Smart contracts enable users to encode business logic as executable code on a blockchain or decentralized ledger. They allow for automated, trustless applications across various sectors, particularly finance, supply chain management, and voting systems, thanks to their secure and transparent nature, as explained by Sanjiv Maewall, Deloitte's CTO. There are four primary types of smart contract platforms: large blockchain platforms, smaller ones focused on execution speed and cost, private frameworks, and tools for managing contracts among trusted partners. The selection of these platforms considers their market presence, expert opinions, and other significant metrics. A smart contract is essentially a digital version of a traditional contract, automating actions when predefined conditions are met without requiring a centralized authority. While blockchains can support smart contracts, they need additional tools for secure execution and storage. Ethereum marked a major advancement by enabling programmable smart contracts, managing transactions through the Ethereum Virtual Machine (EVM). It’s crucial to note that smart contracts may not be legally binding, prompting the exploration of "smart legal contracts" by legal professionals. Companies like DocuSign are gradually integrating these concepts into enterprise workflows to enhance automation in contractual processes. Smart contract platforms can be categorized into Level 1 (L1) and Level 2 (L2).

L1 platforms run smart contracts directly on the blockchain (e. g. , Ethereum, Solana), while L2 platforms enhance efficiency by executing them in a parallel layer (e. g. , Polygon, Optimistic Rollups). Recent advancements aim at improving scalability for future blockchain applications known as Web3. When choosing a smart contract platform, considerations include security features, performance, scalability, costs, and the strength of the development community, according to Maewall. For instance, while Ethereum has a vast developer network, it also faces high transaction costs. The landscape of smart contract platforms is diverse and rapidly evolving. Ethereum remains a prominent player, though alternatives like BNB Smart Chain, Solana, and Cardano are gaining traction for their efficiencies. Private blockchains, such as Hyperledger Fabric and Corda, are tailored for businesses needing to streamline transactions among trusted partners. Emerging platforms like Casper Labs and Kaleido facilitate smart contract management, offering tools for easier development, integration, and monitoring. DocuSign has also ventured into this area, blending traditional contract lifecycle management with smart contract capabilities to enhance user experience. In summary, the realm of smart contracts is extensive and dynamic, with multiple platforms catering to varying needs, whether for public blockchain solutions or private enterprise implementations.