Is a ‘smart contract’ really a smart idea? Insights from a legal perspective

Giancaspro, Mark

doi:10.1016/j.clsr.2017.05.007

Cited by 240 publications

(115 citation statements)

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“…Smart contracts shift the need for traditional legal third parties to network consensus. Automatic execution of trigger points and digital records of regulations and business logic can increase efficiency and reduce transaction costs [29]. Smart contracts can also be utilized for supply chain process management and even process reengineering.…”

Section: Blockchain Technologymentioning

confidence: 99%

At the Nexus of Blockchain Technology, the Circular Economy, and Product Deletion

2019

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The circular economy (CE) is an emergent concept to rethink and redesign how our economy works. The concept recognizes effective and efficient economic functioning at multiple scales—governments and individuals, globally and locally; for businesses, large and small. CE represents a systemic shift that builds long-term resilience at multiple levels (macro, meso and micro); generating new business and economic opportunities while providing environmental and societal benefits. Blockchain, an emergent and critical technology, is introduced to the circular economy environment as a potential enabler for many circular economic principles. Blockchain technology supported information systems can improve circular economy performance at multiple levels. Product deletion, a neglected but critical effort in product management and product portfolio management, is utilized as an illustrative business scenario as to blockchain’s application in a circular economy research context. Product deletion, unlike product proliferation, has received minimal attention from both academics and practitioners. Product deletion decisions need to be evaluated and analyzed in the circular economy context. CE helps address risk aversion issues in product deletions such as inventory, waste and information management. This paper is the first to conceptualize the relationships amongst blockchain technology, product deletion and the circular economy. Many nuances of relationships are introduced in this study. Future evaluation and critical reflections are also presented with a need for a rigorous and robust research agenda to evaluate the multiple and complex relationships and interplay amongst technology, policy, commerce and the natural environment.

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Section: Blockchain Technologymentioning

confidence: 99%

At the Nexus of Blockchain Technology, the Circular Economy, and Product Deletion

2019

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“…By having such information on the blockchain, customers would be able to trace the goods back to the first node in the chain of transport, providing insight to the chosen transport route and the carrier choice. More importantly, smart contracts can provide a relative advantage as an adoption might eliminate or at least substantially reduce transaction costs through the recording and auditing functions of the blockchain, as well as the possibility to execute payments automatically [28][29][30].…”

Section: Relative Advantagementioning

confidence: 99%

Blockchain for and in Logistics: What to Adopt and Where to Start

et al. 2018

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Abstract:Despite the claim that blockchain will revolutionise business and redefine logistics, existing research so far is limited concerning frameworks that categorise blockchain application potentials and their implications. In particular, academic literature in transport and logistics to date has not sufficiently distinguished between blockchain adoption ('what to adopt') and the identification of the right business opportunity ('where to start'). In response, this paper (1) uses Rogers' (2003) 'attributes of innovation framework' to identify potential blockchain applications and (2) presents a framework explicating four transformation phases to subsequently categorise the identified areas of application according to their effects on organisational structures and processes. Using academic and practitioner literature, we classify possible applications for adoption and provide a framework to identify blockchain opportunities in the logistics industry, thereby helping managers to systematically assess where to start building organisational capabilities in order to successfully adopt and deploy blockchain-based technology.

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“…161 One of the blockchain applications believed to meet these requirements, and moreover, have the potential to disrupt the way in which individuals conclude transactions with one another, is smart contracts, namely 'transaction protocols which autonomously execute the terms of a contract'. 162 This notion was proposed by American computer scientist Nick Szabo in early 1994, and was conceptualized in seminal 1997 paper. 163 With the advent of more complex cryptographic technologies, decades later smart contracts became not only possible but also scalable on platforms such as Ethereum, a blockchain-based virtual machine and cloud 2.0 platform which allows for the conclusion of complex smart contracts.…”

Section: Selected Legal Issues Reflecting the Impact Of Blockchainmentioning

confidence: 99%

How Technology Disrupts Private Law: An Exploratory Study of California and Switzerland as Innovative Jurisdictions

Goanta

2018

SSRN Journal

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Is a ‘smart contract’ really a smart idea? Insights from a legal perspective

Cited by 240 publications

References 0 publications

At the Nexus of Blockchain Technology, the Circular Economy, and Product Deletion

At the Nexus of Blockchain Technology, the Circular Economy, and Product Deletion

Blockchain for and in Logistics: What to Adopt and Where to Start

How Technology Disrupts Private Law: An Exploratory Study of California and Switzerland as Innovative Jurisdictions

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