Blockchain, Smart Contracts and the Law

The University of Auckland Business School Research Paper Series, Forthcoming

New Zealand Law Journal, (2), 72-74. Retrieved from https://advance.lexis.com/api/document/collection/analytical-materials-nz/id/5YCT-5G51-FFMK-M38C-00000-00?cite=Blockchain,%20smart%20contracts%20and%20the%20law%20%5B2020%5D%20NZLJ%2072&context=1230042&federationidp=TZRTHJ54655, 2020

Posted: 19 Jan 2022

See all articles by Alexandra Sims

Alexandra Sims

University of Auckland Business School

Date Written: 2020

Abstract

Almost everyone has heard about the cryptocurrency Bitcoin. Blockchain, or distributed ledger technology (DLT), is the technology underlying Bitcoin and many other cryptocurrencies. Blockchain, however, is certainly not limited to cryptocurrencies. People will increasingly hear about blockchain’s use in a range of different sectors and industries, including supply chains, healthcare, energy and law. No one should be surprised about blockchain’s wide application: it is a general purpose technology. Smart contracts, which can be run on many different blockchains, are a logical step from electronic data interchange (EDI), which has been in use from the 1970s. While EDI has had some success in reducing some transaction costs, smart contracts are significantly more powerful. For example, as this article outlines, smart contracts can prevent people from breaching the law and breaching contracts, which has profound consequences.

Suggested Citation

Sims, Alexandra, Blockchain, Smart Contracts and the Law (2020). The University of Auckland Business School Research Paper Series, Forthcoming, New Zealand Law Journal, (2), 72-74. Retrieved from https://advance.lexis.com/api/document/collection/analytical-materials-nz/id/5YCT-5G51-FFMK-M38C-00000-00?cite=Blockchain,%20smart%20contracts%20and%20the%20law%20%5B2020%5D%20NZLJ%2072&context=1230042&federationidp=TZRTHJ54655, 2020, Available at SSRN: https://ssrn.com/abstract=4010254

Alexandra Sims (Contact Author)

University of Auckland Business School ( email )

12 Grafton Rd
Private Bag 92019
Auckland, 1010
New Zealand

HOME PAGE: http://www.business.auckland.ac.nz/people/asim033

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