Smart contracts that lawyers can program
Smart contracts can vastly improve the efficiency and security of traditional contracts, through self-executing autonomy. The most prominent smart contract implementation is the Ethereum blockchain platform. Solidity is a contract-oriented language, designed to target this platform.
Whilst Ethereum is an enabling technology, challenges arise in encoding; it is difficult to program a smart contract such that it accurately captures all the desired contractual requirements. Encoding in Ethereum entails translating a natural language statement regarding law (from a contract), into an object-oriented code regarding computation (in Solidity). There is thus a high chance of a loss in translation, and the gap between natural language and Solidity paradoxically creates new inefficiencies in the system. This is true even when the legal and programming skills reside in the same person implementing smart contracts. A novel language that aims to solve the problems with Solidity is presented in the downloadable datasheet below.
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