In November at the Blockchain in Insurance Summit in Philadelphia, a senior partner of DLA Piper Mark Radcliffe talked about some of blockchain’s many legal issues, particularly those surrounding smart contracts.
“If you read industry publications there’s a lot of what I would call technical utopianism, which frequently results in wishful thinking about the legal issues,” said Radcliffe. “In particular there are people who believe that smart contracts are going to replace lawyers. What I say to both lawyers and non-legal audiences is: ‘No it’s not going to replace lawyers, it is the lawyers’ Full Employment Act for a decade because of the new issues raised.'”
Human error
At issue is determining who is liable when smart contracts go wrong.
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