I wrote in my last post that the “blockchain will alter the way we think about contracts and several types of legal documents will effectively be software-like.” This is a truism for many cryptocurrency enthusiasts.
Of course, I was referring to “smart contracts” even if I didn’t used the expression “smart contracts” for buzzword avoidance purposes. I suggested that some lawyers would be involved in drafting these “instruments”.
Before we start, there’s some confusion about what a “smart contract” actually means, and it’s at the root of a certain amount of similar confusion in the legal sphere about the immediate . . . [more]