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Blockchain has been posed as a revolutionary technology. Its application is opposed to the centralized conventional mechanisms. However, it would appear that blockchain has only been able to have a significant impact on payment mechanisms and financial transactions. Like cryptocurrencies, smart contracts have a strong positive and negative potential. This paper will aim to analyze the use cases of smart contracts, aim to weigh its positive potential against its negative potential to understand if its positives outweigh its negatives or vice versa, and analyze how this technology can benefit India.
Blockchain, Distributed Ledger Technologies, Smart Contracts, Cryptocurrencies, Hybrid Agreements, Pseudonymization, Cryptography, Peer to peer (P2P), Bitcoin, Ethereum, Shiba Inu, Dogecoin, DNS, Namecoin, LIBOR, Multi-signature accounts, DLT
