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Smart Contracts and Blockchain
As the entertainment industry continues to assess digital blockchain-distribution technology for tracking transactions, it's essential to consider the legal implications for smart-contracting and contract management.
The blockchain is a series of permanent files of record or transaction data. Its blocks are referenced by hash pointers to form a chain sequence that grows in a linear fashion over time as blocks are added sequentially using cryptography. These chains cannot be pulled apart, however, and blocks may not be swapped out. The chain, sequence and content of each block are permanent. Additional blocks may be added in accordance with the underlying rubric or coding of the chain. Any additional blocks are viewable by each person or entity that has access to the original chain via the blockchain platform.
In addition, the blockchain may be distributed as a shared private or public database across platforms and locations. Consider a spreadsheet accessible by various parties that may view or add cells, but not revise or delete existing cells. For this distributed ledger technology, there is no centralized database to be hacked and the blocks are accessible according to permissions and visible in real time to all parties who have access to the blockchain platform.
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