Beyond the Smart Contract Hype: Lawyers Dispute Promise of Self-Executing Contracts
Citing a number of legal and technical issues, a Legalweek panel pushed back the idea that contracts written entirely in code will ever be able to fully replace traditional, natural languages ones.
One of the most talked about benefits of smart contracts, which automatically execute the terms of an agreement, such as a transfer of funds, on the blockchain, is that they do away with the need of intermediaries. But lawyers at the “Getting Into the BlockTech Game” session at Legalweek 2020 in New York, pushed back against that idea, arguing that such a level of independence is not happening today, and likely won’t happen in the future.
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