Evaluation of certain problems that may arise with smart contracts from a legal perspective

Abstract

Purpose-The smart contract and blockchain concepts are being discussed in various disciplines as well as law with a rapid increase. However, in legal sense, the application of such concepts are far more advanced than the legal regulations on those topics not to mention the academic studies. Although there are a few distinguished monographies and a number of papers focusing the legal aspect, the applicability especially in certain circumstance -in which contractual law studies or defines as fundamental elements -are still vague. Therefore, this paper distinguishes itself by focusing on the purpose of studying some of the possible legal effects and results of smart contracts in commercial life as well as in finance.