Blockchain Papers

Mukkesh Venkatesan

No abstract is available for this record.

Nabeel Mahdi Althabhawi, Ra’ed Fawzi Aburoub, Mohamad Rizal Abd Rahman, Faris Kamil Hasan Mihna · 5 authors

While smart contracts enhance efficiency and transparency, they raise legal and technical issues. Smart contracts do not involve face-to-face negotiation or discussion, which contributes to difficulty in confirming that both parties agreed to the terms. Moreover, while smart contracts that encode the intention of the parties show up on the blockchain as digital signatures or as preprogrammed actions, this begs the question as to precisely whether this reflects their intention and mutual consent in the first place. Furthermore, the execution of offer and acceptance in an automated manner poses a challenge to the traditional principles of contract law, as it may rely on adhesion contracts that limit the opportunities for negotiation. Moreover, the verification of legal capacity of the parties identified under a pseudonym is another challenge in a decentralized blockchain environment, especially for cross-border transactions that set varying legal standards. Through a mixed-methods approach of thematic analysis of interviews and literature review, the research responds to these challenges, across practical and theoretical domains. Proposed solutions include biometric identification, digital identity schemes, and AI-assisted consent verification. The study recommends aligning traditional legal principles with technological advancements and fostering international collaboration to create robust frameworks, ensuring fairness and enforceability in smart contracts. This study concludes that a twin-track approach—combining technological improvements with regulatory adjustments—is critical for ensuring the fairness, enforceability, and reliability of smart contracts.

Lauri Naskali

Tutkielma tarkastelee älysopimusten ja lohkoketjuteknologian soveltamista vakuutusliiketoiminnassa, painopisteenä parametriset vakuutukset. Tavoitteena on arvioida, miten teknologia vaikuttaa vakuutusmarkkinoiden keskeisiin ongelmiin — haitalliseen valikoitumiseen, moraalikatoon, kilpailuun ja hallinnolliseen tehokkuuteen — sekä millaisia haasteita käyttöönottoon liittyy. Menetelmänä on kirjallisuuskatsaus, jota täydennetään olemassa olevien ratkaisujen tapausesimerkeillä.

Public Prosecution Office at the Egyptian Court of Cassation, Mohammed Abdelnabi, Yassin Abdalla Abdelkarim, Sohag Primary Court

The prevalence of digital technologies in contemporary human interactions has elevated the role of digital means in contractual relations among society members, prompting renewed attention to smart contracts as automated, code-based legal instruments. This study examines the nature, structure, and operational mechanisms of smart contracts, comparing them to traditional contract theory under the Egyptian Civil Code (Law No. 131/1948). Smart contracts create binding obligations through software-based processes that rely on encryption, offering efficiency but also posing technical and doctrinal challenges. The paper investigates whether the Egyptian legal framework can adequately address issues such as consent, validity, termination, and dispute resolution in digital contracts. By analyzing smart-contract characteristics through the lens of Egyptian civil-law principles, the study seeks to clarify how existing doctrines may be adapted to accommodate emerging technologies. It ultimately proposes a jurisprudential foundation for integrating smart contracts into Egyptian law, ensuring legal certainty and coherence with established contractual norms. __________ CONTRATOS INTELIGENTES BAJO EL DERECHO CIVIL EGIPCIO: ESTRUCTURA Y TERMINACIÓN La prevalencia de las tecnologías digitales en las interacciones humanas contemporáneas ha elevado el papel de los medios digitales en las relaciones contractuales entre los miembros de la sociedad, impulsando una renovada atención a los contratos inteligentes como instrumentos legales automatizados basados ​​en código. Este estudio examina la naturaleza, la estructura y los mecanismos operativos de los contratos inteligentes, comparándolos con la teoría contractual tradicional del Código Civil egipcio (Ley n.º 131/1948). Los contratos inteligentes crean obligaciones vinculantes mediante procesos basados ​​en software que se basan en el cifrado, lo que ofrece eficiencia, pero también plantea desafíos técnicos y doctrinales. El documento investiga si el marco legal egipcio puede abordar adecuadamente cuestiones como el consentimiento, la validez, la rescisión y la resolución de disputas en los contratos digitales. Al analizar las características de los contratos inteligentes a través de los principios del derecho civil egipcio, el estudio busca aclarar cómo las doctrinas existentes pueden adaptarse para dar cabida a las tecnologías emergentes. En última instancia, propone una base jurisprudencial para la integración de los contratos inteligentes en el derecho egipcio, garantizando la seguridad jurídica y la coherencia con las normas contractuales establecidas. __________ 埃及民法下的智能合约：结构与终止 数字技术在当代人际互动中的普及提升了数字手段在社会成员间契约关系中的作用，促使人们重新关注智能合约这种自动化、基于代码的法律工具。本研究考察了智能合约的性质、结构和运行机制，并将其与埃及民法典（1948年第131号法律）下的传统合同理论进行比较。智能合约通过基于软件的加密流程产生具有约束力的义务，这在提高效率的同时，也带来了技术和法理上的挑战。本文探讨了埃及法律框架是否能够充分解决数字合约中的同意、有效性、终止和争议解决等问题。通过运用埃及民法原则分析智能合约的特征，本研究旨在阐明如何调整现有法律原则以适应新兴技术。最终，本研究提出了将智能合约纳入埃及法律的法理基础，以确保法律确定性并与既定的合同规范保持一致。

