In the 1990s technologies made possible to implement forms of Smart Contract experimentation, but the idea of a smart contract actually dates back to the mid-1970s. The term adopted at the time was not that of Smart Contract, but the concept was basically the one that led to smart contracts. The requirements was very simple and followed the need to manage the activation or deactivation of a software license according to some very simple conditions. The license of certain software was effectively managed by a digital key which allowed the software to function if the customer had paid for the license and stopped operating on the contract expiry date. Simply, in a very basic way, it was a Smart Contract.
A Smart Contract is the "translation" or "transposition" of a contract into a code in order to automatically verify the fulfillment of certain conditions (control of the basic data of the contract) and to automatically perform actions (or give instructions so that can perform certain actions) when the conditions determined between the parties are reached and verified.
Therefore Smart Contract is based on a code that "reads" both the clauses that have been agreed and the operating conditions in which the agreed conditions must occur and it automatically executes itself when the data referring to the real situations correspond to the data referring to the agreed conditions and clauses.
Smart Contract needs legal support for its drafting but it does not need it for its verification and activation. Yet the Smart Contract refers to standards of behavior and access to certain services and is made available then accepted and implemented as a form of development of traditional services and without necessarily expressing that it is a Smart Contract.
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