… This Comment examines the innovative legal qualities of blockchain smart contracts and their corresponding challenges. Part II provides a brief background on blockchain technology and Wyoming’s role in regulating the new technology. Part III discusses the evolution of smart contracts and their adaptation to blockchain technology. This section further introduces some of the benefits and drawbacks of smart contracts. Part IV provides an in-depth analysis of the legal issues that will likely arise with this new form of contract, including the application of traditional contract law principles, the potential for unauthorized practice of law, jurisdictional challenges in drafting and enforcing smart contracts, and concerns regarding the potential liability for errors in smart contracts. Part V briefly examines Wyoming’s recent legislation and assesses potential future regulation of smart contracts. This section concludes by recommending that the Wyoming Legislature pass a legislative finding to show that Wyoming’s existing legal structure already consents to the use of smart contracts. The recommendation also urges the Legislature to refrain from passing specific legislation that would restrict the industry before it creates its own standards and before the courts speak to the enforceability of smart contracts.
Morgan N Temte, Blockchain Challenges Traditional Contract Law: Just How Smart Are Smart Contracts?, 19 Wyoming Law Review 87 (2019).