Smart contracts are automatically executed computer code that complete a transaction between two parties. They are essential to distributed blockchains and other distributed ledger technologies. I believe the proper use of smart contracts is indispensable to Web 3.0 working correctly.
While appreciating the importance of smart contracts, many unanswered legal questions surround their use. For example:
Are smart contracts legally enforceable in the United States?
How do The Uniform Commercial Code and Statute of Frauds work with smart contracts?
Is the Electronic Signatures in Global National Commerce Act (“E-SIGN Act”) applicable to smart contacts?