, Microsoft, etc., to a certain extent facilitated the process by disjointed actions and customisation of applications but not by the software itself in an automated mode. Again, the same is to large extent dependent on human judgement and interventions breaking the chain of automation. The process offered by them are limited to the user entity only and cannot ensure legal and regulatory compliances by all stakeholders involved in transactions on an end-to end basis.Learn more  from pdf >>>>>>