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
Date Written: November 9, 2017
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: Suggested Citation