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Jakarta Post

Preparing ahead for smart contracts

Jakarta   /   Tue, November 21, 2017   /  08:06 am
Preparing ahead for smart contracts In this paperless era, the smart contract has been given the green light for legal admission. (Shutterstock/File)

With the advancement of technology, we are facing rapid innovations-and digital breakthroughs. This progress has caused many sectors to change the way their businesses operate, especially the legal industry, which relies on paper to execute contracts. In this paperless era, the smart contract has been given the green light for legal admission. In September 2016, approximately 123,376 smart contracts were uploaded to public blockchain platforms. Today, more than a million smart contracts are being created and used around the world. The use of smart contracts is growing exponentially at a fast pace, and it is just a matter of time before the trend reaches Indonesia — likely sooner than we expect. To put it simply, a smart contract is similar to a traditional contract. It is a list of rights and obligations through which one or more individuals bind themselves to one another,...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.