What are the legal downsides of blockchain smart contracts? – Bitcoints

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Published on November 1st, 2017 | by bitcoin

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What are the legal downsides of blockchain smart contracts?

What are the legal downsides of blockchain smart contracts?Increasing improvements to blockchain technology — which allows for the transfer of ownership without the use of a centralized third party (such as a bank) — has resulted in the mass availability of blockchain “smart contracts.”
They could easily increase the efficiency of your business, as well as save money that previously went to third parties.
Smart contracts are becoming more popular in segments such as real estate, healthcare and securities, primarily due to these potential gains in efficiency and cost.
Offer/Acceptance: Is It Even a Binding Contract?Typically, contracts are binding and enforceable under the law if the required legal process is followed.
Including a dispute resolution clause requiring that the arbitrator have some blockchain experience may be a benefit to both sides.

Source: Bitcoinmagazine.com

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