Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Kit Burden, partner and global co-head of technology sector at DLA Piper, explores the impact of smart contracts for legal professionals in the future and discusses what precautions can be put in place to protect against things that may go wrong.
From one perspective, smart contracts are not ‘new’ in the sense that straight-through processing of transactions (ie automated triggers of activity) has been around for a long time, and particularly in the financial services and logistics
sectors. However, what is new is the introduction of distributed ledger/blockchain technologies, such that the scope and sophistication of such systems and processes can potentially be significantly expanded.
Perhaps most significantly, therefore, the smart contracts of the future (or at least the immediate future) will likely be created by programmers and designers, rather than lawyers. They will be the people who will be thinking ‘what do I need to
achieve?’ and then ‘what needs to happen for us to get there?’, but potentially in quite simplistic terms, ie without necessarily asking what would happen if things did not go as smoothly as might be ideal.
For the larger and more commercially significant endeavours (including some of the key pilots for smart contracts and blockchain-based networks in the financial services sector) if the lawyers are not actually creating the new smart contracts, they are
at least heavily engaged in their formation.
the historical province of the lawyer, ie to ask the ‘what if…’ question, and then craft the contract terms to try to deal with it.
Depending on the nature of the smart contract in question, this will
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234