Journal
INTERNATIONAL JOURNAL OF LAW AND INFORMATION TECHNOLOGY
Volume 25, Issue 3, Pages 179-195Publisher
OXFORD UNIV PRESS
DOI: 10.1093/ijlit/eax003
Keywords
bitcoin; blockchain; smart contract; contract automation; decentralization
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The technology underpinning Bitcoin-the blockchain-is acknowledged to offer security, stability and efficiency to online transactions. After a brief introduction to Bitcoin system, I touch upon the most innovative implementation of blockchain technology: the so-called smart contracts, ie programmable computer protocols that are able to self-enforce the terms therein encoded upon certain triggering conditions. First, I sketch their core functioning and benefits for digital relationships. Secondly, I stress their structural constraints and the issues of regulability fully decentralized blockchains pose. The elements underlined highlight the reasons why the financial and banking sectors represent smart contracts most immediate testing ground.
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