The Promise – And Perils – Of ‘Smart’ Contracts
ValueWalk has posted an audio recording featuring Wharton’s Kevin Werbach and Nicolas Cornell discussing their research on smart contracts.
They recently spoke with Knowledge@Wharton about their paper on smart contracts, “Contracts Ex Machina,” which literally means ‘contracts from the machine’ — a nod to Greek tragedy’s deus ex machina plot device. The question they tackled was this: Could smart contracts one day replace contract law?
On its website, ValueWalk explains: “‘Smart’ contracts on the blockchain are generating a lot of interest because of their innovative nature and potential to substantially boost efficiency in many areas of law and business. But these contracts — digital agreements that automatically fulfill themselves — come with serious limitations as well.”
