Blockchain and Smart Contracts Have a ‘Dark Side,’ Says Researcher

[SRShanuka2020]

Blockchain and Smart Contracts Have a ‘Dark Side,’ Says Researcher

Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance.

So goes the argument in a new post on the Oxford University Faculty of Law blog on Monday by Kevin Warbach, a professor of legal studies and business ethics at the Wharton School of the University of Pennsylvania.

Warbach’s forthcoming book After the Digital Tornado: Networks, Algorithms, Humanity will argue that blockchain technology could wreak unintentional havoc if its characteristics are not understood and tackled directly.

For Warbach, the immutability of blockchain ledgers and the use of smart contracts — self-executing software code — have an implicit “dark side.”

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