On Determining the Legal Nature of Smart Contracts

DOI

10.2991/aebmr.k.210320.031How to use a DOI?

Keywords

blockchain, smart contract, cryptocurrency, contract, legal regulation

Abstract

The rapid development of the use of information and communication technologies, in particular smart contracts, necessitates legal regulation of the latter. The principle and mechanism of operation of smart contracts are of great legal interest, and although certain programmers the idea is expressed that a reasonable contract is software and is not a legal term, I do not agree with this possible, because a reasonable contract falls under the generally accepted definition of the contract, promotes monetary turnover and has real material consequences for the parties. The purpose of the smart contract is to transfer information and ensure that all participants fulfill the conditions set in the code. The potential of smart contract technology is capable of changing approaches to contract law no less than the advent of computers and the Internet has changed the way lawyers work. Taking into considerationthe diversity of scientific views on the legal nature of the smart contract, the lack of established scientific approaches, the considerable scientific interest of the topic requires its proper theoretical justification.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Volodymyr Marchenko
AU  - Alla Dombrovska
PY  - 2021
DA  - 2021/03/22
TI  - On Determining the Legal Nature of Smart Contracts
BT  - Proceedings of the International Conference on Economics, Law and Education Research (ELER 2021)
PB  - Atlantis Press
SP  - 175
EP  - 179
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210320.031
DO  - 10.2991/aebmr.k.210320.031
ID  - Marchenko2021
ER  -