Olga Mack for TEDx Talks, posted 06/11/2018
Mack discusses her path to the legal field and how she believes smart contracts can make a positive impact on the world. She explains the technology behind smart contracts and blockchain in a clear and succinct way that makes an excellent entry point to the world of smart contracts. Mack also lists some of the less well-known functions of smart contracts and how these systems are being used to contribute to society.
Blockchain – The technology behind smart contracts. Blockchain is an immutable distributed ledger.
- Immutable (difficult to change)
- Distributed (network of computers making decisions)
- Ledger (table of information)
This technology functions because of cryptology. By combining blockchain and a technology platform (such as Etherium), decentralised applications (dApps) can be built. A dApp is an application that runs on, and uses the resources of, a decentralised network. Smart contracts sit at the core of DApps.
Smart Contracts are secure pieces of code that codify business logic to aid 3 functions:
- Store rules
- Verify rules
- Self-execute rules
Smart contracts are making work more efficient and accessible in the world of law and business; however, they are much further reaching applications of smart contracts:
- Smart contracts are exceptional at storing data – useful for carrying out accurate and wide-reaching censuses so politicians and governments can better distribute resources.
- Smart contracts are excellent at facilitating trust – could facilitate the renting of small plots of land by connecting landowners, farmers and consumers
- Smart contracts can function as software libraries – useful in cases of organ donation where a donor for patient A is not a biological match for patient A but is a biological match for patient B and a donor for patient B is not a biological match for patient B but is a biological match for patient A, the donors can swap. This system is effective but extremely geologically limited, smart contracts could help to match donations, real time, across geographies.
- Smart contracts can authenticate – Supporting refugees to attain vital government benefits without the need for ID allowing for refugees to both survive and gain credit.
- Smart contracts can help to channel and combine creativity to accommodate collaboration between large groups to facilitate large scale problem solving.
Any mistakes, innaccuracies or misrepresentations are entirely my own error for which I take sole responsibility and will rectify upon becoming aware of the situation.
Rachel Lawson – I am a 2nd year Scots Law student at the University of Dundee, the 2019 recipient of the Harold How memorial award (for most meritorious first year law student) and have an avid interest in how the legal field will develop in the coming years and technology’s impact on this.
Law, Technology and Innovation 