Place of Smart Contracts in Civil Law. A Few Comments on Form and Interpretation

Proceedings of the 12th Annual International Scientific Conference NEW TRENDS 2017. Published by: Private College of Economic Studies Znojmo, ISBN: 978-80-87314-90-6, ISSN: 2336-7431

6 Pages Posted: 8 Jan 2018

See all articles by Jakub J. Szczerbowski

Jakub J. Szczerbowski

SWPS University of Social Sciences and Humanities

Date Written: November 9, 2017

Abstract

Smart contracts are technically defined as an event-driven programs, with state, that run on a distributed, decentralized, shared and replicated ledger (blockchain) and that can take custody over and transfer assets on the ledger. This new invention enables declarations of will to be expressed as self-executing computer code. The fact that smart contracts can transfer assets without the need for judicial system creates many questions about their place in the civil law. Also, it raises a question about their legality. This paper explores some basic concepts related to smart contracts and tries to set boundaries to their legality in the framework of civil law in scope of form and interpretation.

Keywords: smart contract, cryptocurrency, blockchain, contract, obligation

JEL Classification: K12

Suggested Citation

Szczerbowski, Jakub J., Place of Smart Contracts in Civil Law. A Few Comments on Form and Interpretation (November 9, 2017). Proceedings of the 12th Annual International Scientific Conference NEW TRENDS 2017. Published by: Private College of Economic Studies Znojmo, ISBN: 978-80-87314-90-6, ISSN: 2336-7431, Available at SSRN: https://ssrn.com/abstract=3095933

Jakub J. Szczerbowski (Contact Author)

SWPS University of Social Sciences and Humanities ( email )

Chodakowska 19/31
Warsaw, 03-815
Poland

HOME PAGE: http://swps.edu.pl

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