This post has been authored by Harshit Goyal, currently in his 3rd year at National Law School of India University, Bangalore. In a well-reasoned piece, the author presents a simplified analysis of the feasibility of smart contracts.
Smart contracts are a set of self-propelled contracts which use blockchain as a platform to complete the transactions. This concept was introduced by Nick Szabo back in 1996. Since then, a lot of nations have endorsed this concept for being a technological revolution. In this post, I will endeavour to show that smart contracts are not really a smart option as they are riddled with several unsolvable legal issues. The analysis is primarily focussed on the smart contracts made on ethereum blockchain.