This article presents a number of open questions for a forthcoming Special Issue of the Journal of Law, Information and Science. It asks how smart contracts might move from technologically feasible aspiration to legal and commercial reality.
It suggests that a firm legal foundation is needed for both cryptoassets and smart contracts, before regulation is considered. Uses for end-to-end smart contracts without cryptoassets should also be considered. A streamlined builtin dispute resolution system would give investors and mainstream markets the confidence needed to allow the use of smart contracts to grow. Lawyers need to make a persuasive case so that they and coders can come together to develop the potential that smart contracts offer to the economies and financial communities of the future.
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© 2012 Journal of Law, Information & Science and Faculty of Law, University of Tasmania.