Smart Contracts Law

Abstract

Abstract This chapter examines the extent of smart contracts. A smart contract refers to software that enables contractual obligations to be executed automatically, without the need for human intervention and scope for human interference. As current-generation smart contracts generally use DLT platforms, parties can dispense with intermediaries in the process of agreeing and operating their smart contracts. However, smart contract code is no more immune from bugs than any other form of software, so it will not always work as intended. In November 2019, the UK Jurisdiction Taskforce of the Government’s LawTech Delivery Panel published the ‘Legal Statement on Cryptoassets and Smart Contracts’ to consider the status in English law of both cryptoassets and smart contracts