Benefits of Ricardian Smart Contract over Smart Contracts
A smart contract is a self-executing digital contract that automatically enforces the terms of an agreement between parties. However, they have their limitations, such as their inability to interact with the real world, lack of legal enforceability, and reliance on external data feeds. This is where Ricardian smart contracts come in. A Ricardian smart contract is a type of smart contract that includes legal prose that defines the terms of the agreement in a human-readable format, making it legally binding and enforceable. Some of the benefits of Ricardian smart contracts over regular smart contracts include legal enforceability, clarity and flexibility