Share Implementing Smart Contracts for Loan Agreements
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What does the Legal Counsel want to automate?
Loan disbursements and repayments.
How can smart contracts handle defaults or unusual cases?
By using fallback mechanisms and human intervention.
What are smart contracts based on?
Predefined conditions
What edge case is the Operations Manager concerned about?
Disputes or unforeseen events
Can a smart contract be changed after deployment?
Normally no, it is immutable
What features can be added to allow changes?
Upgradeability features or governance mechanisms
How can disputes be resolved if necessary?
Through a multi-signature process.
A __________ is money borrowed from a bank or a person.
loan
If you borrow money, you must make regular __________ until the debt is paid.
repayments
Failing to repay a loan on time is called a __________.
default
When two parties disagree about a contract, it is called a __________.
dispute
The contract is legally_____________, so both parties must follow the agreed terms.
The contract is legally binding, so both parties must follow the agreed terms.
If the main payment method fails, there is a _______________ machanism.
fallback
Once recorded on the blockchain, the data is________________ and cannot be changed.
immutable
A __________________ wallet requires approval from multiple parties before a transaction is confirmed.
multi-signature
The system must be able to handle __________________ , such as loan defaults or disputes.
complex scenarios
