Legal Challenges of Smart Contracts in the Context of Contract Law
Smart Contracts were mentioned in my first post as one of the most trending buzzword right now. In this post, I will write about the legal challenges for the Smart Contracts. As mentioned in my first post, A smart contract is a line of code stored on a blockchain that is executed automatically when the determined terms and conditions are met. The lawyer Josh Stark defines smart contracts as “the use of code to articulate, verify and enforce an agreement between parties”. These contracts are mainly used in business collaborations when the parties want to enforce some type of agreement where all participants can be sure of how the outcome will be. The smart contracts are thereby ensuring that what was agreed upon is executed without the requirement of a trustworthy third party to enforce the terms and agreement. Since these smart contracts are basically a coded version of the physical contracts and agreements we have been using for a long time, and the fact that they are decentr...
