Why blockchain smart contracts matter

Author: | Published: 18 Dec 2018

Lawyers need to speak the language of code if they are to advise clients properly when it comes to the transfer of digital assets

Blockchain technology will change the world, at least in the view of many adherents. Virtual currencies such as bitcoin (BTC) and ether (ETH) act as a means of exchange. Other blockchain tokens represent many different types of assets, both physical and intangible. Trading in these digital assets has captured the attention of technologists, investors, regulators and many others seeking to understand the ecosystem or simply profit from it.

Smart contracts have invaded the public's consciousness to a much smaller degree. This is a mistake, because smart contracts potentially could alleviate many risks that contracting parties face and allow for easier and more secure transactions between strangers. They represent, perhaps, the true promise of blockchain: the automatic movement of assets from one party to another upon completion...