smart contract

A computer protocol or program that automatically or semi-automatically enforces, verifies or executes the terms of an agreement, potentially interacting with DLT systems and external data sources; the Act recognises smart contracts as a form of innovative technology arrangement subject to MDIA certification and governance requirements. Smart contracts may be partially or fully automated and are assessed for technical and governance conformity.

Computer‑executed code stored on or linked to a distributed ledger that codifies, automates or enforces contractual terms and interactions; the law recognises smart contracts as valid legal instruments and provides rules on their evidentiary use and related dispute resolution. The definition frames obligations and legal effects for transactions conducted via such code.