Conclusion of transactions using blockchain technology in the digital space

The author comes to the conclusion that previously, before the advent of blockchain, smart contracts were technical tools that allowed their users to simply automate certain processes without any additional security benefits of the data being entered. It was difficult to justify the inclusion of these smart contracts in the contractual activities of the parties involved, because regardless of the platform on which such tools were implemented (hardware solutions, such as vending machines, or digital, such as computer scripts), their development and / or compilation were technically more complex compared to the classic ‘paper contracts. To attract some user base, smart contracts would have to offer something more substantial than pure automation of their execution. And that's where blockchain technology came in handy. Decentralized distributed ledgers are created taking into account the immutability of the input data - a function that is the starting premise when it comes to the security of user information stored on such a platform. Blockchain provides stability and immutability of data, while smart contracts provide automation for their users - a combination that is too promising not to use. It can be stated that there is a need for more incentive-based research to encourage data exchange.