Origin of the term – “Smart Contract”
In 1996, Nick Szabo first used the term, ‘smart contract’ in his paper, “Smart Contracts: Building Blocks for Digital Markets”.
Smart contracts naturally execute when foreordained terms and conditions get satisfied.
But also automatically enforce those obligations.
Since a smart contract is neither smart nor are they to be mistaken for a legitimate or legal contract.
They should not be mistaken for legal contracts acknowledged by courts or by law authorization.
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