Who Should Be Smart About Smart Contracts?
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?
In an article written by David E. Brennan, Jocelyn S. Paulley and Penny Ann Sanders, the English firm of Gowling WLG offers some some points to keep in mind when answering that question.
The authors write that it seems that contracts based on words cannot be totally dislodged and replaced by software code. “However, it is still important to understand blockchain technology, how smart contracts can take advantage of that technology and who can verify that the terms translated into software are the same as those written in roman characters.”
They cover the subject with headings such as smart opportunities, financial services, digital content, supply chain and trade finance, provenance, land transactions, government, machine-to-machine transactions, and challenges to going smart.
