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Smart Contracts: Terminology, Technical Limitations And Real World Complexity, Eliza Mik
Smart Contracts: Terminology, Technical Limitations And Real World Complexity, Eliza Mik
Research Collection Yong Pung How School Of Law
If one is to believe the popular press and many “technical writings,” blockchains create not only a perfect transactional environment but also obviate the need for banks, lawyers and courts. The latter will soon be replaced by smart contracts: unbiased and infallible computer programs that form, perform and enforce agreements. Predictions of future revolutions must, however, be distinguished from the harsh reality of the commercial marketplace and the technical limitations of blockchains. The fact that a technological solution is innovative and elegant need not imply that it is commercially useful or legally viable. Apart from attempting a terminological “clean-up” surrounding …
Private Lawmaking In Commercial Cyberspace, Eliza Mik
Private Lawmaking In Commercial Cyberspace, Eliza Mik
Research Collection Yong Pung How School Of Law
No discussion of “Law and Technology” would be complete without at least one essay centred on the Internet. While the Internet no longer captures our imagination with the same force as it did 20 years ago, we cannot assume that it no longer creates (or perpetuates?) multiple legal problems. When we talk about the Internet we must, however, refrain from the popular “Internet metanarrative” that often leads to superficial arguments and unhelpful generalisations.1 We must always remain aware of the multiplicity of the Internet’s technical applications and the wide range of legal contexts in which the term gains significance. Discussing …