Some very basic stuff on smart contracts and blockchain

So, no need for lawyers anymore? Not really. In all truth, smart contracts are still the future. Indeed, there are agreements that can’t be translated into code yet, like the ones that involve performance. Moreover, there are agreements that are 30 pages long: how to translate that in simple, executable code? Finally, because a smart contract is written in code and not in English, “Clients may require lawyers who can read code to confirm that the code does what the smart contract says it’s going to do” as Sean Murphy, partner at Norton Rose Fulbright put it. Basically, we’ll still need lawyers to interpret and translate the content of a smart contract, and the risk is that we are just replacing “literacy in legalese with literacy in code”.

via legalgeek.co http://ow.ly/RX9U300e8jV

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