Will Innovative Technology Result in Innovative Legal Frameworks? – Smart Contracts in China

(2018) 26(6) European Review of Private Law 921-942.

22 Pages Posted: 9 Jan 2019 Last revised: 13 Apr 2020

See all articles by Jia Wang

Jia Wang

Hong Kong Polytechnic University - Faculty of Business

Lei Chen

Durham Law School

Date Written: January 8, 2019

Abstract

This article explores whether the legal landscape will be fundamentally changed in view of the emergence of smart contracts in China. Beyond the phenomenon of bitcoin supported by blockchain technology, we examine the development of smart contracts on blockchain with a close scrutiny of their merits and limits, and the intrinsic legal uncertainties in their application. The main argument is that while the gaps between the regulatory framework and the business practice can be identified, for most parts, the current legal framework can accommodate or mitigate the legal risks brought about by smart contracts.

Suggested Citation

Wang, Jia and Chen, Lei, Will Innovative Technology Result in Innovative Legal Frameworks? – Smart Contracts in China (January 8, 2019). (2018) 26(6) European Review of Private Law 921-942., Available at SSRN: https://ssrn.com/abstract=3311919

Jia Wang

Hong Kong Polytechnic University - Faculty of Business ( email )

9/F, Li Ka Shing Tower
The Hong Kong Polytechnic University
Hong Kong, Hung Hom, Kowloon M923
China

Lei Chen (Contact Author)

Durham Law School ( email )

Palatine Centre
South Road
Durham, DH1 3LE
United Kingdom

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