Risk mitigation checklist extracted from Legal Aspects of Developing Smart Contracts by Perkins Coie LLP page
- What is the legal context in which the smart contract application will operate? - Will the smart contract replace any function previously performed by government actors? If so, what features of the law need to be replicated in the application to protect the validity of the transaction, and how should the user (a state actor) expect the law to change in response to use of the smart contract application? - What laws otherwise apply to the transactions taking place within the application? Does the application allow parties to comply with their obligations under those laws? - What hazards are posed by use of the smart contract application alone? - What hazards are posed by using the smart contract application with other software? - Are there hazards that should be designed or guarded against? - What warnings or instructions are necessary and/or advisable? - Where and how should the warnings be displayed to limit liability exposure if the application malfunctions? - Do you have a protocol or system of monitoring in place to assist your software developers in guarding against coding implicit biases into the smart contract application? - What contractual provisions do you need to limit liability and maximize the availability of indemnification? - Have you considered and properly contracted around issues unique in the software-as-a-service context? - Have you considered and properly contracted for software code audit services? - What privacy and security law considerations do you need to bake into the smart contract application?