Avoiding Smart Contract Conflicts Despite Ambiguity

Law360 (October 21, 2020, 5:59 PM EDT) -- Depending on whom you ask, the promise of smart contracts ranges from the mundane to the fantastic — from helping to "facilitate, verify, execute and enforce the terms of a commercial agreement"[1] to ushering in the end of contract law by providing a technological alternative to the legal system.[2]

Smart contracts have already been used in connection with real estate transactions,[3] bank bonds,[4] interbank transfers,[5] invoice financing,[6] and homeowners, renters, pet and flight-delay insurance.[7]

B3i Services AG, an insurance startup owned by 20 of the world's largest insurers and reinsurers,[8] released an application that uses smart contracts to allow participants to...

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