Impact of networkization of the economy upon changes in the provisions of competition law (on the example of blockchain and smart contracts in the area of advertising and intellectual property law)

Abstract

The subject of this research is the legal norms that regulate legal relations in the context of application of blockchain technology and smart contracts based on it in the area of online advertising and intellectual property. The object of this research is the social relations emerging in the indicated spheres. Analysis is conducted on the concepts and characteristics of blockchain technology and smart contracts. The author also reviews some controversial theoretical and practical issues, such as terminology, legal nature of blockchain, smart contracts, and related concepts. Examples are provided of the currently existing blockchain platforms and services premised on them. The novelty of the conducted research consists in focusing on the relevant problems that emerge in the conditions of network economy in such spheres as online advertising and intellectual property. On the example of blockchain platforms functioning in the indicated spheres, the author reveals the problems the can be resolved using such technologies. The author also underlines certain practical difficulties that arise in the process of application of blockchain and smart contracts, particularly associated with the absence of legal definition of a number of concepts. The examples of corresponding court decisions are provided. A proposal is made on the need for consolidation on the legislative level of definitions of such concepts as “blockchain”, “smart contract”, “cryptocurrency”, and “token”.