By Scott Farrell, Claire Warren, Roslyn Hinchliffe and Johanan Ottensooser. King & Wood Mallesons’ Sydney Office

farrell_s (1)Smart contract” is a buzzword phrase which could mean anything and be used to justify everything, from the realisation of the value of blockchain (another buzzword) to the end of lawyers (that can’t be right). To many, the recent “attack” on the most visible large smart contract in the world (the ominously named Decentralised Autonomous Organisation or DAO) has been a reality check for the dreams of replacing laws with computer code. Was this the warning of the “Skynet” moment for this nascent technology, a prescient alert to the dangers in delegating too much to the machines? Well, yes and no: but there is a way of combining the best of both human judgment and computer efficiency in the world of financial market contracts.

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