Smart contracts are an emerging technology that could revolutionize commercial transactions by eliminating inefficiencies and uncertainty created by the current transactional ecosystem of lawyers, courts, regulators, banks, and other parties with divergent interests. However, a lack of consensus around how smart contracts are implemented, uncertainty regarding enforceability, and scarcity of on point statutes and case law means that a stable legal, commercial and technical smart contract landscape has yet to emerge. The implementation of universal legal, technical and commercial standards and best practices will reduce uncertainty and promote widespread adoption and use of smart contracts.
Scott A. McKinney, Rachel Landy & Rachel Wilka,
Smart Contracts, Blockchain, and the Next Frontier of Transactional Law,
13 Wash. J. L. Tech. & Arts
Available at: https://digitalcommons.law.uw.edu/wjlta/vol13/iss3/5