With the widespread adoption of Machine Learning, it is possible to circumvent some of the limitations of regulation by code. This, of course, generates new problems related to the fact that no single party can affect the execution of that code. By transposing legal or contractual provisions into a blockchain-based “smart contract” with a guarantee of execution, these rules are automatically enforced by the underlying blockchain network and will, therefore, always execute as planned, regardless of the will of the parties. Blockchain technology comes with many newfound opportunities of turning law into code. Yet, regulation by code also comes with important limitations and drawbacks that might create new issues related to fairness and due process. This brings a variety benefits, mostly related to the ability to automate the law and to enforce rules and regulations a priori, i.e. Today, code is also used by the public sector as a regulatory mechanism. As put by Lessig, “Code is Law”, a form of regulation where private actors may embed their values into technological artifacts, effectively constraining our actions. Instead, they are governed by software and algorithms that regulate our interactions. And yet, their governance is very far from the values of democratic countries. 1We are spending increasing amounts of our lives interacting within platforms, whose user base belittle that of existing nation states.
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