How Should We Prepare Smart Contracts to Replace Law Firms?
With the recent attack on the Ethereum DAO, it raises the question of how much technical knowledge do individuals and organizations need to know before applying smart contracts to their businesses? Smart Contracts Have a Ways to go and Need Developers. Recently, an article from the Australian Financial Review explained that distributed ledger tech may be....
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Smart contracts are a key underpinning of blockchain technology, yet they are still misunderstood in many ways. In the fullness of their deployment, they will be no less revolutionary than the invention of the HTML markup language that allowed information to be openly published and linked on the Web. Smart contracts promise to program our world on the head of blockchains, and potentially replace many functions currently executed by expensive or slow intermediaries. Historically, the concept was first introduced by Nick Szabo in 1994. Smart contracts then had a long gestation period of....
We know that 'virtual currencies' (the term to be hardwired into European Union law) will be covered by new anti-money laundering and terrorist financing regulations. But, while the details on this industry-specific regulation will follow shortly, there are also other pieces of the EU legislation that deserve attention in the meantime. Going forward, it is quite clear that blockchain as a technology will primarily attract the attention of regulators interested in particular applications. Lawyers, by and large, think about bitcoin from the perspective of financial regulations or look at....
Hybrid smart contracts will change the world by revolutionizing the legal system that exists today. The era of unintelligible contracts written in legalese by lawyers in $2,000 suits with degrees from Ivy League schools is over. The contracts of the next century will be hybrid smart contracts, written in code by programmers wearing $20 hoodies and living in their NYC-shared apartment.What is a hybrid smart contract?Smart contracts are self-enforcing contracts, written in code and executed by the blockchain. These smart contracts are great at sending and receiving money, and doing simple....
With contributions from Zerado, FinTech Network have produced a whitepaper that looks at smart contracts and how they could improve efficiencies within the banking sector. The whitepaper highlights: How smart contracts aim to provide security that is superior to traditional contract law and ways they can reduce other transactional and administrative costs. The workings of Ethereum as one of the best examples of smart contracts in practice. Ways that smart contracts could benefit areas such as mortgages, clearing and settlement, KYC & bonds. How challenges with conceptual misalignment,....
B2BinPay platform makes it possible for enterprises to accept, receive, store, and send Chainlink coins, enlarging the list of available cryptocurrencies. The majority of smart-contracts trying to replace stocks, insurance services, and other traditional financial agreements need to obtain access to several sources outside the blockchain. Chainlink offers such intermediaries to connect smart-contracts with payment […]