Preparing Smart Contracts: Role of Counsel, Best Practices for Limiting Vulnerabilities

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, April 24, 2018

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will prepare counsel to help clients avoid the risks associated with vulnerabilities in “smart contracts.” The panel will discuss best practices for the planning, drafting and integration of contract language designed to limit potential liabilities that may arise when vulnerabilities interfere with smart contract performance.

Description

While smart contracts have the potential to revolutionize business transactions, vulnerabilities in the operational accuracy and security of the underlying code pose a substantial risk for companies deploying the technology. Coding errors can result from software developers not having the economic perspective or legal knowledge necessary for accurate programming. Hackers’ collective theft of over $1 billion in virtual currency since 2016 demonstrates the magnitude of potential loss when these vulnerabilities are exploited.

Capable practitioners add value to their clients during the planning, drafting and implementation of contract language. In the context of smart contracts, counsel must understand the detailed range of contingencies and outcomes available with a software-driven agreement, and prepare to expand their usual advisory role to address these issue.

Attorneys must also be prepared to lend insight during the software development process by identifying and correcting business errors commonly encoded before deployment of smart contracts and tailor remedies that encourage non-pecuniary resolution once a hacker exploits a vulnerability.

Listen as our authoritative panel discusses how corporate and deal counsel can expand their responsibilities and add value to clients deploying this expanding technology, along with some key considerations during the planning, drafting and implementation phases of the software coding.

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Outline

  1. Smart contracts
    1. Vulnerabilities
    2. Potential risks
  2. Best practices
  3. Limiting exposure

Benefits

This panel will review these and other crucial issues:

  • What is counsel’s role in software and blockchain programming?
  • What are the vulnerable areas in smart contracts and what strategies will mitigate risk?
  • What role do natural language agreements play in supplementing smart contract terms?
  • What strategies can counsel use to provide remedies after a hacker exploits a vulnerability?

Faculty

Barbuto, Vincent
Vincent James (Jim) Barbuto, CIPP/US

Reed Smith

Mr. Barbuto practices in the firm’s IP, Tech & Data Group. He focuses his practice on data privacy,...  |  Read More

Moyle, Ken
Ken Moyle

Managing Member
K6 Legal

Ken Moyle advises on technology, privacy and digital policy. Mr. Moyle has held in-house leadership positions at...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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