Guilherme Luis Hack Lamy

Orientador: Prof. Dr. Paulo Roberto Ribeiro Nalin

Raffaele Verdicchio

SOMMARIO: 1. Valore giuridico e politico del concetto di smart contract.-2.Ambiti applicativi.-3.Tentativi definitori e classificatori.-4.Smart contract e dogmatica del rapporto obbligatorio.-5.Riorientare il dibattito.1. -Nei tempi più recenti si è avvicendato un consistente novero di studi sul fenomeno accreditatosi -dapprima nelle scienze informatiche, quindi nella scienza giuridica -con il nome di "smart contract" 1 .Malgrado la curiosità degli operatori del diritto per le implicazioni derivanti dall'estensione dell'acquis informatico ai rapporti contrattuali, la figura dello smart contract rimane avviluppata in una nebbia concettuale che stenta a diradarsi, al punto di indurre a pensare che una certa forma di indeterminatezza le sia consustanziale.Tale indeterminatezza, quasi inevitabilmente, si riflette sulle categorie giuridiche in qualche misura toccate dal fenomeno.Non solo, dunque, la categoria immediatamente richiamata dal confronto con lo smart contract, cioè il contratto, ma in particolar modo -e in maniera più sottile -ne risentono anche le caratteristiche strutturali e funzionali del rapporto obbligatorio.Sviluppatosi nella zona di confine tra il dominio tradizionale del diritto e le nuove sfere di influen-1 Tra i saggi più significativi in letteratura sul tema si annoverano T.

Stefan Jovanović

Blockchain technology is reshaping a wide range of sectors, from finance and law to art. The rise of blockchain platforms offering "blockchain arbitration" suggests a shift toward faster, cheaper and decentralized dispute resolution. A key advantage often highlighted is the potential for automatic enforcement of decisions using smart contracts. However, since this is only a possibility, many decisions will be enforced through traditional means. Given the inherently global nature of blockchain arbitration disputes, an important consideration is whether their decisions can be recognized and enforced under the New York Convention. This paper explores whether blockchain arbitration decisions qualify as awards enforceable under the New York Convention and whether their decision-making process meets the Convention's enforcement criteria. The author recognizes that the procedural aspect of public policy may be undermined by the way decisions are rendered in blockchain arbitrations.

Dimitrije Soleša, Radovan Vladisavljević, Svetlana Marković

The aim of the paper is to present a series of organizational and technical solutions that ensure the preservation of the integrity of cold supply chains. The implications of these technologies on the economic and health aspects of society are more than visible. With the help of the Internet of Things and new sensor technologies, it is possible to automate the monitoring of cold supply chains using smart contract technologies and thus preserve the quality of the goods that are the subject of this type of logistics.

Joshua Fairfield, Niloufer Selvadurai

No abstract is available for this record.

Pierangelo Blandino

No abstract is available for this record.

