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Several corporate entities are exploring self-executing contracts for daily transactions. Despite meeting the conditions of consensual agreement and payment, these contracts exist in a blurry regulation space. Existing legal structures like the Indian Contract Act, IT Act and Indian Evidence Act are applicable here; however, there remains a gap with regards to authentication and admissibility. For example, the IT Act allows digital signatures from government-certified sources only and the Indian Evidence Act accepts documents authorised by this same act.1
The MEITY recently produced a report on the use of blockchain technology for smart contracts. Potential applications include land records and e-Notary services. To increase security, they have formed a repository of known vulnerabilities, including the Smart Contract Weakness Classification and Test Cases registry. Further research is needed in order to improve interoperability, scalability and performance, consensus mechanisms, security & privacy, key management and secure smart contracts. Additionally, they need to detect any vulnerabilities in blockchain technology-based solutions. However, India currently lacks a dispute resolution mechanism for disputes arising from smart contracts.1
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