The Law Of Smart Contracts by Wong Wai Wai | 2022

 

Industry 4.0 is currently being accepted and embraced by society. The era of digital innovation is characterised by increased connection and human-machine interaction. Smart technologies like Industrial Internet of Things (IIoT) and Distributed Ledger Technology (DLT), as well as smart appliances, are what define Industry 4.0 and promise to move civilization closer to a fully digital world. DLT, which automates contract execution, is the foundation for Ethereum smart contracts and associated platforms. The future of commerce and business lies on this automatic execution of contracts.

 

This book's primary goal is to prepare and equip tomorrow's lawyers and legal professionals with a new set of value-added skills and knowledge regarding both how to shield their clients from risk under the existing traditional contract law as well as how to create effective contractual terms in the digital environment. The different features of the interaction between smart contracts and conventional contracts, as well as its guiding legal concepts, are highlighted and examined in this book.

The book includes chapters that introduce the idea and technology behind the operation of smart contracts in recognition of the new subject it is discussing. For quick reference, a helpful glossary of terms is also offered. It is helpful to evaluate and discuss the legal concerns with smart contracts as well as the legislative structure that governs them. The situation in different jurisdictions is thought to broaden the scope of coverage because the field of smart contracts is rapidly expanding and comparative knowledge would be useful.

 

The book also discusses concerns related to smart contracts' effectiveness, consumer protection, enforcement, and jurisdiction. It concludes with a section on smart contract conflicts' alternative dispute resolution. For lawyers, in-house counsel, business owners, bankers, software consultants, researchers, policy officials, and academics, this groundbreaking book offers essential new understanding.

 

1. Introduction to Distributed Ledger Technology and Blockchain Technology

2. Ethereum

3. Smart Contracts

4. Legal Issues in Smart Contracts

5. Regulatory Framework of Smart Contracts

6. Interplay of Smart Contracts with Traditional Contract Laws

7. Systems Auditors and Subject-Matter Experts

8. Admnistrator

9. Electronic Evidence and Forensic Nodes

10. Consumer Protection in Smart Contracts

11. Enforcement and Jurisdictional Issues

12. Alternative Dispute Resolution for Smart Contracts

About the Author of The Law Of Smart Contracts:

Wong Wai Wai received her Bachelor of Law (Hons) degree from the University of London (External). She then furthered her legal studies at University of Malaya, Malaysia where she graduated with her Master of Laws. Thereafter, she furthered her research interest at the same university as a candidate for her Doctor of Philosophy in Law and completed her doctrinal research thesis on cyber law. She is currently actively involved in the research of law and has presented several conference research papers at various local Malaysian universities as well as at overseas universities such as the National University of Singapore and Jiao Tong University of Shanghai, China.

An avid writer, Wai Wai has authored and co-authored several research papers and conference proceedings which were duly published in Scopus and other indexed journals in the areas of property rights, digital property, blockchain and its application in the legal system, cryptocurrency, and smart contracts. Her co-authored article on cryptocurrency has been published in the Financial Planning Association of Malaysia (FPAM) 4E Journal. She was an invited speaker at the Workshop on FinTech Recent Trends and Developments organised by a Malaysian university on the topic of “Smart Contract and its Legal Implications”. Wai Wai has also conducted training for the Board of Directors and the senior management staff of a Malaysian public listed company on the topic of “Blockchain and its Application in the Commercial World”. Her current research areas encompass trust law and its application in the era of digitalisation and the advancement of China’s digitalisation of its law and its application.