2021: The Year of the Smart Contract – Can the Law Keep Up?
While recent headlines may be focused on the meteoric rise of Bitcoin, another disruptive technology derived from the famed cryptocurrency may have even more profound implications for the future: blockchain-based “
smart contracts.” A wide variety of companies are already experimenting with the ability of smart contracts to automatically transfer assets among parties over secure computer networks. With their promise to increase efficiencies and reduce costs by cutting out traditional intermediaries, such as escrow agents and banks, the future of smart contracts looks bright indeed. However, a question still remains of whether the law will be able to keep up with this innovation.
Author Bio
Began my career as a trader for NYC hedge fund Elliott Management. Worked for Bear, Stearns in London as a trader, then became an analyst at several hedge funds. Currently CFO for a mortgage bank. Also author a daily blog on real estate called The Daily Tearsheet www.thedailytearsheet.com Follow @TMFBrentNyitray
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