Distributed Ledgers, Cryptography, and Smart Contracts

Abstract

The advent of distributed ledger technology has challenged the legal community to learn how technology will change law, finance, and commerce in coming years. Blockchain technology, a method for storing data in cryptographically secure distributed ledgers, has spread all over the world and into nearly every vertical as global commerce searches for secure tools that support ecosystem-wide growth. The World Economic Forum estimates that by 2026, 10% of global commerce will be conducted on blockchain systems. 1 Blockchain technology promises to bring more legal relationships into the realm of data and code, so there is a clear need for legal minds to help guide this development.