«Are smart contracts that are run on blockchain or distributed…
The term was coined for the first time by Nick Szabo, an American computer scientist and part of the c.d Cyber Punk group, who defines Smart Contracts as
«a computerized transaction protocol that executes the terms of a contract. The general aims are to: satisfy common contractual conditions (such as the terms of payment for example), to minimize both malicious and accidental claims, and minimize the need for trusted intermediaries.
Related economic objectives include the reduction of damages from fraud, arbitration, court costs and other transaction costs».
By typing «smart contracts» into any search engine today, you’ll find uncountable versions of their definition; some of which come fairly close to (and if not very similar to) the term «contract», the one that we all already know, the agreement between several parties protected by the civil code.
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The Association initially focused its attention on the italian legal system with the desire to extend studies and insights into European law.
The contract ex article 1321 of the Civil Code, known as «the agreement between two or more arties to build, regulate or extinguish The agreement of two or more parties to establish, regulate or settle a patrimonial legal relationship between them”.
The Civil Code also defines in article 1325 which essential requirements a contract must have, the absence of which determines the nullity.
The definition of the Trusted Smart Contract is one of the Association’s results. The Trusted Smart Contract is a contractual model with increased confidence, endowed with enforceability, composed of contractual prose and code able to be carried out by a computer, resident and active on blockchain or distributed ledger that uses certified standards and oracles.
