The Legal Aspects of Smart Contracts on Block-chain Technology

Abstract

The study aimed to highlight the importance of smart contracts in our digital age, This is achieved by exploring the possibility of finding a legal framework capable of creating a balance between the use of smart contracts on the one hand and protecting the rights of its parties on the other. The descriptive-analytical approach was adopted when analyzing legal and jurisprudential opinions on whether a smart contract is considered a real contract. One of the main conclusions reached was that a fully automated smart contract is considered a legal contract in the true sense of the word, and therefore the study recommended the need to enact international and national legislation regulating the provisions of this contract.