‘Legal Boundaries of Blockchain Technologies: Smart Contracts as Self-Help’

“Blockchain technologies promise to execute tasks that have traditionally been settled by legal institutions. Some providers of such technologies explicitly offer ‘to act as a digital jurisdiction’ Such promises seem to suggest that state law can be entirely substituted by rules which are codified in the blockchain. In fact, so-called smart contracts create agreements that are both automatable by computers and enforceable via the tamper-proof execution of computer codes. Lawrence Lessig’s frequently cited equation therefore claims that ‘code is law’. Presumably, however, law is not – and arguably never will be – entirely redundant, even in a blockchainized world …” (more)

[Florian Möslein, Oxford Business Law Blog, 9 January]

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