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Tag: SmartContracts

Are Smart Contracts Smart Enough for the Insurance Industry?

Insight
In an article in the Pillsbury Policyholder Pulse blog, Kimberly Buffington and Cara Adams discuss the question: Will insurance policies become the laboratory to test the thesis behind smart contracts?

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Three Legal Pitfalls to Avoid in Blockchain Smart Contracts

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While the use of smart contracts is tempting, this silver bullet of efficiency and lower costs doesn’t come without potential problems, warns Gregg M. Jacobson of Chamberlain Hrdlicka.

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Why Lawyers Won’t Be Replaced By Smart Contracts

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The smart contract carries out what it is programmed to do, and that’s it. It doesn’t think independently, nor does it provide any reasoned analysis, writes Gary J. Ross.

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Three Ways to Indemnify Your Business (Or Your Client’s Business) From Smart Contract Risks

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The Steptoe Blockchain Blog, suggest three tools to address smart contract risks, including cybersecurity insurance policies, indemnification agreements, and “make whole” agreements.

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My Smart Contract Just Ate $14 Million – Now What?

My Smart Contract Just Ate $14 Million – Now What?

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A digital currency exchange reported recently that a malfunction in a smart contract is responsible for a $14 million dollar loss of the cryptocurrency ether, reports Jared Butcher in the Steptoe Blockchain Blog.

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Legal Developments Encourage the Use of Smart Contracts in the United States

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An alert from Pillsbury Winthrop Shaw Pittman takes a look at some new laws in the United States that provide a clear indication that smart contracts will be impactful.

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Legal Aspects of Smart Contract Applications

Legal Aspects of Smart Contract Applications

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Perkins Coie has published a white paper that offers an initial analysis of the legal aspects of five prominent smart contract use cases.

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Best Practices for Limiting Liability Arising from Smart Contract Vulnerabilities

Best Practices for Limiting Liability Arising from Smart Contract Vulnerabilities

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Jared Butcher, writing in the Steptoe Blockchain Blog, offers six best practices to consider when implementing a smart contract.

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Who Should Be Smart About Smart Contracts?

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Smart contracts are digitally signed promises, which are executed automatically by software code built on blockchain technology. But what are the features of smart contracts that make them more suitable to some sectors than others?

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Norton Rose Fulbright Addresses Legal Implications of Smart Contracts

Norton Rose Fulbright Addresses Legal Implications of Smart Contracts

News
Blockchain consortium R3 has contracted global law firm Norton Rose Fulbright to determine the contractual effect and enforceability of smart contracts, reports Finextra.

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Fed Bank of Atlanta on Smart Contracts: They Will Change Legal Practices

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The Cointelegraph reports that Larry Wall, in his paper titled “Smart Contracts in a Complex World,” explored the inefficiency of paper contracts in legal proceedings, which is primarily caused by ambiguity in the language of the law.

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Not-So-Clever Contracts

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Smart contracts mean a different order of automation: economic transactions are put on auto-pilot, writes The Economist.

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Smart Contracts: A Tool for Bank Lawyers, Not a Replacement

Smart Contracts: A Tool for Bank Lawyers, Not a Replacement

Article
Banks’ interest in smart contracts could lead them to beef up their legal departments in the near term, as the financial industry and regulators alike continue to wrestle with the implications of blockchain technology, writes Brian Patrick Eha of American Banker.

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Why Smart Contracts Need Shrewder People

Article
The implementation of the contract requires no direct human involvement after the smart contract has been made a part of the distributed ledger, which makes these contracts “smart,” or autonomous.

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Lex Disturbia: The Impact of Smart Contracts on the Law

Article
Even though they are still largely theoretical, smart contracts are being hailed as a force that will disrupt a number of industries, write Mark Hines and Niklas Holmberg of Gowling WLG in a post on Lexology.com.

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Smart Contracts May Create Significant Innovative Disruption

Article
Smart contracts today may be similar to e-commerce in the 1990s – poised for widespread adoption and explosive growth even though it may still be a few years off, writes Oliver Herzfeld, chief legal officer of Beanstalk.

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‘Smart Contracts’ Are the Future of Blockchain

‘Smart Contracts’ Are the Future of Blockchain

Article
“Smart contract” essentially means “programmable money” or self-automated computer programs that can carry out the terms of any contract.

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