Smart Contracts are computer code programmed to execute transactions based on pre-defined conditions. These can be simple, automated bill pay arrangements, for example.  They are particularly innovative, however, when used in conjunction with blockchain technology.  The Chamber of Digital Commerce promotes the use of smart contracts in conjunction with blockchain technology. 

Further, the Chamber believes that existing U.S. law, without further revision, supports the formation and enforceability of smart contracts under state law. The Electronic Signatures in Global and National Commerce Act (“ESIGN Act”) and the Uniform Electronic Transaction Act (“UETA”) provide sufficient legal basis for smart contracts executing terms of a legal contract. Additional state legislation, inconsistently drafted, will confuse the marketplace and potentially hinder innovation.

Resources

Hundreds Sign Joint Statement to Protect State Smart Contracts Innovation

Update
July 2, 2018

Protecting State Smart Contract Innovation, One Signature at a Time

Blog
July 1, 2018

Joint Statement in Response to State Smart Contracts Legislation

Chamber Position
April 2018

Smart Contracts Alliance

Chamber Initiative

Smart Contracts Legal Primer

Policy Primer

State by State Smart Contract Laws? If it ain’t Broke, Don’t Fix It

Op-Ed
February 26, 2018

Smart Contracts: 12 Use Cases for Business & Beyond

White Paper
December 6, 2016

Smart Contracts Symposium

Event
December 5, 2016

Chamber of Digital Commerce to Host World’s First Smarts Contracts Symposium

Press Release
October 24, 2016

Chamber of Digital Commerce Launches Smart Contracts Alliance

Press Release
July 28, 2016
 

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