,,,Error Correction Mechanisms for Transactional Script Smart Contracts

This Article explores the implications of transactional script smart contracts used in situations where there is less than total trust between parties. In particular, this asks question how parties to these next generation scripts can seek redress and remedies event that does not perform according parties’ intent. Until feel safe any errors be corrected, large-scale implementation will hobbled. Part II articulates why term “transactional scripts” preferable “smart contracts” describes utility potential scripts. III identifies several factors hinder greater expansion use It goes on identify uncertainty enforcement as most important barrier innovation, finding reluctant entrust bigger more complex transactions until are comfortable an external mechanism capable correcting execution transaction. lack reliable mechanisms a problem exacerbated by characteristic distributed ledger technology, which move only forward, preventing revisions or reversals preexisting entries. IV critiques possible may able provide error correction, including statutory law, private online dispute resolution, public/private regulatory partnership, common law. V concludes Article, noting scripts’ tethered security provided available error-correction mechanisms. Only contracting become assured integrity their intent effectuated adopted for use.