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Smart Contracts

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An expert legal statement was published by the UK Jurisdiction Taskforce (UKJT, a taskforce of the UK’s Lawtech Delivery Panel) on recognising cryptoassets as property and smart contracts as enforceable agreements under English law. The two key takeaways: In principle, cryptoassets are to be treated as property under English law.A smart contract is capable of having contractual force. For more details, read the full article on Baker McKenzie’s dedicated blockchain blog.

The hype around blockchain and smart contracts is like nothing we have seen, possibly since the Internet. For a disputes lawyer, the technology raises twists on some historical issues such as personal jurisdiction and choice of law. Another issue — does the code that makes up smart contracts satisfy the statute of frauds?But smart contracts will also raise issues that courts have not had to deal with in connection with more traditional contracts. For example,…