Preceding Bitcoin and blockchain technology, the idea that computer codes could monitor, execute and enforce legal agreements was theorised in the ‘90s by a rare species of lawyer able to understand computer science. Thirty years later, and although this technology is still considered by certain lawyers as sorcery, these modern forms of legal instruments have materialised, developed and prospered in the digital era. Coremont Legal Counsel, Gabriel Mezhrahid, explores the rise of smart contracts in this article from Coremont. From what smart contracts are, through their history and importance, to legal considerations; this insight piece covers everything you should know When Code Becomes Law.
When Code Becomes Law: Decentralised Finance and the rise of smart contracts in commerce