In legal terms, there is no clear definition of “smart contract” in Austria . However, it can be assumed that a smart contract is computer code that is capable of monitoring, executing and enforcing a legal agreement. Yet, smart contracts can help in automating and enforcing legal obligations set out in a contract / agreement. A platform, which is executing the smart contract is responsible for the technical security; in case of conflict between the sides of contract (including noncompliance or breach of a contract), the side, which designed the terms of the contract is responsible for resolving of conflict and compensating losses.
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