Originally published at Machine Lawyering with Aaron M Lane and Marta Poblet.
Blockchain-enabled smart contracts can change how we exchange value over the internet. We now have the technology to code agreements into blockchain protocols, enabling those agreements to self-execute when particular conditions are met. This execution happens without relying on centralized intermediaries—such as banks or governments—but rather through decentralized blockchain networks.
Today, entrepreneurs are experimenting with smart contracts on blockchains, aiming to disrupt an enormous array of industries including property registries, prediction markets, voting and supply chains. These frontier contracting technologies are now widely considered to shift the way that we arrange our economic, social and political activities.