Technological and legal aspects of a smart contract

Abstract

In this work author compares smart-contract to letter of credit. Discovering technological and law aspects of smart-contract. The author underlines indivisibility of these aspects, which consolidate in unique symbiosis of digital solutions and law constructions. Moreover, technical and law nature are to be discovered in this paper, particularly, program and law mechanism of smart-contract. Comparing smart-contract to letter of credit, author concludes that smart-contract is one of types of letter of credit as a payment instrument.