Tag: smart contracts

The cryptocurrency market has grown exponentially over the past few years as people seek to ‘strike gold’ by investing in the latest virtual ‘coin’. What most don’t know, however, is that this digital currency also has a smart contractual capacity that can bind users to a cause or indicate commitment to work alongside other investors to achieve a common goal.

South Africa has yet to witness a major blockchain-related dispute, but such disputes are bound to occur as interest in cryptocurrencies and smart contracts intensifies and transactions involving them become more common.

Smart contracts mark the evolution of the binding contract from a set of terms and conditions, governed by the common law, into a set of conditional statements governed by a programming language and the tenets of blockchain technology.