Legal Analysis and Rule Construction of Smart Contracts

Abstract

In the context of the boom in blockchain technology since 2008, the range of applications for smart contracts, which were first introduced in 1995, has been expanding. Their development, however, has been hampered by legal issues. The legal research on smart contracts is of great significance. Theoretically, it challenges and enriches the traditional contract theory and legal system. From a practical point of view, it helps regulate its application and protect the rights of parties in various fields such as finance and supply chain. This article delves into the legal nature of smart contracts, analyzing their relevance to traditional contract elements such as offers and acceptance. It also discusses the protection difficulties such as the difficulty of contract modification, the difficulty of contract rescission and the difficulty of contract validity. Suggested solutions include incorporating it into the existing legal system and using soft law for regulation. In summary, although smart contracts face challenges, with the development of technology and the improvement of laws, their intelligent development prospects are broad, and will drive social innovation.