«SMART CONTRACTS» IN THE FRAMEWORK OF FOREIGN ECONOMIC ACTIVITY: PROSPECTS FOR IMPLEMENTATION AND LEGAL BARRIERS

Abstract

In the context of digitalization of world trade, the task of effective foreign economic administration is becoming more and more urgent. The purpose of the article is to analyze the application of blockchain smart contracts in foreign economic activity. The evolution of the concept, advantages (automation, transparency, savings) and disadvantages, as well as legal limitations, including the lack of international regulation (using the example of BRICS), are considered. The conclusion is made: the introduction of smart contracts optimizes foreign economic activity, but requires a transformation of legislation and the harmonization of international standards.