Versita

Conceptual framework of Automatic Contracts a comparative study

Farah Karim Fartoos ,Prof. Dr. Hassan Fadala Musa
Keywords: Ethereum, Blockchain, Auto-executing contracts, Smart contracts ,

Abstract

The contract is one of the most important sources of commitment in daily
dealings. There is no doubt that the contract occupies a prominent and
undeniable position in the stability of various transactions in all societies, and at a
time when the law establishes the foundations and rules for organizing
contractual relationships that seem fixed and stable, modern technologies are
constantly evolving and their uses are being introduced. In various fields, as the
field of information technology is witnessing great progress, especially in the
management of automated information and the development of encryption
systems, which are a tool of safety, guarantee and stability for the various
transactions that take place through the use of networks and electronic means. A
new type of contracts has emerged, called automatic contracts, which refer to an
agreement between two or more parties that is encoded in a way that ensures
correct implementation by electronic platforms, or through automated devices.