Innovation In Compliance With Tom Fox

Is the smart contract a key innovation that will change the way we arbitrate agreements? Today on the show we have Jacob Enoch, a partner at M. Firon & Co., to talk to us about smart contracts and the implications for both lawyers and the compliance profession.What is a smart contract?A smart contract is a computer protocol or program intended to facilitate, verify, or enforce the negotiations or performance of the contract. There is an emphasis on the automatic performance attributes of a smart contract and the fact that it no longer requires a leap of faith or an element of trust when it comes to dealing with the performance of such a contract. Jacob states that this introduces a shift in the way that contracts usually work.What’s the difference between a smart contract and blockchain?Blockchain is a technology that may be used as a platform for smart contracts, and it’s known for its reliable control of cryptocurrency and attributes that contribute to the certainty of automatic execution, which is at t