INTRODUCTION
Smart contracts are poised to reshape the way many businesses negotiate, store, and execute their agreements. In 2024, smart contracts – which store and execute agreements on a Blockchain – made up USD $2.02 billion in global transactional value, with projections forecasting that figure to reach USD $815.86 billion by 2034.
In light of this rapid growth, this article looks to explore the ‘what, why, and how’ of smart contracts from the practitioner’s point of view, preparing them for a new frontier in commercial law by providing a list of best practices to adopt.