Bruno Fernandes Vieira, Fernanda de Araujo Meirelles Magalhães

Growing attention to environmental, social, and governance (ESG) concerns has prompted companies to incorporate conditions and obligations related to ESG indicators into their contracts and other agreements. Those contracts, defined as ESG metric contracts, include, for example, managers’ remuneration plans, supply chain and merger and acquisition agreements. Such contracts, however, are incomplete, as they do not account for all possible contingencies that may arise during the contractual relationship. This paper argues that smart contracts can mitigate some of the challenges associated with contract incompleteness, specifically in the context of ESG metric contracts. When considered as contracts, smart contracts have specific characteristics such as immutability and automation, which distinguish them from other forms of contracting. However, it remains challenging to incorporate all possible variables external to the blockchain into their cryptographic language. Consequently, a residual degree of incompleteness persists. Among the technological solutions created to address these questions, this work suggests that oracles and upgradeable smart contracts can be valuable tools, adding a needed layer of flexibility to these contractual relationships. In this sense, this paper aims to address these issues, analysing the pros and cons of the link between ESG metric contracts and smart contracts.

Amina Yusuf, Robert Martinez

To explore the legal and philosophical implications of smart contracts, with a focus on their enforceability and the political significance of the “code as law” paradigm. This study adopts a narrative review approach using a descriptive analytical method to examine the intersection of law, technology, and political theory. Sources were selected from academic databases published between 2020 and 2024, encompassing legal scholarship, computer science literature, and political philosophy. Thematic analysis was used to synthesize key ideas related to legal enforceability, algorithmic governance, and the transformation of legal subjectivity in coded systems. The review highlights significant tensions between traditional legal norms and the deterministic nature of smart contracts. While smart contracts offer advantages in terms of automation and efficiency, they also lack the capacity to address ambiguity, context, and moral judgment. These contracts challenge core principles of legal theory, including consent, due process, and equitable remedies. Jurisdictions differ in their responses, ranging from proactive legal recognition to cautious regulatory experimentation. Hybrid models of enforcement and reliance on oracles demonstrate emerging attempts to bridge the gap between code and law. Smart contracts represent a disruptive force in the legal domain, necessitating critical reflection on the philosophical and institutional foundations of modern legal systems. Their adoption must be guided by a commitment to justice, democratic governance, and interdisciplinary oversight to ensure that legal innovation aligns with human values and ethical responsibility.

Allegra Canepa

The concept of Non-Fungible Token (NFT) is complex. To understand the legal definition of an NFT, one must first consider the idea behind NFTs. According to the Treccani Encyclopedia, a Non-Fungible Token (NFT) is defined as “a non-duplicable digital certificate that certifies the originality and unique ownership of a physical or digital asset registered on the blockchain”. When someone buys an NFT, they do not gain ownership of the underlying asset; instead, they acquire specific rights related to it. These assets can be classified into three groups: native digital assets, which have no physical form; assets that do have a physical form; and assets with “variable geometries”, which include digital goods that can be linked to a physical version upon request. Examples of such goods include fashion items, luxury brands, and artwork. For items intended for use in “new virtual dimensions”, like the Metaverse, buyers can also request a corresponding physical item for use in the “real world”. NFTs have gained popularity across markets such as art, fashion, collectibles, and, most recently, sports. Aspects such as their legal status, regulations, and the effects of trading on specialized platforms, particularly regarding exchange value, require careful attention.

Zoi Krokida

No abstract is available for this record.

Brian Sanya Mondoh, Palesa Roza Gwele

No abstract is available for this record.

Joshua Fairfield

Trustless public ledgers ("TPLs")-the technology underneath Bitcoin-do more than just create online money. The technology permits people to directly exchange money for what they want, with no intermediaries, such as credit card companies. Contract law is the law of bargained-for exchange, so a technology that enables direct exchange online will change the reality of online contracting. The current problem with consumer contracting online is that courts and companies have collaborated to create an online system in which consumers cannot bargain. Under the current regime, consumers have no choice but to click the "I Accept" button. Online, contract law is not the law of bargained-for exchange; it has become the law of company-dictated exchange. Smart contractsautomated computer programs able to execute trades through TPLs-may offer a solution. This brief Essay explores the possibilities of smart contracts and their potential to correct the badly off-course law of online contract.

