The latest analysis of “smarter contracts” provides helpful guidance on the opportunities and potential legal and practical risks in adopting these technologies.
By Christian F. McDermott, Andrew C. Moyle, and Nara Yoo
LawtechUK’s latest analysis of so-called smarter contracts in the UK, set out in its Smarter Contracts Report (the Report), seeks to identify how technology is transforming contract practices, and to explore future opportunities and innovation. The Report defines a “smarter contract” as a legally binding digital contract, including legally enforceable contracts in which some or all of the terms are represented in code, and identifies a range of smart contract applications, from simple electronic signatures to sophisticated self-executing contracts.