On the Issue of the Civil Classification of Smart Contracts

Abstract

The introduction of smart contracts into the social sphere and their active use requires a detailed analysis. The classification of such contracts and the description of their features will make it possible to specify the legal regulation in the field of the use of these electronic systems. The purpose of the study is to examine the features of smart contracts and propose a more complete (expanded) classification of them for various reasons. The research is based on methods of comparative analysis, synthesis, interpretation of legal norms and a comprehensive analysis of works on the chosen topic by both domestic authors and foreign specialists. The work resulted in additional grounds on which smart contracts can be categorized. The characteristics of smart contracts are also described: efficiency, security, lack of centralization, transparency, peer-to-peer, automation, and protection against fraud. Conclusion: smart contracts can be further classified depending on the environment in which they are executed (the blockchain technologies used), depending on their retribution for the parties to the transaction.