Abstract
Purpose – Smart contracts minimise transaction costs and boost efficiency. Smart contracts are costly, single-use, and inefficient. This study proposes a smart contract mechanism to address these issues. Design/methodology/approach – This study examines smart contract research history, models, and platforms to highlight their flaws. Based on typical contract content, a smart contracts model is built. Findings – This paper describes smart contract operation using several models. Decomposing smart contracts into sub-contracts facilitates global implementation. Then, smart contract benefits and deployment strategies are examined. Here's an illustration of how smart contracts will affect our lives. Originality/value – Smart contract is expanding. This article describes smart contract structure and functioning. Keywords: AI, 4th IR, Applicability, international law, Smart contracts.
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