03.09.2018
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03.09.2018
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General News
Dax Hansen and Laurie Rosini were quoted in the Freight Waves article, "Talking it Out: How Will Tokens and Smart Contracts Bring Blockchain to Supply Chains?" regarding the legality of smart contracts.
Dax said states have taken actions that have been “truly inspirational and supportive” on recognizing the acceptability of smart contracts, even as the federal government has done little. However, he did say that existing federal law on e-signatures is adequate, and he suggested that governments just let the current legislation stand without taking further steps that might prove to be confusing.
“The law says an electronic signature can suffice,” Dax said. “It does not say it needs to apply to a specific protocol or technology.”
That issue, however, seems relatively minor compared to the larger issue of putting together a smart contract that can power a distributed ledger solution to the inefficiencies of a supply chain.
Smart contracts for supply chains “are very complex, and I don’t think we’re going to see any practical examples of it in place soon due to that complexity,” Laurie said. “But they’re definitely in development.”
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