Smart contracts - Blockchains in thewings

Abstract

In recent years, electronic contracts have gained attention, especially in the context of the blockchain technology. While public blockchains are considered secure, legally binding under certain circumstances, and without any centralized control, they are applicable to a wide range of application domains, such as public registries, registry of deeds, or virtual organizations. As one of the most prominent blockchain examples, the Bitcoin system has reached large public, financial industry-related, and research interest. Another prominent block-chain example, Ethereum, which is considered a general approach for smart contracts, has taken off too. Nevertheless, various different set of functions, applications, and stakeholders are involved in this smart contract arena. These are highlighted and put into interrelated technical, economic, and legal perspectives.