How Close Are Smart Contracts to Impacting Real-World Law?

Over the last year, the concept of a “smart contract” has received renewed attention in legal and business circles.

Advancements in blockchain technology have led some to believe that smart contracts could soon offer alternatives to traditional commercial and financial agreements, with dire results for the legal and financial sectors.

While this enthusiasm may be premature, the legal profession nonetheless remains mostly unaware of this important emerging technology and the long-term implications for their profession.In this context, “smart contract” refers specifically to the use of computer code to articulate, verify and execute an agreement between parties. Whereas a typical contract is drafted using natural language, the terms of smart contracts are expressed in code, similar to a programming language like javascript or HTML.

Source: CoinDesk

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