Are 'Smart Contracts' Smart Enough?
The automation of certain attorney functions has given rise to "smart contracts," which are gaining popularity owing to the use of block chains.
August 14, 2017 at 01:21 PM
7 minute read
The automation of certain attorney functions has given rise to a new form of contracting, known as “smart contracts.” Consequently, a decrease in the demand for certain attorney functions that can now be performed by internet applications is matched by an increase in demand for legal advisers who can prepare smart contracts and ensure these smart contracts accurately reflect a desired business transaction.
Smart contracts rest on the idea that the code can enforce and execute the terms of the agreement. A smart contract is “self-enforcing” if the software executes the terms without additional input from the parties. The nature of smart contracts achieves the same results as traditional contracting, without the cost of monitoring and enforcement, because it is extremely difficult for users to violate the terms of a smart contract.
For example, consider the smart contract for a movie rental. In this instance, each movie is prepared in a digital format and contains both the content of a movie and software that serves as the agreement's monitoring mechanism. The movie can be time stamped when the user begins watching it. After 24 hours, the software revokes the user's ability to access the video.
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