1/ Successful Internet companies can usually be characterized by the phases of a deal (economist’s “contract”) they improve the most
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8/ In total, trillions of $ of value have been created by using internet to improve the way people make and perform deals with each other.
9/ Smart contracts: intentionally apply tech to enable more kinds of deals between more far-flung & differently lawed & cultured people
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Will the legal community allow smart contracts on someone else's terms? https://www.thehutchreport.com/blog-post/2017/6/20/blockchain-smart-contracts-what-happens-if-they-are-not-honored …
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If a court has jurisdiction over the parties—at least in the US—a court will exercise authority and analyze the “deal.” /1
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What if the parties are individuals or small businesses in Guatemala dealing with same in Canada? Or in Albania with same in Zimbabwe?
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It becomes a jurisdiction question and a question of whether a party can enforce a judgement.
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For example, if there is a mistake in the agreement, the Canadian party could attempt to hail the Guatemalan party into Canadian court.
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You've just consumed many times the value of the deal in legal fees. With smart contracts a vast network of such deals will become possible.
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Agree and we’ll develop standardized code to account for a range of contingencies.
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Using native BIP65 from
@petertoddbtc with a 2-party trustless escrow layer would also eliminate any prejudice associated with nationalityThanks. Twitter will use this to make your timeline better. UndoUndo
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Or: smart contracts are modular code that commoditize the "host," whether blockchain or merchant. https://www.w3.org/2016/04/blockchain-workshop/interest/hazard-hardjono.html … 1/2
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And drive
#ProseObjects, which codify the law.#WiseContracts#RicardianContracts https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2925871 …@iang_fc -
Commoditizing the host makes the host small, responsive, perhaps someone you know. Ronald Coase. Also enables secure data practices.
#GDPR
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How would the idiosyncrasies of differently lawed/cultured people be represented on blockchain?
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