Existing Citations

  • smart contract (s.v. "Smart contracts"): Smart contracts are computer protocols that embed the terms and conditions of a contract. The human readable terms (the source code) of a contract are compiled into executable computer code that can run on a network. Many kinds of contractual clauses may thus be made partially or fully self-executing, self-enforcing, or both. Smart contracts are not a new concept. The phrase "smart contracts" was coined by computer scientist Nick Szabo, probably around 1993, to emphasise the goal of bringing what he calls the "highly evolved" practices of contract law and related business practices to the design of electronic commerce protocols between strangers on the Internet[6]. An early adaptation of smart contracts is digital rights management schemes. These are smart contracts for copyright licences, as are financial cryptography schemes for financial contracts. (†2172)