Languages for Smart and Computable Contracts

TL;DR

This paper explores the linguistic and semantic challenges in designing reliable smart contracts, emphasizing the importance of language design and the concept of computable contracts to ensure code faithfully represents legal intentions.

Contribution

It provides a perspective on key issues, current research directions, and highlights the significance of language design in developing trustworthy smart contracts.

Findings

Analysis of natural and computer languages in smart contracts

Discussion of semantics and legal-code alignment

Introduction of computable contracts methodology

Abstract

Smart Contracts use computer technology to automate the performance of aspects of commercial agreements. Yet how can there be confidence that the computer code is faithful to the intentions of the parties? To understand the depth and subtlety of this question requires an exploration of natural and computer languages, of the semantics of expressions in those languages, and of the gap that exists between the disciplines of law and computer science. Here we provide a perspective on some of the key issues, explore some current research directions, and explain the importance of language design in the development of reliable Smart Contracts, including the specific methodology of Computable Contracts.