Conclusion and performance of commercial contracts with the use of information technologies

Abstract

The article attempts to evaluate the possibilities of using blockchain and smart contract technologies, as well as big data and artificial intelligence technologies in traditional commercial contracts. In addition, the author illustrates the legal risks of using information technologies and the limits of their implementation in the field of contract law. The goal chosen by the author predetermined the use of the formal legal method in the analysis of the current legal norms. At the same time, it is impossible to imagine the search for answers to the questions without referring to the comparative legal method: in the article, the author refers to the views of English and American scholars when considering the problems of using artificial intelligence technology in commercial contracts. As a result of the research, the author comes to the conclusion that firstly smart contracts designed for automatic transactions on the Internet do not allow moving real goods in the real world, therefore the scope of their use is only limited to the conclusion, but not to the execution of contracts of sale. Secondly, a smart contract can completely supplant traditional contracts and obligations in mediation contracts aimed at performing only legal actions. Thirdly, there is a problem of ensuring the right to privacy when using big data, therefore, the commercial use of the collected data, though does improve sales, violates basic human rights. And finally, the mastered capabilities for automating the processes of selecting counterparties, determining and changing storage conditions, tracking the balance of goods in the warehouse, etc., allow author to discuss the potentially great possibilities of using AI in commerce.