What are the legal challenges and opportunities associated with developing and deploying smart contracts that leverage emerging technologies?
Dear Artem,
One essential aspect of smart contract is the lack of regulatory framework surrounding smart contracts. Traditional contract law may not absolutely observe these digital agreements, mainly due to uncertainty and capability disputes. Additionally, problems related to jurisdiction and enforceability rise up while parties come from different countries with different jurisdictional laws.
Another challenge is the capability for coding errors or vulnerabilities in smart contracts. If not properly audited or examined, these flaws can cause unintentional outcomes or safety breaches. This increases questions on liability and obligation while matters move in the wrong direction for contracting partners.
However, there are also possibilities related to developing and deploying smart contracts. For instance, they are able to streamline complicated transactions with the aid of automating techniques and lowering costs related to intermediaries. Smart contracts also provide transparency as all events have admission to equal facts at the blockchain.
Furthermore, rising technology like AI can be included into smart contracts to enhance their effectiveness. AI algorithms can examine huge amounts of statistics in real-time, permitting extra correct selection-making in the agreement execution manner.
Dear George Benneh Mensah ,
Thank you for answering the research question. It all makes sense that you mentioned challenges with the lack of regulatory framework, problems with jurisdiction and enforceability, codding errors, and security issues while also with opportunities to streamline complicated transactions, lower costs, transparency, and application of AI. Thanks for your contribution to the research.
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