In recent decades, terms like "blockchain" and "smart contracts" have been cropping up everywhere in the media, on the internet and recently also in national and European legislative debates.
But how does blockchain actually work? How can one create a 'smart' contract based on software code on the blockchain? Why has this technology and the related practical applications become increasingly important in recent years? What exactly is its benefit and can these concepts (ultimately) replace 'simple' contracts as we know them today?
Lydian's Commercial & Litigation team explained - in a simple and understandable manner - the essence of blockchain and smart contracts, their relationship with simple written contracts and the practical uses of smart contracts both today and in the future.
The webinar focused on the following questions:
- How does blockchain work?
- What should we understand a smart contract (on blockchain) to mean?
- Does such a smart contract meet the requirements for a binding agreement (under Belgian law)?
- What are the issues, difficulties and risks connected with such smart contracts, both from a legal and practical perspective?
- What are contemporary/future applications of smart contracts?
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