Smart-Contract: Doctrinal and Law Enforcement Aspects of Recognition as Concluded and Valid

Abstract

The article discusses the controversial issues of the legal nature of self-executing transactions. It is proved that a smart contract is an algorithm that automates the execution of legally signifi cant and actual actions, subject to constant monitoring in accordance with the agreement of the parties and the regulatory requirements embedded in the program code. The use of digital tools for recording expressions of will, including software algorithms that create convincing evidence of the validity of an agreement, is being investigated. The authors conclude that a smart contract cannot be considered an independent form of contract, as a special algorithm, it helps automate the fulfillment of obligations under constant control and in strict accordance with the terms of the agreement embedded in the program code.