Relax Lawyers, Nick Szabo Says Smart Contracts Won’t Kill Jobs

No, smart contracts will not rid the world of lawyers, despite the greatest efforts of blockchain innovators. At least, that’s according to Nick Szabo, the man widely credited with inventing the smart contract concept itself.

During the keynote address at the Smart Contracts Symposium at Microsoft’s New York headquarters this week, Szabo gave an update on the industry he helped create – a talk that was followed by a string of commenters from smart contract professionals.

Addressing a group of about 250 people (comprised largely of members of the blockchain trade association, the Chamber of Digital Commerce), Szabo broke down the potential benefits and what he sees as the current limits of self-executing code run on a cryptographic, shared ledger.

Szabo said:

“Lawyers worried about losing their jobs to robots, you’re actually doing something that’s mostly complimentary to a smart contract. Smart contracts are mostly making possible new things that haven’t been done before.”

Crucial differences between traditional contracts and smart contracts are that the logic in traditional law is based on the “subjective” interpretation of analogy, according to Szabo. On the other hand, blockchain smart contracts are based on Boolean “bits and logic” that underpin bitcoin.

There are also differences on the global scale, he went on.

While traditional law falls into “jurisdictional silos” defined by state borders and other lines of demarcation, blockchain-powered contract law has the potential to exist across borders.

The result is that while traditional law is relatively flexible, involving interpretation and judgment (and can therefore be corrupted), a software version is “rigid and predictable”.

“Traditional law is manual, local and often uncertain,” said Szabo, who is also the co-founder of cryptographic assets firm, Global Financial Access. “Public blockchains are automated, global and predicable in their operations.”

While the jobs of lawyers may be safe for now, other professions might not be so lucky.

Creative destruction

In fact, smart contract law is so different from traditional law that, instead of lawyers’ jobs being at risk, it’s those in other industries with repeatable tasks with the most to lose.

Speaking on a panel covering smart contract platforms and applications, Marley Gray, Microsoft principle architect in charge of blockchain engineering, said that smart contracts elevate the “distributed resolution of the truth” first enabled by the bitcoin blockchain.

For contract designers dealing in this new distributed way of reconciling such complex processes, the hard part will be to not get trapped into thinking in terms of encoding existing processes into a blockchain, Gray said.

“People have a hard time unlearning what they’ve been brought up to do,” he explained. “Sometimes the best thing to do is completely destroy a business process.”

Bloq CEO Jeff Garzik echoed the notion that business workflows need to be entirely reinvented from the ground up.

But he took the idea further, arguing that the reimagined workflow won’t just impact how businesses function internally, but how they do business with each other.

“Blockchain is adjudication as a service,” said Garzik, a former BitPay employee. “It validates rules that are common to the entire playing field. It’s very much a hyper-real-time version of the court system.

IBM fellow and vice president of blockchain technologies Jerry Cuomo summarized the push to reimagine business workflows far beyond law:

“When folks really start to step back and think about business processes as a decentralized sport, as a team sport, it completely changes the possibilities of how you do a KYC and AML.”

Language choice

While smart contracts are in their earliest phases of development, large-scale failures have helped to define issues that should be avoided.

In addition to Szabo’s review of the state of smart contracts, he discussed the forward to a white paper published that day and distributed to event attendees, titled “Smart Contracts: 12 Use Cases for Business & Beyond“.

Prepared by the Smart Contracts Alliance, an initiative of the Chamber in collaboration with Deloitte, the paper describes smart contract implementations ranging from the automatic compliance of the destruction of records to instantaneous processing of auto insurance.

The paper positions smart contracts on a spectrum ranging from contracts “entirely” written in code to “natural language” contracts with encoded payment mechanisms.

To Szabo, the safest way to execute such contracts would be the bitcoin blockchain, which he called the “most reliable financial system that’s ever been deployed”.

In spite of the current limitations of the bitcoin network for supporting smart contracts, in Szabo’s forward to the white paper he described his ideal smart contract deployment as rather complimentary to its current abilities:

“My personal favorite and most exciting type of smart contract is constructed in peer-to-peer environments, from simple natural language by individuals to operate between individuals.”






價格已經支持700美元,而橫向市場 – 以前估計在更高的水平 – 目前正在播放。

一個大的搖籃形成表明,下一個階段將帶來一個向上的運動,技術目標約1100美元。如果這個預測是真實的,欣快的泡沫活動可能會推高價格到12月$ 1500。









我們相信市場已經開始建立支持在730美元的水平,維持在該水平的價格,從750美元下降。我們認為支持將繼續在這一水平上建設,並將最終在不久的將來在某個時候打破上升 – 可能在假日後。





JP摩根的區塊鏈領導人Amber Baldet在Hyperledger項目的技術指導委員會會議上介紹了該項目,該項目是上個月底合作研究區塊鏈技術的Linux基金會的一年一度的拍攝。她說團隊選擇了與以太坊合作,儘管以太坊最近有些挑戰,比如最近的黑客事件,但因為它已經運行了一段時間,銀行都熟悉它。


