Smart contracts are not legal documents per se but are lines of computer code that monitor and execute the transaction when the conditions are met. They are not legal compared to traditional contracts or documents, which can be construed as legally binding in a court. Rather it can be understood as self-enforced contracts as the data is immutable after it is entered into the blockchain network. Even without the enforcement of laws or legal duties, smart contracts cannot be tampered with at any cost, which justifies their status. Because of these reasons and for the security and immutability it offers, it is finding increasing uses in the banking and finance sectors as well.