Smart contracts


Ethereum is a new rival blockchain and virtual currency to Bitcoin which allows for the programming of smart contracts, or computer code that facilitates or enforces a set of rules.
Commercial lawyers are watching the arrival of Ethereum closely given the potential for smart contracts in the future to affect their role in drafting and exchanging paper contracts. Smart contracts are currently being used to digitise business rules, but may soon move to codify legal agreements leading to less need for lawyers.

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