Smart contract wars

Blockchain technology has undoubtedly transformed industries by offering decentralisation, transparency and security. However, governments have recognised its potential not only for economic benefits but also for enforcing regulatory compliance. Smart contracts (self-executing agreements written in code) are being used by governments to automate taxation, monitor financial activity and even help in judicial enforcement in some jurisdictions. An example is the Keleros blockchain (otherwise known as the Justice protocol) which is being used in arbitration proceedings in Argentina and Mexico whereby freeing up expensive court time. By using blockchains, governments can eliminate intermediaries, reduce fraud and ensure real-time regulatory enforcement. However, these advancements raise serious ethical concerns, in particular with regards to privacy, financial autonomy and the risks of over-automation. Governments see smart contracts as a way to increase efficiency, reduce corruption and e…