How are smart contracts enforced in blockchain technology?
An example of an AI chatbot conversation about the enforcement of smart contracts in blockchain.
How are smart contracts enforced in blockchain technology?
Smart contracts are enforced through the blockchain's consensus mechanism, ensuring that all parties adhere to the agreed terms.
What happens if one party doesn't fulfill their obligations?
If a party fails to fulfill their obligations, the smart contract can automatically execute penalties or actions defined within it.
Can smart contracts be modified after deployment?
Generally, smart contracts are immutable once deployed, but some can include functions for upgrades or modifications under certain conditions.
What are the legal implications of smart contracts?
The legal implications vary by jurisdiction, but many are recognizing smart contracts as enforceable agreements under certain conditions.
Are there any risks associated with using smart contracts?
Yes, risks include coding errors, security vulnerabilities, and the challenge of integrating with existing legal frameworks.
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