Around the world, companies such as Walmart require food suppliers to use blockchain and smart contracts to ensure food safety, and other companies such as Nestlé and Unilever are doing the same. Smart contracts are also being experimented with by insurance companies to process claims’ pay-outs in a more efficient manner.
In the burgeoning space of fintech and digital assets, and in view of the recent boom in smart contract-based transactions featuring Non-Fungible Tokens, it is not uncommon to wonder as to whether ‘smart contracts’ are in fact legally enforceable as traditional contracts.
This article seeks to outline the nature of smart contracts and the general viewpoint on whether they are enforceable, from the perspective of Malaysian contract and electronic commerce laws. https://lnkd.in/gid9KeSd
Enforceability of smart contracts in Malaysia
Around the world, companies such as Walmart require food suppliers to use blockchain and smart contracts to ensure food safety, and other companies such as