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Smart Contracts and Web 3.0: The Evolution of Law? (3 May 2017) (United States)

www.scl.org

Think about the last time you lent money to a friend. You probably did it because you trust them.

Now when was the last time you invested in an Argentinian winemaker? An Indian start-up? What about the Filipino engineer who needs to patent his idea? These might all be great investments, but most people aren't involved because they don't know or trust the participants and the costs of enforcing on a bad deal are disproportionate.

What if this could change? It can change and it is changing. The last three years have seen a rapidly emerging technology that creates a secure trustless world network running "smart contracts". What does that mean? Put it this way: while Uber made everyone a taxi driver, eBay made everyone an auctioneer, and AirBnb made everyone a hotelier … blockchain technology lets anyone build a legal system.

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