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Presentation on theme: "Smart Contracts Presentation to"— Presentation transcript:

Slide1

Smart

Contracts

Presentation to

ACC

18

th

October 2016

Sean Murphy

Slide2

2

What

is a

blockchain

?

How do

b

lockchains

operate?

What are the

benefits of

blockchains

?

What are

smart

contracts?

How do

smart

contracts

work?

Slide3

3

Third

parties

Party A’s

lawyersParty B’s lawyersParty AParty B

Party A’s bankParty B’s bankLand registryShared ledgerWhat is a blockchain?

Slide4

A blockchain is a digital, distributed transaction ledger, with identical copies maintained on multiple computer systems controlled by different entities.

David Schatsky and Craig Muraskin,

Beyond Bitcoin: Blockchain is Coming to Disrupt your Industry

, Deloitte University Press, 2015

Slide5

What makes up a blockchain?

What makes up a

blockchain

?

Digital

CryptographyLedgerPlatform:wwwDistributed:sharedConsensusnot alwaysusedConsensusConsensusequals> 50%

Component

elements

Slide6

What are the performance characteristics?

Time

stamped

Immutable

No single point of failure

Irrevocable

Programmable

Transparency

Slide7

What is a permissioned blockchain?

Permissionless, Public, Shared Systems

(eg Bitcoin)

Permissioned, Public, Shared Systems

Permissioned, Private, Shared Systems

Today’s Typical SystemsCentralised LedgersDistributed Ledger Technology Covers a Broad Set of UsagesDifferent ledger technologies vary in their ‘degrees of centralisation’ UK Government Chief Scientific Adviser, Government Office for Science, Distributed Ledger Technology: Beyond Blockchain, 2016100% Decentralised100% Centralised

Slide8

What is a

smart contract

?

I hear more and more people

talking about ‘smart contracts’ these days. But when you push them to define the term, the concept often dissolves in their hands.Richard Gendal Brown, A Simple Model for Smart Contracts, Gendal.me, 10 February 2015

A smart contract is a set of promises, specified in digital form, including protocols within which the parties perform on these promises.Nick Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996

Slide9

How does a smart

c

ontract work?

(reprinted here from Richard Gendal Brown,

A Simple Model for Smart Contracts, www.gendal.me, 10 February 2015)Replicated, shared ledger - blockchain“Smart contract”ValueStateEventsSending information to the contractTransactionsSending value to the contract

EventsSending information to the contractTransactionsSending value to the contract

Slide10

A spectrum of possibilities?

Contract entirely in code

Contract in code with separate natural language version

“Split” natural language contract with encoded performance

Natural language contract with encoded payment mechanismAutomationEncoding Natural LanguageSmart contracts lie on a spectrum100% Code is Contract

Automated Performance

Slide11

Slide12

Disclaimer

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References to ‘Norton Rose Fulbright’, ‘the law firm’ and ‘legal practice’ are to one or more of the Norton Rose Fulbright members or to one of their respective affiliates (together ‘Norton Rose Fulbright entity/entities’). No individual who is a member, partner, shareholder, director, employee or consultant of, in or to any Norton Rose Fulbright entity (whether or not such individual is described as a ‘partner’) accepts or assumes responsibility, or has any liability, to any person in respect of this communication. Any reference to a partner or director is to a member, employee or consultant with equivalent standing and qualifications of the relevant Norton Rose Fulbright entity.

The purpose of this communication is to provide general information of a legal nature. It does not contain a full analysis of the law nor does it constitute an opinion of any Norton Rose Fulbright entity on the points of law discussed. You must take specific legal advice on any particular matter which concerns you. If you require any advice or further information, please speak to your usual contact at Norton Rose Fulbright.

12

Slide13