Title: Smart Contracts in the Digital Economy: Contractual Regulation and Dispute Resolution
Abstract: This article has been prepared for the research purpose of identifying, disclosing, and justifying certain trends in the development of civil law and procedures in the context of the spread of smart contract practices and the expansion of their spheres of application. The key issue in the conclusion and execution of smart contracts is the issue of the exhaustion of options for the protection of civil rights by the algorithm of the program code, the possibility, and conditions for the parties to exercise their right to judicial protection of their legitimate interests. At the moment, there is no uniform approach to choosing an optimal form for the legal regulation of smart contracts within the system of contract law in modern legal systems or international law, while globalization and digitalization of the economy imply the growth of cross-border transactions. The emergence of smart contracts is due to the development of e-commerce, in which the parties’ interactions are carried out electronically instead of in physical exchanges or direct physical contact. Smart contracts gaining popularity in circulation are based on two interrelated elements: First, they eliminate the direct participation of a person in some or all cases of executing the agreement, using an automated code designed for execution without reference to the intentions of the contracting parties after publication; second, they eliminate or reduce the self-control and third-party control of the commitment, they make use of decentralized blockchain technology, as well as provide automatic code execution without the potential intervention of any party. This study examines the content, conclusion, and validity, protection of rights and legitimate interests of the parties, interpretation, and legal nature of smart contracts.
Publication Year: 2021
Publication Date: 2021-10-02
Language: en
Type: book-chapter
Indexed In: ['crossref']
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Cited By Count: 1
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