ENFORCEABILITY OF SMART CONTRACTS UNDER THE ELECTRONIC TRANSACTIONS ORDINANCE 2002: ISSUES AND CHALLENGES

Abstract

Contractual relationships have taken on a new meaning in the era of blockchain technology, with smart contracts being self-executing digital agreements that can carry out contractual obligations without the need for constant human participation. Smart contracts are unlike traditional contracts, in which the terms of the agreement are written in computer code and are performed automatically once the specified conditions are met. Through this technological innovation, the efficiency, transaction cost, absence of intermediaries and transparency of commercial dealings can all be improved, making it an increasingly appealing method of modern electronic commerce.