Implementing Smart Contracts for Loan Agreements | Baamboozle - Baamboozle

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A __________ is money borrowed from a bank or a person.

loan

Once deployed, smart contracts cannot be changed under any circumstances. True or Flase

Flase

Failing to repay a loan on time is called a __________.

default

How can smart contracts handle defaults or unusual cases?

By using fallback mechanisms and human intervention.

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

What edge case is the Operations Manager concerned about?

Disputes or unforeseen events

Smart contracts can automate loan disbursements and repayments. True or False?

True

Smart contracts can handle all disputes without human involvement. True or False?

False

Can a smart contract be changed after deployment?

Normally no, it is immutable

Once recorded on the blockchain, the data is________________ and cannot be changed.

immutable

If you borrow money, you must make regular __________ until the debt is paid.

repayments

What features can be added to allow changes?

Upgradeability features or governance mechanisms

What does the Legal Counsel want to automate?

Loan disbursements and repayments.

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.

Multi-signature processes can help resolve disputes. True or False

True

How can disputes be resolved if necessary?

Through a multi-signature process.

When two parties disagree about a contract, it is called a __________.

dispute

If the main payment method fails, there is a _______________ machanism.

fallback

What are smart contracts based on?

Predefined conditions