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Digital Business Lawyer

Smart contracts: a key enabler for corporate digitalisation

Smart contracts - computer protocols allowing the automated processing of legal terms - have the potential to significantly alter the commercial, legal and regulatory landscape. The advent of the blockchain has been hailed as providing the tamper-proof environment necessary for smart contracts to really take off, allowing for the use of smart contracts to facilitate complex commercial arrangements involving multiple parties. However, there are of course challenges involved. Bernadette Jew and Peter Reeves of Gilbert + Tobin, and George Samman of Sammantics consultancy, analyse the opportunities smart contracts could bring, the challenges that need to be addressed, and how smart contracts could enable corporate digitisation.

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