Is the smart contract a key innovation that will change the way we arbitrate agreements? Today on the show we have Jacob Enoch, a partner at M. Firon & Co., to talk to us about smart contracts and the implications for both lawyers and the compliance profession. We consider the following:
What is a smart contract?
What’s the difference between a smart See more +
Is the smart contract a key innovation that will change the way we arbitrate agreements? Today on the show we have Jacob Enoch, a partner at M. Firon & Co., to talk to us about smart contracts and the implications for both lawyers and the compliance profession. We consider the following:
What is a smart contract?
What’s the difference between a smart contract and blockchain?
Blockchain is a technology that may be used as a platform for smart contracts, and it’s known for its reliable control of cryptocurrency and attributes that contribute to the certainty of automatic execution, which is at the heart of the smart contract concept. So a smart contract can be established with blockchain technology but, in theory, can run on a different platform.
Do you think smart contracts are going to change the practice of law?
Will lawyers need to learn to code going forward?
Which version of the smart contract should prevail? The human language version or the code version?
If this contract were between two parties who are not part of the outside world, will this arrangement lend itself to greater transparency and auditability?
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