Smart LyCI tracks the top 10 blockchain projects working on improving how contractual agreements are recorded and settled.
Smart contracts aim to facilitate agreements to be carried out among two or more parties remotely, without the need for a legal system, lawyers or courts. They render transactions traceable, transparent, and irreversible by recording the terms digitally on the blockchain. They ensure that the amount agreed is held in the system — not by a third party — and is only released once the terms of the contract are settled.
No party can run away with the money and there are no hefty commissions to lawyers or agents.