Smart Contract Relations in e-Commerce: Legal Implications of Exchanges Conducted on the Blockchain

Abstract

IntroductionStewart Macaulay’s seminal 1963 article “Non-Contractual Relations in Business” explored why merchants and manufacturers often fail to plan their commercial relationships and why they seldom resort to legal sanctions to settle disputes. Macaulay found that, in many business exchanges, detailed planning and legal sanctions play only a small role. His tentative