Smart Contracts — A Few Tips to Avoid Being Outsmarted

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Proponents of digital innovations such as blockchain, the Internet of Things (IoT) and smart devices have hailed the introduction of such technology as the Fourth Industrial Revolution. When used together, they may create self-executing “smart contracts” for a variety of transactions. Smart contracts do not need to rely on IoT devices, but when they do, these devices are critical to the system, most importantly because they collect and transfer the transaction-related data that triggers the execution of the contracts. But how is that data verified, and what happens if the IoT devices are wrong?

Read the full article on the Faegre Drinker website.

About the Author: William L. Carr

William has represented manufacturers and owners of various products in connection with a variety of product-related claims, including product liability, breach of warranty, common law fraud, Medicaid fraud and violations of state deceptive trade practices acts. He currently represents a major pharmaceutical manufacturer in a state court mass tort proceeding involving thousands of personal injury product liability actions.

About the Author: Henry M. Grabbe

Henry Grabbe assists clients with litigation and dispute resolution. He has prepared research and due diligence memoranda for commercial litigation, class action, white collar and product liability, as well as for corporate securities. He has contributed to litigation strategy and drafted pre-trial motions.