Blockchain Technology in the Development of Traditional Contract

Earlier drafting of contract required professionals who would prepare contract draft according to the needs of the client. Technology advancement has simpler the way of working. The development in technology and interrelating it with drafting work has made it easier to prepare the document. A smart contract on the Blockchain allows parties to self-execute the contract with the terms of the agreement between buyer and seller without the engagement of third parties. It is automatically executed once the terms of the agreement are met. The benefit of a Smart Contract is that it takes less time as once the terms of the agreement is met, it executes automatically without any paperwork, and also Blockchain records are encrypted so it is safe and can not be altered. In this paper, I will discuss how blockchain technology came and how it changed the shape of Traditional Contracts into Smart contracts.