Applications of smart contracts in the field of law

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These automated contracts are of interest to the legal world, due to their possible application in the contractual field. They guarantee the existence of a contract, in accordance with the conditions provided, as well as the commitment of the parties with certainty . Just like traditional contracts, which require an agreement of will between several parties, they establish reciprocal obligations whose particularity is their automatic execution. Efficiency is increased and transaction costs reduced thanks to the digital environment. The implementation of these contracts is particularly advanced in certain areas.

Applications in real estate law
The relationship benin phone data with the real estate sector is expanding. It offers numerous possibilities:

Automate the verification of documents required for the transaction, the identification of stakeholders and the confirmation of the terms of the agreement.

Bring transparency to transactions, reducing the risk of human error, limiting late payments and the risk of non-payment through monitoring of due dates and deadlines.

Guarantee the confidentiality of the information exchanged and thus comply with the law on data protection.

Improve and secure real estate transactions by certifying documents through the allocation of a unique imprint that prevents falsification.

An example of a smart contract is the sale agreement subject to the suspensive condition of obtaining a loan. If the loan is not granted, in this case the sale is cancelled and the security deposit automatically returned. Another example is the sale in future state of completion. At each stage of construction, part of the sale price is automatically released, without recourse to an external third party.

Applications in corporate law
The automatic nature of contracts can be a solution to the difficulties of executing shareholder agreements . It allows the automation of pre-emption rights, by integrating the contractual clauses into the blockchain. When pre-emption is exercised, the contract is executed without any other intervention. For example, the detection of a transfer of social rights to a third party could block and validate the transaction, as soon as the beneficiary gives his express consent.