Smart contracts are autonomous if after they are fi nalized, the initiatingagents theoretically never need to have contact again. Smart contractsare also self-suffi cient to the extent that they are able to marshal theirown resources. Finally, smart contracts are decentralized; they are distributedacross network nodes rather than residing in a centralized location,and are self-executing. This means that smart contracts will be applicableacross jurisdictions or, in a sense, will be borderless. We may thus be inchingeven closer toward the realization of Stanford University professorLawrence Lessig’s memorable mantra, “code is law.” 13 In this respect,smart contracts would solve a dilemma that we’ve faced since the Internet’sinitial spread in the 1990s—transcending jurisprudence’s reliance onpolitical borders. The answer in the end, not surprisingly, is code itself.
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