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Transcript of Smart Contracts
Blockchain and Smart Contracts
A CUNNING PLAN?
between two or more legal persons
interpreted according to applicable law
enforced according to applicable jurisdiction
Identification of the parties (Harriet's example!)
Intention to create legal relations
Certainty of terms
Explicit vs implied terms
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?
& the blockchain?
Cross Border Payments
OTC Derivatives Clearing
Prime Broking Credit
Cross Border Remittance
Digital Wallet / Micropayments
Inspired with thanks by a list from R3CEV
KYC as a (Shared) Service
Reporting / Audit
Post trade services
Create legal relations?
Have they accepted?
On what terms?
Under what law?
Subject to what jurisdiction?
But doesn't the blockchain
IMPACT OF REGULATION
but... a cunning plan?
[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?
WHO CAN PARTICIPATE?
ART OF THE POSSIBLE
MTFs trading complex smart contracts
Oracles as inputs
Service providers - "delivery up?"
A new concept for corporate lawyers?
Smart Judges / Smart Courts?
Wait! That's any software!
Blockchain Masterclass 28 April 2016
Single purpose tools? (e.g. Bitcoin?)
on the blockchain
Can "Smart Contracts" enforce terms?
What else can they do?