Author: Jorge Timón 2014-02-15 14:43:08
Published on: 2014-02-15T14:43:08+00:00
The author proposes writing contracts like IOUs and vouchers on the blockchain, with the legal contract outside of the chain for them to be enforceable. The legality of these contracts varies depending on the p2p asset being used. The author argues that no amount of code can make data represent a physical or legal entity, and that only consensus and/or authorities in the "real world" can do that. They also suggest that those considering investing in digital asset transfer systems should be warned that their value in general remains unproven and losing some or all of your investment is very possible, even probable. Finally, the author suggests that it is important to build, test, use, and try embedded consensus systems in court to ensure they can be explained in simple language to the distributed de-centralized local court systems.
Updated on: 2023-06-08T02:25:38.509395+00:00