BNP Paribas Works With Blockchain Startup to Open Source Law

A smart contract in itself is not a legally binding contract in that lawyers and other entities do not see these digital functions as binding. But by wrapping the smart contract code in well-defined legal text, the industry might accept these new solutions.

By designing a standardized text for legal work, documents could be transacted on a peer-to-peer basis without concern over legal repercussions since the short and sweet text attached to the smart contract could be opened into the full legal document.

Via CoinDesk


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