Smart contract: Difference between revisions

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	{{A\|~~negotiation~~\|}}Smart contracts cleave to [[Lawrence Lessig]]’s coinage [[Code is Law]] — you code legal rights into the electronic operating parameters between the parties: they physically constrain what you do to each other, rather than being abstract metaphysical considerations that float above your messy interactions which may or may not reflect those abstract terms.		{{A\|technology\|}}Smart contracts cleave to [[Lawrence Lessig]]’s coinage [[Code is Law]] — you code legal rights into the electronic operating parameters between the parties: they physically constrain what you do to each other, rather than being abstract metaphysical considerations that float above your messy interactions which may or may not reflect those abstract terms.

	Notwithstanding breathless [[distributed ledger technology]] chat to the contrary, we’ve had [[smart contract\|smart contracts]] for a while: wherever counterparties interact electronically (as in collateral posting arrangements under a [[CSA]] for example: it is the algorithms and thresholds set in the technology, rather than the abstract ones set out in paper, which govern what, when and how much collateral the parties exchange: it is hardly a big leap to ditch the need for abstract textual reflections of operatring parameters in separately executed "legal terms".		Notwithstanding breathless [[distributed ledger technology]] chat to the contrary, we’ve had [[smart contract\|smart contracts]] for a while: wherever counterparties interact electronically (as in collateral posting arrangements under a [[CSA]] for example: it is the algorithms and thresholds set in the technology, rather than the abstract ones set out in paper, which govern what, when and how much collateral the parties exchange: it is hardly a big leap to ditch the need for abstract textual reflections of operatring parameters in separately executed "legal terms".