Contracts are the backbone of business agreements, ensuring clarity, accountability, and legal protection. But do you know the role of a contracting party and how to manage contracts effectively?

A breach of contract occurs when one party fails to fulfill their agreed-upon obligations, leading to legal consequences. There are various types of breaches: minor, material, anticipatory, and actual. Each type varies in severity and impacts how disputes are resolved in court.

This article delves into the intricacies of blockchain technology and its pivotal role as the backbone of smart contracts, exploring its fundamental principles, applications, and future potential.