Powered by Lexis+®
Jurisdiction(s):
United Kingdom

Smart contracts and DLT: legal landscape, real‑world use cases, risks, and how generative AI might support automated expert determinations

Published on: 07 November 2024

Published by a LexisNexis TMT expert
Legal News
imgtext
Article summary

Amid the current spotlight on artificial intelligence—especially generative AI—smart contracts have slipped a little from view of late. Even so, they remain highly useful, and over time generative AI may work alongside them to further automate the contracting process even more, extending what can be handled without manual intervention.

What is a smart contract and why use one?

According to the Law Commission’s 2021 study, a ‘smart legal contract’ is a binding agreement where certain, or even all, obligations are expressed within, and/or executed automatically by, software. A commonly cited, easy-to-grasp illustration is the vending machine. When a person meets the conditions—choosing an item and paying—the machine fulfils the bargain by dispensing the selected treat. Smart contracts follow the same conditional logic: if X, then Y. In the vending example, X equals selection plus payment, and Y is the automated delivery of the chosen snack. This mirrors how such arrangements function broadly, where predefined inputs reliably trigger outcomes, providing certainty, speed and reduced scope for human error...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow