In 2018, a U.S. Senate report states that “while smart contracts may seem new, the concept is rooted in the fundamental right of contracts. Normally, the judicial system decides contractual disputes and imposes conditions, but it is also common to have a different method of arbitration, especially for international transactions. With intelligent contracts, a program forces the contract built into the code.  A number of U.S. states have passed smart contract laws, such as Arizona, Nevada, Tennessee, and Wyoming. [Citation required]  ATMs are called the oldest technologies that correspond to the implementation of smart contracts.  The 2014 white paper on ethereum cryptocurrency describes the Bitcoin protocol as a weak version of the intelligent contract concept, as defined by computer scientist, lawyer and cryptographer Nick Szabo. From Ethereum, different cryptocurrencies support script languages that allow advanced intelligent contracts between unreliable parties.  Smart contracts should be distinguished from intelligent legal contracts. This last point concerns a traditional legally binding agreement in natural language, in which certain terms are expressed and translated into machine-readable code.    With the implementation of Ethereum in 2015, based on blockchains, the “Smart Contract” is generally used specifically in the sense of a general calculation that takes place on a blockchain or a distributed ledger. The U.S.
National Institute of Standards and Technology describes an “intelligent contract” as a “collection of codes and data (sometimes called functions and state) provided by cryptographic transactions on the blockchain network.  In this interpretation, used z.B by ethereum Foundation or IBM, an intelligent contract is not necessarily related to the conventional concept of a contract, but can be any type of computer program. An intelligent contract can also be considered a safeguarded procedure, as its execution and codified effects such as the transfer of a certain value between the parties are strictly enforced and cannot be manipulated after a transaction containing certain details of the contract is stored in a blockchain or a distributed ledger. This is because the actual execution of contracts is controlled and monitored by the platform, not by any server-side program that connects to the platform.   An intelligent contract is a computer program or transaction log designed to automatically execute, control or document legally relevant events and acts under the terms of a contract or agreement.     The objectives of intelligent contracts are to reduce the need for trusted intermediaries, arbitration procedures and enforcement costs, loss of fraud and reduction of malicious and accidental exceptions.   As in the case of a loss of value on a blockchain, the provision of an intelligent contract on a blockchain is done by sending a transaction from a portfolio for the blockchain.  The transaction contains the code compiled for the intelligent contract as well as a specific recipient address.  This transaction must then be included in a block that will be added to the blockchain, and that is when the intelligent contract code will be executed to determine the state of origin of the intelligent contract.  Error-tolerant Byzantine algorithms secure the intelligent contract in a decentralized manner through attempts to manipulate it.