Similar and different at the same time.
Smart contracts are if-else clauses that work if all the conditions are met. To illustrate an example, vending machines could be given by way of example. Imagine a vending machine: to get the product you have to enter the product number and pay to get the product. If you pay the correct amount, he will give you the product immediately. If you do not donate a sufficient amount, the machine will ask you to put the funds in unless it has been fully paid. If you pay for the machine more than the product, the machine will give you the product and the change. And not all of these processes can be reversed.
Since smart contract processes cannot be reversed, the operation of the whole system is extremely reliable. This has enabled automated business practices and helped companies further secure their business processes. Especially when it comes to the supply chain, smart contracts could be fully utilized.
As smart contracts had some shortcomings, many companies encountered problems implementing them in various areas. As a result, other alternatives to smart contracts were born, and LTO Network became the first blockchain network offering alternatives to smart contracts.
Live contracts work similarly to smart contracts. But they can work even if all the conditions are not met. Instead, these contracts decide that the rules interact with all parties involved in the contract. Therefore, these contracts are not binding and help businesses in many ways.
As live contracts are flexible, many companies have started implementing live contracts on their workflows. This resulted in improvements for law, notary and leasing. While these fields are known for static paper-based processes which can potentially be fraudulent. Actual contracts are used as immutable evidence in these areas, and no infringement could ever occur.