In the era of smart contracts, lawyers will still have plenty of work ensuring the devs get the code right. Many people expect that formal written contracts, and the lawyers that draft them, will be obsolete.
It is presumed that the agreed-upon term sheet will be simply given to a software developer to convert into smart contract computer code. That … Continue Reading
On 11 November, 2016, Hong Kong’s Applied Science and Technology Research Institute (“ASTRI“) published its “Whitepaper On Distributed Ledger Technology” (the “DLT Whitepaper“), a substantial research exercise commissioned by the Hong Kong Monetary Authority (the “HKMA“).
The DLT Whitepaper is a useful and well-informed introduction to blockchain, or distributed ledger technology (“DLT“), … Continue Reading
In a thought-provoking paper presented at this year’s TPRC Research Conference on Communications, Information and Internet Policy, Internet scholar Kevin Werbach explains how the use of blockchain technology creates a new kind of trust architecture, which Werbach calls “trustless trust.”
Most existing trust relationships are based on a centralized “Leviathan” trust architecture where the state or another centralized authority … Continue Reading