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What are Blockchains?

·          Put simply, Blockchain refers to a ‘chain’ of ‘blocks’, where the ‘block’ means digital information stored in a public database, which is the ‘chain’. ·          Using cryptography, the information is encrypted to ensure that the user’s privacy is not violated and data cannot be changed. ·          Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. ·          To make use of an analogy, a distributed ledger is like a Google Sheet, where the Sheet is shared with a group of people. The document is distributed instead of transferred or copied. A decentralized distribution chain is thus created where everyone can access and edit the Sheet, subject to validation by the other people having access to the Sheet. All changes to the Sheet are recorded in real-time, making changes fully transparent, and the Sheet cannot be edited discriminately, making it secure. ·          On the blockc
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Important Principles in Contract Interpretation

  INTRODUCTION A contract is the ultimate culmination of the consensus ad idem of the parties over a particular objective. However, contractual gaps [1] arise due to incorrect declaration of intention of the parties to the contract. In this regard, the common law provides a solution in the form of rectification of the contract, which however is a mere process of construction of the document. [2] The courts or arbitrators necessarily do not interfere with the pre-determined contractual obligations based on the principle of pact sunt servanda; but on the grounds of statutory 0 mandate to protect 0 the interest of the 0 weaker 0 parties [3] , the former will interfere to rectify any contractual gaps. In doing so the court relies on the principle of good faith and the principle of contractual solidarity. [4] One of the major problems faced by international trade is the unexpected changes in the circumstances in the performance of the contract. [5] The change in circumstances in c