Study on the Improvement of Chinese Contract System Based on Smart Contracts

Abstract

Although the smart contract as the new product in the era of block chain contract shall not be only limited to the property-related agreements stipulated by the Contract Law of People's Republic of China, the Chinese contract provisions shall be perfected accordingly due to its contract attribute. In order to promote the formation and validity of the smart contract, the full capacity requirements for civil conduct of the parties to the property-related contract as well as the formulation of "Withdrawal Provisions" and the connotation of social public interests shall attract legislators' attention. But in view of two major features of smart contract, on the one hand, the legislators shall consider distinguishing the remedies of continuous contract and instant contract; on the other hand, the legislators shall perfect the remedy system for the "Alteration" of smart contracts in the process of waiting for verification.