Marko Perkušić

This paper analyzes smart contracts and the possibilities of applying legal regulation to them. Since smart contracts are not specifically regulated in the Republic of Croatia, the paper considers the possibility of applying European secondary law and Croatian civil law. In doing so, we consider the mode of operation of smart contracts, as well as the various systems by which they can function. Then we determine whether a smart contract is a contract at all and what are the legally relevant features of smart contracts that could help us classify smart contracts. Accordingly, we determine the differences between smart contracts based on the public (decentralized) blockchain and smart contracts based on the private (centralized) blockchain, as well as the differences between the so-called strong and weak smart contracts. From the legal aspect, we analyze the method of concluding smart contracts, their execution, terms of the contract and its interpretation, as well as the fulfillment of the contract itself. The mentioned aspects are considered and compared from the aspect of the applicable law, and special attention is paid to voidability of smart contracts and termination due to non-performance, as well as consumer protection.

Geraldine O. Mbah

The rapid advancement of technology in the 21st century has brought intellectual property [IP] to the forefront as a critical asset in the tech industry.Licensing agreements, essential for fostering innovation and collaboration, face significant challenges in efficiency, transparency, and enforcement.Traditional licensing processes are often plagued by inefficiencies, including lengthy negotiations, manual documentation, and disputes arising from ambiguous terms.This paper explores the transformative potential of artificial intelligence [AI] and blockchain-based smart contracts in automating and enforcing IP licensing agreements.Smart contracts, programmable agreements executed on blockchain platforms, offer unprecedented opportunities for ensuring transparency, reducing administrative burdens, and automating royalty payments.When integrated with AI, these contracts can analyse vast datasets, predict licensing trends, and provide tailored recommendations, enabling more informed decision-making for licensors and licensees.Furthermore, the immutable nature of blockchain enhances trust by recording transactions securely and transparently, reducing the likelihood of disputes and fraud.This study also addresses challenges associated with adopting these technologies, including interoperability, scalability, legal implications, and ethical considerations in data use.It presents case studies from the tech industry, illustrating successful implementations of AI-powered smart contracts for IP licensing.By combining AI's predictive capabilities with blockchain's transparency and automation, companies can create robust frameworks for managing complex licensing agreements.The paper concludes that integrating AI and blockchain in IP licensing has the potential to revolutionize the tech industry by enhancing efficiency, fostering trust, and driving innovation.However, strategic implementation and stakeholder collaboration are crucial for realizing these benefits.

Vitor Hugo Belavenutti Martins da Silva

O presente trabalho analisa a plataforma NBA Top Shot como um estudo de caso para explorar as implicações jurídicas dos tokens não fungíveis ou non-fungible tokens (NFTs) à luz do ordenamento jurídico brasileiro. A pesquisa abrange aspectos conceituais, tecnológicos e jurídicos dos NFTs, com ênfase na estrutura distinta dos “Momentos” da NBA Top Shot como ativos digitais que incorporam o NFT e os direitos de uso limitado sobre conteúdo licenciado (e.g., imagens e vídeos de jogadores). O estudo destaca o caráter centralizador da blockchain subjacente à plataforma, a Flow, em face dos modelos público (permissionless) e permissionado (permissioned). Destaca ainda questões na adaptação desta plataforma internacional à aplicação do Código de Defesa do Consumidor (CDC) e os desafios decorrentes de cláusulas de arbitragem e lei aplicável. O estudo direciona-se ainda para lições sobre como uma versão brasileira da plataforma NBA Top Shot poderia ser implementada, indicando recomendações sobre quais aspectos devem ser adaptados à legislação brasileira. Ao examinar a interseção entre a tecnologia blockchain, os direitos dos consumidores e a conformidade jurídica transfronteiriça, este estudo contribui para o debate em curso sobre o equilíbrio entre inovação e proteção jurídica no mercado emergente de NFTs no Brasil.

Devora Chait-Roth, Kedar S. Namjoshi

Smart contracts form the core of Web3 applications. Contracts mediate the transfer of cryptocurrency, making them irresistible targets for hackers. We introduce ASP, a system aimed at easing the construction of provably secure contracts. The Asp system consists of three closely-linked components: a programming language, a defensive compiler, and a proof checker. The language semantics guarantee that Asp contracts are free of commonly exploited vulnerabilities such as arithmetic overflow and reentrancy. The defensive compiler enforces the semantics and translates Asp to Solidity, the most popular contract language. Deductive proofs establish functional correctness and freedom from critical vulnerabilities such as unauthorized access.

