‘The Law Applicable to Smart Contracts, or Much Ado About Nothing?’

“The question of how people can trade with each other independently of national laws is a question that has kept philosophers, economists and lawyers busy for centuries. In recent years, the discussion has been fuelled by the phenomenon of digitalisation and, in particular, by the emergence of smart contracts. Those contracts enable automated execution of agreements without the need for a central authority or an external enforcement mechanism. And many authors claim that smart contracts, especially when stored on and enforced via a blockchain, will make traditional contract law obsolete …” (more)

[Giesela Rühl, Oxford Business Law Blog, 23 January]

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