Law as Code: Regulations, Ethics and Privacy
Blockchain is fundamentally a new institutional technology – a technology for tokenising information leading to new ways of conducting economic exchange and new forms of organisation. One application is that blockchain provides the technological infrastructure for a new generation of self-executing legal contracts. In this presentation, the example of smart contracting will be used to explore the idea of “Law as Code” and consider the various regulatory, ethical, privacy, and other legal implications of blockchain.
In particular, the future use of smart contracts raises a number of legal risks including that decentralised ledgers operate beyond traditional jurisdictional boundaries, most contracts are incomplete, and open-source protocols are dynamic. On the other hand, smart contracting – combined with other blockchain ecosystems – could mitigate legal risk by aiding contractual performance, regulatory compliance, and dispute resolution. The upshot is that the example of smart contracting underscores the evolutionary and spontaneous nature of law and legal systems.
3.30 – 3.45pm | Sumac Room
Aaron Lane is a Lecturer at RMIT University’s Graduate School of Business and Law. He is also affiliated with the RMIT Blockchain Innovation Hub (the world’s first social science research centre into the economics, politics, sociology, and law of blockchain technology). Aaron was admitted to practise in 2012 and practised in administrative and commercial law. He now lectures in Business Economics, Company Law, and Competition Law within RMIT’s MBA and JD programs. Aaron’s academic research focusses on regulation, innovation, and blockchain and the law.