Shogo Ochiai
Mar 7 · Last update 3 mo. ago.
Blockchain, smart contracts and the law.
Blockchain can be run anoymously. Especially the chain with expressive smart contract would achieve much more complex behaviors. What if in the future, smart contracts violates some countries law, and governments cannot afford to ignore the smart contract? As per Cypherpunk Manifest at 1988 by Tim May (R.I.P.), P2P technology will eat this world and there's no way to mitigate it for us. Is the smart contract for avoiding liability good thing? Is there any way to deal with smart contract via current legal system? Gimme your opinion.
Stats of Viewpoints
Legal systems will become increasingly obsolete
0 agrees
0 disagrees
Anonymity needs clearer guidelines online especially in contracts
0 agrees
0 disagrees
Blockchain will reward the adventurous
0 agrees
0 disagrees
Smart contracts and law need to be synchronised
0 agrees
0 disagrees
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Legal systems will become increasingly obsolete

The future is currently looking bleak for policing the online world, and we are currently looking toward a future that will be about hackers versus security companies rather than cops versus robbers. Laws won’t matter the more intelligent, organised and decentralised the dark web and illegal activities become. Moving forward, hackers and security companies will be moving faster and progressing at a speed far beyond what any current legal system can function at, legal systems will need rethinking or risk being unable to deal with an increasingly lawless future where the internet allows individuals to route around issues of liability and/or privacy.

metro.co.uk/2019/05/21/the-dark-web-is-becoming-an-amazon-for-crime-for-millions-9282982

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Anonymity needs clearer guidelines online especially in contracts

Moving forward measures need to be put into place to deal with the negative sides of anonymity and avoiding liability online. Some operations need to be anonymous (banking, automated vehicles, etc) but it is increasingly clear from social media, the inciting of hate, violence, or terrorism online and cyber-bullying that anonymity and avoiding liability online can have overtly negative effects. Likewise avoiding liability for in a smart contract that should be binding will have negative outcomes and needs to be avoided. Just as with current legal contracts, smart contracts can be susceptible to vulnerabilities, measures can be put in place to alleviate some of these issues, however anonymity surrounding smart contracts may require further contractual stipulations such as consequential damage contracts or clauses.

steptoeblockchainblog.com/2017/04/best-practices-for-limiting-liability-arising-from-smart-contract-vulnerabilities

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Blockchain will reward the adventurous

Any government that attempts to slow down the implementation of innovative technology will ultimately by left behind. Blockchain solutions may revolutionise most bureaucratic systems, making things quicker, cheaper and more efficient, the countries that repress or slow the advantageous innovations will simply fall behind. Others that embrace change will reap the benefits as solutions such as smart contracts becomes increasingly ubiquitous, and increased efficiency leads to economic reward. Countries may need to collectively discuss changes to law to deal with the legal disruptions peer to peer technology could lead to, and countries may even need to pass online encryption constitutions collectively, opting in to avoid legal grey areas or loopholes being exploited.

coincentral.com/blockchain-and-law

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Smart contracts and law need to be synchronised

Most state’s laws function to protect people in the state or the state itself, allowing individuals to avoid liability in this respect is a damaging prospect for the security of a society. The blockchain advocacy group Chamber of Digital Commerce, have published a white paper that attempts to establish what constitutes a legally binding smart contract and how they can operate in legitimate way within a legal system. There is a great need for a thorough investigation regarding how smart contracts can be used within a state’s legal framework, but as this technology moves forward there will similarly be a need for progression in lawmaking. digitalchamber.org/smart-contracts-paper-press

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