Smart contracts: advantages and disadvantages

Volodymyr Morozov, KNEU

In modern days, a great number of lawyers dispute about Self-Executing Contracts implementation. Despite of unlimited potential, which will serve as an optimization of government management and economical and judicial branches, many lawyers push back against this idea.
To begin with, we will find out what is the smart contract. Smart Contract is self-executing contract between the buyer and seller, which is written into lines of code. The code and the agreements exist in blockchain network. The code oversees all transactions execution. Applied in accounting, fiscal policy, electoral system, judicial system, notary and all registration processes.

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