Future law is law - but not as you know it Jim. It is a pragmatic system, or Legal Hack that we are able to compose partly out of code, and partly out of real-world legal elements.
# Formalizing and Securing Relationships on Public Networks (1997)
Our institutions still take for granted that we live in a world of paper. We formalize our relationships with written contracts, written laws, and forms designed for paper.
Smart contracts reduce mental and computational transaction costs imposed by either principals, third parties, or their tools. The contractual phases of search, negotiation, commitment, performance, and adjudication constitute the realm of smart contracts.