Proceedings of the 2022 2nd International Conference on Modern Educational Technology and Social Sciences (ICMETSS 2022)

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The Applicability and Prospects of CISG on Smart Contracts

Authors
Yufei Zhang1, *
1Department of International Economic Law, The City University of Macau, Macau, China
*Corresponding author. Email: 17261098@bjtu.edu.cn
Corresponding Author
Yufei Zhang
Available Online 16 December 2022.
DOI
10.2991/978-2-494069-45-9_32How to use a DOI?
Keywords
CISG; Smart Contract; Contractual Freedom; De-intermediation
Abstract

The trend in the era of digital globalization has led to innovative attempts in the field of international trade, for example, in the form of smart contracts. Smart contracts aim to digitally automate the execution of legal contracts and improve the ease of trade. However, its formation conditions, validity and risk control, are yet to be regulated by law. The United Nations Convention on Contracts for the International Sale of Goods (CISG), as a uniform substantive law regulating the commercial relations of States in international commercial activities, is valuable in responding to the emerging legal issues arising from the products of technological developments. This study discusses the specific criteria for the formation of smart contracts under the CISG Convention from the perspective of international law and in relation to the specific legal elements. Following this, it analyses the loopholes and challenges of smart contracts in practice from the perspective of contractual freedom and disintermediation, and proposes some improvements in preserving the immutability of the contract and reducing the risk of third party platforms. Finally, the prospects for the application of smart contracts as an aid in international commercial contracts are discussed.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 2nd International Conference on Modern Educational Technology and Social Sciences (ICMETSS 2022)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
16 December 2022
ISBN
10.2991/978-2-494069-45-9_32
ISSN
2352-5398
DOI
10.2991/978-2-494069-45-9_32How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Yufei Zhang
PY  - 2022
DA  - 2022/12/16
TI  - The Applicability and Prospects of CISG on Smart Contracts
BT  - Proceedings of the 2022 2nd International Conference on Modern Educational Technology and Social Sciences (ICMETSS 2022)
PB  - Atlantis Press
SP  - 268
EP  - 274
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-494069-45-9_32
DO  - 10.2991/978-2-494069-45-9_32
ID  - Zhang2022
ER  -