Legal Aspects of Smart Contract Applications

In 2009 the Bitcoin blockchain emerged as a form of a smart contract and has since evolved. From both a technological and legal perspective, smart contracts will continue to evolve and disrupt in digital asset sales and capital markets, supply chain management, smart government records and smart cities, real estate land registries, and self-sovereign identity systems. Although legal risk remains inherent in any technology platform, companies who engage in careful planning—including taking practical steps when launching a product or service that uses smart contracts–can and will effectively mitigate these legal risks.