The London Blockchain Conference team recently launched an engaging webinar series to demystify blockchain technology. The second instalment, held on 5 February 2025, dove into how smart contracts can simplify processes, cut costs, and streamline your business operations, all while addressing critical legal and security considerations.
Hosted by Alex Stein (Conference Director of the London Blockchain Conference), the webinar featured leading blockchain experts including:
- Kate Baucherel: Author and blockchain consultant, who shared insights on how smart contracts are reshaping industries;
- Helen Disney: CEO of Unblocked, who discussed the practical applications of blockchain in business;
- Laura Clatworthy: A dispute resolution lawyer, who tackled the legal challenges and risks surrounding blockchain technologies;
- Chris Moore: A security specialist with a background in Web3, software engineering, and smart contract auditing.
Smart contracts are self-executing pieces of code that define the rules of transactions without requiring intermediaries. While not always “smart” or legally binding “contracts,” they are central to blockchain technology and decentralisation. The simplest smart contract function is transferring value by verifying account balances, destinations, and sufficiency of funds.
Real-World Applications
Smart contracts are increasingly used by governments and businesses. Examples provided during the webinar include:
- BONDI (Blockchain Operated New Debt Instrument): The World Bank’s $110 million blockchain-based bond, reducing costs and settlement times.
- Healthcare: Companies like Hedera support the NHS with blockchain solutions for data management.
- Trade and Logistics: Maersk and IBM’s TradeLens platform uses blockchain for supply chain transparency and efficiency.
Legality and Challenges
The legal status of smart contracts depends on their formulation. While they automate processes, they are not always legally binding unless they meet contract law criteria. Some legal agreements, especially standardised ones, can be translated into code, but complex legal concepts like “good faith” remain a challenge.
Challenges include:
- Immutability Risks: Once deployed, smart contracts cannot be altered, making security flaws costly.
- Legal Uncertainty: Smart contract operations may not always align with traditional legal frameworks.
- Integration Issues: Businesses may struggle to connect smart contracts with existing systems.
Best practices for deployment include rigorous testing, third-party audits, bug bounty programs, and strict developer access controls.
The Future of Smart Contracts
Expect increased collaboration between legal, finance, and tech sectors, with AI and blockchain integration enhancing data security and automation. While standardised contracts may see greater adoption of smart contracts, more complex legal agreements will still require human interpretation and oversight.
Learn more about smart contracts at LBC
The London Blockchain Conference has become a hub for exploring the latest advancements in blockchain technology. Events like this webinar are pivotal in empowering businesses and governments to embrace the benefits of blockchain.
Stay tuned for more insights and innovations at upcoming blockchain conferences in London, the city’s premier platform for exploring blockchain’s transformative potential.
Register today and be the first to learn about upcoming keynote speakers and themes at #LDNBlockchain25.
