Smart Contracts and the Role of Lawyers (Part 2) – About “Code is Law”

“Smart contracts only explicitly model the performance aspect of a real world contract and implicitly assume the form and formation aspects of a contract. If we simply admitted the term, “smart contract” is an unfortunate historical accident and relabeled it to something like “chaincode” or just “script” as some platforms refer to it, then a lot of the conceptual baggage and terminological confusion would probably disappear. Of course, a lot of the sexiness of the term and apparent relevance to lawyers might disappear as well. Nevertheless, the expanding interest in blockchain-based transactions by financial institutions, exchanges, other businesses and governmental agencies seems like fertile ground for lawyers to plow, regardless of how the particulars are labeled.”

Via Biglaw KM http://ow.ly/ZOoY305Uyii

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