Azizjon Nazarov

This paper examines the tension between code-based execution and legal enforceability in smart contracts used by cryptocurrency exchanges. As decentralized finance grows in prominence, there is an increasing need to balance the immutability and automation of blockchain-based agreements with traditional legal protections and dispute resolution mechanisms. We analyze current approaches to liability allocation and conflict resolution in major crypto exchanges, identifying key challenges in harmonizing algorithmic governance with existing contract law. Case studies of recent exchange hacks and failures are used to illustrate the limitations of purely code-based systems. We then propose a hybrid model that preserves the efficiency of automated execution while incorporating safeguards for human intervention in exceptional circumstances. This framework aims to enhance user protections, regulatory compliance, and overall trust in decentralized financial infrastructure. Our findings have implications for exchange operators, regulators, and contract law as it evolves to address blockchain-enabled agreements.

Ata Kahveci

Letter of Credit has been used in international transfer of money by exporters and importers for a long time. Thus, it is a very niche and important area in the international trade and banking. Within the scope of this study, 220 publications in the Web of Science database has been reached by using “letter of credit” keywords. There is only one bibliometric analysis on Islamic L/C in the literature but a wider overview is required to gain general perspective about L/C. This is where the originality of this research lies. Bibliometric analysis with VOSviewer and Tableau for these publications covering 1980-2024 has been conducted about citations, organizations, keywords, publication years, sources, fields and countries. As a result; almost half of the publications produced in USA, “Byrne James e” is the most productive author, “Journal of International Economics” is the most cited journal, USA is also leading country in terms of citation, and “Natl. Chung Hsing Univ.” is the leading organization in terms of citation. Moreover, co-occurrence analysis on keywords show that digitalization has huge effect on L/C literature. Keywords like “blockchain”, “smart contracts”, “ethereum”, “BPO” etc. emerged as new trend in the last decade.

Michele van Eck, Fafa Delight Agbeko

Our understanding of contracts continues to evolve. Electronic contracts that have typically taken the form of shrink-wrap, click-wrap, web-wrap, scroll-wrap, multi-wrap and sign-in-wrap agreements have undergone further developments with the introduction of automation in electronic contractual engagements and, more recently, the advent of the so-called "smart contract". Different types of smart contracts exist, including smart contracts that operate on blockchain technology. Despite these developments in commercial and contractual activities, the South African legal framework does not officially recognise smart contracts. The use of the Electronic Communications and Transactions Act, 2002 (ECTA) as a mechanism for the regulatory oversight of smart contracts in South Africa is, in its current form, woefully inadequate and limited in its application to smart contracts. Other jurisdictions, like the European Union (EU), have passed draft legislative and regulatory documentation called the Data Act to address smart contracts, whilst the UK Law Commission has provided recommendations to regulate smart contracts. As South Africa currently has no equivalent to the EU's draft Data Act and has not considered the operation of smart contracts in South Africa, the position in the EU and United Kingdom (UK) is considered in this paper to provide guidelines as to the aspects that it would be necessary to regulate in a South African context.

Gustavo Ferreira de Souza Dutra, Émerson Gabardo

O trabalho objetiva analisar a figura dos smart contracts na perspectiva do princípio da obrigatoriedade dos contratos, de maneira que possa ser determinada uma potencial ressignificação do “pacta sunt servanda” diante deles. Assim, busca conceituar e categorizar a blockchain e os contratos inteligentes para um exame de seus efeitos diante do Direito e o modelo do contrato tradicional. Por conseguinte, é realizada uma breve contextualização histórica da força obrigatória dos contratos, apontando suas concepções na história, analisando-o no contexto do meio digital. Considerando-se essa análise, são sistematizadas suas aplicabilidades em nível global e, posteriormente, na realidade brasileira – de modo a apresentar as possíveis vantagens e desvantagens do instituto. Adota-se na pesquisa a metodologia referencial bibliográfica, utilizando artigos, livros e obras que se reportam ao tema, assim como a legislação brasileira. Diante da pesquisa, conclui-se que o smart contract é uma opção com capacidade de reduzir os custos de transação e alguns riscos inerentes às operações. No entanto, devido às limitações da lógica de programação, seria uma opção viável para contratos mais simples e nichos específicos. Ademais, pode ser vantajoso aos entes públicos, no âmbito de sua própria rede Blockchain e, ainda, em face à possível utilização da moeda digital.