在實踐中,J.P. Morgan的Quorum是Go Ethereum客戶端的一個修改,它是一個支持Ethereum網絡的流行軟件程序。 Quorum具有更新的共識機制,不同的計算機在網絡上的交易的順序和合法性的過程由Jeffrey Wilcke創建,他是Ethereum的創始人和Go的開發人員之一。


摩根大通公司和投資銀行集團的工程主管David Voell在Hyperledger演講中說:“我們獲得了兩個世界的最好的結果。該技術將私有事務數據交換為加密散列,該數據的壓縮和加擾版本,隱藏其真實內容。公共和私人數據都駐留在區塊鏈上,但是它們被單獨解析。”


J.P. Morgan還從事了一個名為Juno的項目,這是另一個分佈式分類帳,強調其設計中的可擴展性。與此同時,許多公司正在建設私人區塊鏈,包括R3,Chain和Digital Asset Holdings。

“我們有人在世界上建立最強壓力測試的金融系統,”Baldet告訴華爾街日報。 “我們的企業專長[區塊鏈]將會是我們的優勢之一。”


Walmart tries using blockchain to take unsafe food off shelves

It could pull bacteria-laden produce before you have a chance to buy it.

It’s scary when stores have to pull unsafe food. It can take days to pinpoint the batch or supplier that caused the problem, which could lead to people getting sick… or at best, force the store to yank more products than necessary. Walmart believes technology could offer a better way. It’s trying out blockchain’s distributed ledger as a means of identifying the sources of poisonous food. Digital receipts for the food identify everyone in the supply chain, ranging from the original location through to the inspectors and shipping companies. If everything passing through a specific warehouse is making people ill, Walmart can identify that troublesome food and yank it within minutes — and there’s no easy way for unscrupulous suppliers to alter the info.

It’s a modest test run at the moment. Walmart is only using blockchain to track both pork in China and a “packaged produced item” in the US. Provided the trial run goes smoothly, though, you’ll see the tech used for more items.

Walmart isn’t conducting this experiment purely out of concern for customer safety, as you might guess — this is a company at once famous and notorious for its cost-cutting measures. Blockchain could keep more products on sale in the event of a bacterial outbreak, and refine the supply chain by identifying recurring safety issues or slowdowns. All told, the big-box store could save money even as it saves you from a trip to the hospital.








































Bitcoin on Boulevard: 25 Shops in Paris Ready to Accept Bitcoin For Payment

Starting on Nov. 17, merchants at the Passage du Grand Cerf will be the first Parisian marketplace to accept Bitcoin, with 20 shops already preparing for its acceptance. These shops will be added to Paris’s growing list of Bitcoin-accepting shops and will be accepting both fiat and Bitcoin with the help of several Bitcoin groups.

The Passage and Bitcoin

With the help of France’s Cercle du Coin Bitcoin club and La Maison du Bitcoin by Ledger, the merchants of the Passage are welcoming Bitcoin as an additional and alternative way to pay without suffering heavy fees and rates for transactions, thanks to Bitcoin’s P2P system.

However, the merchants are not expecting to make huge profits with Bitcoin but want to tell Bitcoin owners in Paris that there are more places to spend it at and not just online stores.

Jacques Favier, Secretary of La Cercle du Bitcoin told Cointelegraph:

“There were already restaurants, bars and various shops in France that welcomed Bitcoin, but we thought that a boulevard  (it turned to be a gallery ) in the very heart of Paris would give more visibility to one very simple idea : Bitcoin is for paying. There has been so much noise, you know, about the Blockchain technology which is behind Bitcoin, and will go far beyond payment that some of us thought it was important to recall that Bitcoin is a peer-to-peer digital cash.”

Presently, the Passage itself has a Bitcoin ATM and with Le Cercle having multiple Bitcoin company-members, the shops in the Passage will have no problem in asking for support and guidance. Since BitPay is one of the partners in this “boulevard” project, shops have the choice of either accepting payment in Bitcoin or exchange immediately to fiat, giving them the option of accepting Bitcoin with fiat’s acceptance advantages.

Passage du Grand Cerf

The Parisian Gallery is a protected historical monument in Paris and houses 25 shops including a restaurant, creative workshops and shops selling “creator’s master pieces, trendy decorative pieces, fashion and sophisticated accessories and a wild selection of unique or collector pieces.”

Favier adds:

“The Passage is an experience. We hope it will give a smart idea of Bitcoin to visitors who were just afraid of it because of dirty gossips. For us, as supporters, or for the participating merchants, building a community, meeting people, sharing ideas … all these things are of the essence! ”

Encouraging Bitcoin-acceptance

With the Passage du Grand Cerf accepting Bitcoin, this could promote the cryptocurrency and its payment benefits to other merchants around the world. Shopify already added the payment option using BitPay and other services such as BitWage and BigCommerce want to bridge the gap between fiat and Bitcoin.

Bitcoin is gaining traction not only in Europe but in India as well. India recently modified its currency, the Indian Rupee, and people are looking into alternatives to the Rupee, specifically Bitcoin. The shift from the Rupee to Bitcoin in India resulted in a 20 percent increase in BTC trading in India and might bring Bitcoin into the street markets of India.

青政眾籌訟費 比特幣照收






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