On Determining the Legal Nature of Smart Contracts
Volodymyr Marchenko, Alla Dombrovska
Available Online 22 March 2021.
- https://doi.org/10.2991/aebmr.k.210320.031How to use a DOI?
- blockchain, smart contract, cryptocurrency, contract, legal regulation
- 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.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
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 - https://doi.org/10.2991/aebmr.k.210320.031 ID - Marchenko2021 ER -