Smart contracts are computer protocol that can digitally check, apply, and enable a paperless contract but are decentralised. They are used to manage transaction performance between parties. Block chain makes it secure and is tamper-proof. We can use and integrate smart contracts in Intellectual Property Rights (IPRs) as well. Intangible assets can be digitized and secured along with trust, transparency, and safety of both the enforcer and the consumer. In this paper we are going to see the Ethereum platform to develop custom based smart contracts.