In the centralized system business contract between two parties would involve the presence of legal authority these legal bodies will serve as a bridge binding these two parties on what agreement they are about to embark on, in most cases these legal terms are very difficult to business users to interpret so a lawyer will be required to break down this term for both parties, to understand what the business terms are conditions are all about.
The introduction of decentralized blockchain technology came to eliminate these rigorous processes with smart contract in ethereum blockchain business can be conducted in a decentralized system without involving two parties getting into an agreement.
Since the ethereum blockchain is based on proof of stake PoS protocol it also has its limitations which involve the written codes in ethereum smart contract are based on written machine codes and language making it difficult for users to understand these machine codes.
The delegated proof of stake DPoS makes decentralization more simplified here delegates and witnesses are voted through a unanimous voting system these witnesses help in the process of all transactions in the blockchain making it more secure.
Ricardian smart contracts is a digital form of legal blockchain contract ( binding two or more parties ) in the form of digital documents acting as an agreement between two parties base on terms and conditions of interaction between two parties.
What makes it unique is – it is cryptographically signed and verified. Even when it is a digital document, it is available in a human-readable text that is also easy to understand for people (not only lawyers). It is a unique legal agreement or document that is readable for computer programs as well as humans at the same time.
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Ricardian smart contracts integrate the use of cryptography in blockchain technology with legal documents which are readable by humans and machines making it easier for both parties to understand legal terms binding them in a business without the need for external clarification.
Further reading
https://www.google.com/amp/s/101blockchains.com/ricardian-contracts/amp/