A Lawyer’s Perspective: Can Smart Contracts Exist Outside the Legal Structure?

“Once that contract is in place, coding could provide continued support for that contract and, indeed, for similar contracts involving similar terms for similar transactions. I would even suggest the code could probably even be taught to make small alterations as long as those alterations were foreseeable and logical.

However, I am highly cynical about a code’s ability to make more complex binding/sustainable legal decisions required to build the foundations of a robust commercial contract or negotiate the best possible terms for all of the parties involved. This means that in the first instance at least, a lawyer will still need to be involved.

Also, code works on linear decision-making and probability, but more often than not, finding the right answer to settle a particular contractual nuance is a much more lateral process and requires a level of creativity and flexibility that can come only from real-life experience.  To inject that depth of practical experience into code is, I would suggest, a nigh on impossible task.”

via Bitcoin Magazine, Richard Howlett, Solicitor at Selachii LLP London  http://ow.ly/t6F6302gbVe

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