Over the past few years a new technology called smart contracts has proliferated. These contracts are agreements where execution has been made automatic through the use of computers. This article examines smart contracts from a legal perspective, both their operation and place in existing contract law. The article concludes that smart contracts are simply a new form of preemptive self-help that should not be discouraged by the legislatures or courts. While certain egregious examples of their use may need to be policed, judges and policymakers should foster a climate that treats smart contracts as another form of more traditional agreements.
Raskin, Max, The Law of Smart Contracts (September 22, 2016).