How might smart contracts fit into your 2018 compliance program?

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‘Smart contracts’ have not yet taken off as a common commercial tool in Australia. In light of this, consideration of the legal, compliance and regulatory implications of smart contracts involves a lot of guesswork. However, with the proliferation of digital currencies, and blockchain technologies, you may soon be asked to use this technology or may wish to trial such a product yourself. In today’s piece, we look at smart contracts definitions, their legal status, and reflect on some recent regulatory changes that might affect your use of smart contracts. Photo by Matt Barrett on Unsplash By Dr Drew Donnelly, Compliance Quarter Smart contracts and vending machines Smart contracts are not (thus far) creatures of regulation or law, and thus do not admit of a universal definition. In recent times, the term has been…
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