Log in
Register
Search
Search titles only
By:
Search titles only
By:
Log in
Register
Search
Search titles only
By:
Search titles only
By:
More options
Toggle width
Share this page
Share this page
Share
Facebook
Twitter
Reddit
Pinterest
Tumblr
WhatsApp
Email
Share
Link
Menu
Install the app
Install
Law Firm Directory
Apply to Paul, Weiss
Forums
Law Firm Events
Law Firm Deadlines
TCLA TV
Members
Leaderboards
Premium Database
Premium Chat
Commercial Awareness
Future Trainee Advice
Forums
Aspiring Lawyers - Applications & General Advice
Applications Discussion
Watson Glaser and Case Study Resources
Smart Contracts - a 2 minute read
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="yanerlim" data-source="post: 3943" data-attributes="member: 446"><p>I have been reading up lately on smart contracts and found it interesting. So I would like to share a few things here on what I have learnt!</p><p></p><p><u>what are smart contracts?:</u></p><p> Smart contracts are a blockchain-based technology which executes and self-perform through coded instructions based on the information that is replicated and stored on a blockchain.</p><p></p><p><u>what is a blockchain?:</u></p><p>A blockchain is essentially a public ledger that allows the public to modify, contribute and store data records. It is highly secure because it is protected by powerful cryptography, and it is transparent and reliable because it is public and everyone can see each other's transaction on this digital ledger. It essentially cuts out the middleman of transactions, which renders this technology a MASSIVE DISRUPTOR in many industries.</p><p></p><p><u>3 main takeaway points on smart contracts:</u></p><p>1. It optimises the workload of a contract lawyer and made transactions transparent, convenient, reliable and cost/time effective. The opportunities it poses for clients, firms and lawyers are apparent.</p><p>2, Lawyers need to adapt its role when integrating this technology in their work. Issues such as having to recreate certain legal concepts (esp abstract ones like 'in good faith') to be compliant with code, and having to consider the multi-jurisdictional aspect of blockchain and take measures to resolve cross-border conflicts. This changes the priorities of contract lawyers and the complexity of the work they undertake. </p><p>3. This technology exists in an unregulated landscape, we can predict the rise of regulatory controls on blockchain and cryptocurrencies.</p><p></p><p>For more reading materials:</p><p><a href="https://hackernoon.com/even-the-best-smart-contracts-wont-put-lawyers-out-of-work-anytime-soon-a224736e0235" target="_blank">https://hackernoon.com/even-the-best-smart-contracts-wont-put-lawyers-out-of-work-anytime-soon-a224736e0235</a></p><p><a href="http://www.cms-lawnow.com/ealerts/2018/02/building-blocks-of-the-future" target="_blank">http://www.cms-lawnow.com/ealerts/2018/02/building-blocks-of-the-future</a></p><p></p><p>Feel free to add more to this summary (I wanted to keep it short and informative) and feel free to correct any information I have gotten wrong! Let's discuss more about this exciting new legal technology.</p></blockquote><p></p>
[QUOTE="yanerlim, post: 3943, member: 446"] I have been reading up lately on smart contracts and found it interesting. So I would like to share a few things here on what I have learnt! [U]what are smart contracts?:[/U] Smart contracts are a blockchain-based technology which executes and self-perform through coded instructions based on the information that is replicated and stored on a blockchain. [U]what is a blockchain?:[/U] A blockchain is essentially a public ledger that allows the public to modify, contribute and store data records. It is highly secure because it is protected by powerful cryptography, and it is transparent and reliable because it is public and everyone can see each other's transaction on this digital ledger. It essentially cuts out the middleman of transactions, which renders this technology a MASSIVE DISRUPTOR in many industries. [U]3 main takeaway points on smart contracts:[/U] 1. It optimises the workload of a contract lawyer and made transactions transparent, convenient, reliable and cost/time effective. The opportunities it poses for clients, firms and lawyers are apparent. 2, Lawyers need to adapt its role when integrating this technology in their work. Issues such as having to recreate certain legal concepts (esp abstract ones like 'in good faith') to be compliant with code, and having to consider the multi-jurisdictional aspect of blockchain and take measures to resolve cross-border conflicts. This changes the priorities of contract lawyers and the complexity of the work they undertake. 3. This technology exists in an unregulated landscape, we can predict the rise of regulatory controls on blockchain and cryptocurrencies. For more reading materials: [URL]https://hackernoon.com/even-the-best-smart-contracts-wont-put-lawyers-out-of-work-anytime-soon-a224736e0235[/URL] [URL]http://www.cms-lawnow.com/ealerts/2018/02/building-blocks-of-the-future[/URL] Feel free to add more to this summary (I wanted to keep it short and informative) and feel free to correct any information I have gotten wrong! Let's discuss more about this exciting new legal technology. [/QUOTE]
Insert quotes…
Verification
Our company is called, "The Corporate ___ Academy". What is the missing word here?
Post reply
Forums
Aspiring Lawyers - Applications & General Advice
Applications Discussion
Watson Glaser and Case Study Resources
Smart Contracts - a 2 minute read
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…