Blockchain Smart Contracts are Neither Smart nor Contracts

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Smart Contracts are basic to creating and verifying blocks in Blockchain, and Wikipedia defines a Smart Contract “is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.” But if you study that definition really Smart Contracts are computer programs which are “made partially or fully self-executing, self-enforcing, or both.”

Under the law a contract is created between at least two parties after there has been an offer, an acceptance, and some consideration (something of value even only $10).

To make things a little more complicated parties to Blockchain transactions can be anonymous.

As a result it is possible that court would have difficulty enforcing a Smart Contract if a court does not know what precisely was offered, accepted, and what consideration may been provided, nor be able to identify an anonymous party to the Smart Contract.

What do you think?

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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