Legally Blocked: The Evolution and Legality of Smart Contracts

Vijyakumaran, A. (2019) ‘Legally Blocked: The Evolution and Legality of Smart Contracts’, in Raizada, S. (Ed.) Advancement in Legal Research: Transdisciplinary Innovative Dimensions, New Delhi, K. V. Publishers Isbn No. 978-81-934484-4-1

23 Pages Posted: 28 Nov 2019

See all articles by Adarsh Vijayakumaran

Adarsh Vijayakumaran

National University of Advanced Legal Studies (NUALS), Students

Date Written: Augst 21, 2019

Abstract

India is undergoing a revolutionary period concerning, both its constitution and its legislative jurisprudence. At a time of this ascending transcendence, it would only be naïve, to not take note of the technological innovation and digital transformation that has immersed itself into the legal arena. An area of interest which would significantly prove its vitality regarding the same would be the much acclaimed Contract Law. At present, The Indian Contract Act along with the Information Technology Act, and Indian Evidence Act, unless otherwise is provided so, regulates and puts forth the beacon for a legally enforceable electronic contract in India. This Paper traces the need for a legal evolution in the understanding of Contract law to keep in pace with the technological transition, and also the legal complications associated with the blockchain-based Smart Contracts, and further explain the operation of smart contracts in the existing judicial prudence, and finally concludes with the need for an unprecedented effort to regulate this kinetic realm.

Keywords: Smart contract, Blockchain, India, Indian Contract Act, IT Act, Indian Evidence Act

Suggested Citation

Vijayakumaran, Adarsh, Legally Blocked: The Evolution and Legality of Smart Contracts (Augst 21, 2019). Vijyakumaran, A. (2019) ‘Legally Blocked: The Evolution and Legality of Smart Contracts’, in Raizada, S. (Ed.) Advancement in Legal Research: Transdisciplinary Innovative Dimensions, New Delhi, K. V. Publishers Isbn No. 978-81-934484-4-1. Available at SSRN: https://ssrn.com/abstract=3481038 or http://dx.doi.org/10.2139/ssrn.3481038

Adarsh Vijayakumaran (Contact Author)

National University of Advanced Legal Studies (NUALS), Students ( email )

Kochi, Kerala, 683503
India

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