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Smart Contracts

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by

Chris J

on 28 April 2016

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Transcript of Smart Contracts

Group Discussion
Blockchain and Smart Contracts
CONTRACTS
SMART CONTRACTS:
A CUNNING PLAN?


between two or more legal persons
interpreted according to applicable law
enforced according to applicable jurisdiction


Consideration
Identification of the parties (Harriet's example!)
Intention to create legal relations
Certainty of terms
Explicit vs implied terms
Illegal terms
Execution formalities


A piece of software
Performing logic based on inputs and outputs
According to its programming


Are all "Smart Contracts" ledger based?
Do "Smart Contracts" merely automate the ledger?
SMART CONTRACTS
Financial services
& the blockchain?
Capital Markets
FX Settlement
Cross Border Payments
Trade Finance
Loan Settlement
OTC Derivatives Clearing
Securities Issuance
Collateral Management
Prime Broking Credit
Indices
Consumer Banking
Credit Scoring
Cross Border Remittance
Escrow
Insurance
Mortgages
P2P Lending
Digital Wallet / Micropayments
Inspired with thanks by a list from R3CEV
Bank Processes
Intra-bank settlement
Onboarding
KYC as a (Shared) Service
Reporting / Audit
Post trade services
Use Cases
Contract Law
Create legal relations?
Between whom?
Have they accepted?
On what terms?
Under what law?
Subject to what jurisdiction?
Execution formalities?
Regulation
But doesn't the blockchain
SOLVE
those issues?
transparent
automatic
trustworthy
value-store
IMPACT OF REGULATION
but... a cunning plan?
KYC
AML
Restricted Lists
Sanctions
[Dual use export control?]
MTF: a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract.
WHO NEEDS TO BE REGULATED?
(p6)
http://www.fca.org.uk/your-fca/documents/guidance-consultations/gc14-09
WHO CAN PARTICIPATE?
BENEFITS?
transparency
oversight
certainty
compliance
Final thoughts
ART OF THE POSSIBLE
MTFs trading complex smart contracts
Oracles as inputs
Service providers - "delivery up?"
DAOs
A new concept for corporate lawyers?
Smart Judges / Smart Courts?
https://blog.ethereum.org/2016/02/17/smart-contracts-courts-not-smart-judges/
Wait! That's any software!

Blockchain Masterclass 28 April 2016
Chris James
mail@chrisjames.me.uk

BUT HOW?
Smart Contracts!
Single purpose tools? (e.g. Bitcoin?)

OR
on the blockchain
https://github.com/blockapps/bloc
Can "Smart Contracts" enforce terms?
What else can they do?
Full transcript