Blockchain 2.0, smart contracts and challenges
Among these applications are smart contracts. Entries into the ledger may consist of computer code that executes the terms and conditions of a contract between parties. Such parties will usually be parties to contracts, private individuals, corporate entities, public institutions or other entities. The more sophisticated the code, the more automated, self executing, and "smarter" the contract. Ultimately, we may see autonomous parties in the form of computerised agents, such as Internet of Things (IoT) devices, connected online, entering into smart contracts without human interference.