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Technology

The Legal Implications of Smart Contracts on Traditional Contract Law

Quick fact

In 2021, the first U.S. state, Arizona, passed a law explicitly recognizing smart contracts as valid electronic records and signatures under their version of the Uniform Electronic Transactions Act, but this only addresses a narrow aspect of contract law—many broader questions remain unresolved.

Why this is interesting

You’ve probably heard of smart contracts—self-executing agreements on the blockchain. But what happens when a contract enforces itself without a judge, and something goes wrong?