2016/08/02 by Christopher D. Clack, Clack, Christopher D., Vikram A. Bakshi +3 · 1 voice · 3 citations
Business, Management and Accounting · Computer Science · Social Sciences · #Blockchain Technology Applications and Security #Ethics and Social Impacts of AI #FinTech, Crowdfunding, Digital Finance #Law, AI, and Intellectual Property #cs.CY
paper · pdf · doi:10.48550/arxiv.1608.00771
openalex publication_date 2016/08/02 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
In this position paper, we consider some foundational topics regarding smart contracts (such as terminology, automation, enforceability, and semantics) and define a smart contract as an automatable and enforceable agreement. We explore a simple semantic framework for smart contracts, covering both operational and non-operational aspects, and describe templates and agreements for legally-enforceable smart contracts, based on legal documents. Building upon the Ricardian Contract, we identify operational parameters in the legal documents and use these to connect legal agreements to standardised code. We also explore the design landscape, including increasing sophistication of parameters, increasing use of common standardised code, and long-term research.