NFT-enriched smart contracts for smart circular economy models
Vera Gerasimova,
Gunnar Prause,
Thomas Hoffmann
Abstract:A smart contract is an electronic transaction protocol intended to digitally facilitate, verify, or enforce the execution of the terms of underlying legal agreements. Thus, by following the traditional perception, smart contracts target reducing transaction costs, including arbitration and enforcement costs, by realizing trackable and irreversible transactions using blockchain technology for distributed databases. However, the potential of smart contracts goes far beyond cost reductions by facilitating the ent… Show more
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