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Recent months have seen several states moving to embrace blockchain technology and its promise of making governmental services more efficient and secure. On March 22, 2018, Tennessee passed legislation that establishes the legal authority of smart contracts in the marketplace. The Tennessee Senate Bill, referred to as SB 1662, acknowledges that smart contracts “may exist […]

The price of Bitcoin (BTC) has soared in 2017 with little sign of looking back. It now sits above $7,000/BTC, up from roughly $1,000/BTC since January, which is motivating many to acquire more of the virtual currency. In addition to purchasing the cryptocurrency, one can also “mine” Bitcoin; the blockchain maintained by the Bitcoin network […]

On September 29, the Securities and Exchange Commission (SEC) initiated a civil enforcement action involving Initial Coin Offerings (ICO). In this first-of-its-kind action, the SEC alleges that Maksim Zaslavskiy and his companies, ReCoin Group Foundation and Diamond Reserve Club (DRC), fraudulently sold investors cryptocurrencies in the form of securities, which normally require registration. An ICO […]

The freedom to contract is one of the oldest and most basic tenets of the American legal system. Subject to limited judicial and statutory exceptions, parties have been and are generally afforded carte blanche in determining the terms of a binding agreement and how those terms are memorialized. The recent emergence of “smart contracts,” that […]

Before 2016, blockchain technology was known, if at all, as the technical underpinnings of virtual currency. However, in the past year, blockchain technology has come into its own. It is now seen as a groundbreaking advance that can both reduce frictional costs in existing transactional systems and enable new, previously-unworkable models of social and commercial […]

A new technology called “smart contracts” has emerged. What makes these legal agreements innovative is that their execution is made automatic through the use of computers. This Article examines smart contracts from a legal perspective. Specifically, this Article explains smart contracts’ operation and place in existing contract law. It introduces a distinction between strong and […]

The electricity market is undergoing a transformation. The basic tenet of a centralized production, transmission and distribution system where consumers purchase electricity from a single provider is increasingly developing into a decentralized, multiple provider system centered on renewable energy, in which the customer may produce, consume, and then sell excess electricity capacity like a commodity […]

Introduction Since the release of Bitcoin in 2009, the cryptocurrency has grown in prominence and public acceptance. By seemingly providing a layer of anonymity in transactions, Bitcoin has also become the public face of virtual currencies in illicit online dealings: Bitcoin has been associated with several high-profile criminal cases involving major drug website shutdowns, notably […]