Smart Contracts and the Role of Lawyers (Part 1) – About Smart Contracts

“Let’s step back and get our bearings. Credit for the term “smart contract” is usually attributed to computer scientist, Nick Szabo, who first used the term in his 1994 article, Formalizing and Securing Relationships on Public Networks. As described by Szabo, smart contracts are a way of automating traditional (common law) contract concepts and applying them to transactions that occur primarily or exclusively in the digital domain (ideally with no manual human intervention). Arguably, his chief insight and contribution was the outline of a formalized, potentially machine-readable language for writing and executing these so-called smart contracts”


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s