The emergence of Non-Fungible Tokens (NFTs) – unique, blockchain-based tokens – has introduced a new dimension to the concept of property rights in the digital domain. Recent legal developments in the UK and the proposal of the Property (Digital Assets etc) Bill fuelled the discussion on how to legally conceptualise digital assets, including Non-Fungible Tokens (NFTs). This paper explores the evolving legal landscape surrounding property rights over NFTs, examining the challenges and ambiguities that arise from their intersection with existing property law frameworks. It analyses how property is defined and transferred in the context of NFTs, the implications for creators and acquires, and the best way to protect the latter. By critically assessing these issues, this paper aims to provide some insights regarding the legal principles that should guide the recognition and enforcement of property rights over NFTs, while suggesting new legal paths to accommodate this rapidly evolving technology.
Non-fungible tokens (NFTs) have the potential to serve as fiduciary collateral in Indonesia. As a blockchain-based innovation, NFTs enable the unique representation and transfer of digital asset ownership. Under Indonesia’s Fiduciary Security Law, NFTs qualify as fiduciary collateral objects since they are classified as intangible assets. This study examines copyright protection for NFTs in the context of fiduciary collateral, along with the legal and technical challenges in their implementation. Key obstacles include the lack of specific regulatory frameworks, insufficient blockchain infrastructure, and limited public understanding of NFTs as fiduciary collateral. Consequently, there is a need for comprehensive regulations and the establishment of oversight institutions to ensure transactional legality and security.Such regulatory measures are expected to facilitate the use of NFTs as fiduciary collateral, enhance public trust, and promote the growth of a blockchain-based digital ecosystem in Indonesia.
This study examines the legal nature of cryptocurrency from the perspective of civil law, focusing on how cryptocurrencies can be integrated into the current Hungarian and Romanian private law systems. The author provides a detailed analysis of the historical and legal development of the concept of money, the functional characteristics of cryptocurrencies, and their applicability as a means of payment in contractual relations. The study highlights that cryptocurrencies are not recognized as legal tender and are often treated as barter instruments/ exchange rather than classical monetary payments. The paper aims to emphasize the legal challenges and the necessity of regulatory development regarding digital assets.
Mohammed Ghouireg, Ayoub Toumi Lahreche, Oumelkheir Goug
This study aims to illuminate a recently emerged digital currency known as Bitcoin to dispel the ambiguity surrounding it and introduce it to the public.This will be achieved by defining its concept and characteristics and outlining the key differences between it and traditional currency.Furthermore, the study seeks to identify the methods of acquiring Bitcoin, the volume of its global transactions, the position of favourable legislation towards it, and the main practical challenges it faces.
The subject of the research is the socio-economic relations arising from investment financing for small and medium enterprises (SMEs) and large businesses using digital financial assets (DFAs). The object of the research is the economy of Russia under conditions of limited investment and credit resources. The aim of the research is to create and utilize new innovative investment tools to support and develop the Russian economy. The digitalization of the Russian economy includes the active implementation of DFAs, which represent a new form of digital rights. DFAs play a crucial role in financing projects, attracting liquidity, optimizing payments, and structuring claims. This significantly changes traditional mechanisms of corporate and investment finance, making them more efficient and flexible. The methodological framework of the research is based on empirical and statistical analysis methods, synthesis, and systematization of information to identify new trends and best domestic practices in the formation and use of digital financial assets in the Russian Federation. The novelty of the research lies in the fact that digital financial assets act as one of the innovative tools of digital technologies, combining the properties of an investment solution and an intermediary in conducting settlements between economic entities. The issuance and circulation of digital assets is a new trend in the financial market. Digital assets are based on distributed ledger technology. They reduce the role of intermediaries and automate transactions through smart contracts. The main findings of the research indicate that the introduction of DFAs in small and medium businesses, as well as in large companies, improves access to capital and enhances the efficiency of financial processes. Under conditions of stringent restrictions and external pressure, DFAs become an alternative to traditional financing channels and a flexible tool for structuring transactions. However, the spread of DFAs faces significant obstacles, including incomplete and changing regulations, vulnerabilities in the cyber environment, a lack of secondary markets, and differences in infrastructure solutions. To overcome these limitations, it is necessary to develop measures for the standardization of the issuance and circulation of DFAs, ensure regulatory alignment, and provide technological support from the government, industry associations, and information system operators. This will reduce regulatory and operational uncertainty, increase investor confidence, and accelerate the development of the Russian DFA market.
The development of technology is radically transforming all spheres of human life, including finance. As a result, new institutions are emerging, and existing ones are being modernized. Economic relations are increasingly shifting into the digital space, leading to transformation of traditional financial instruments. Money is losing its material forms and regulatory properties, giving way in the economy to alternative instruments. The sanctions imposed against Russia in recent years have significantly affected the country’s economic and financial systems. One of the most notable consequences has been the accelerated development of the cryptocurrency market. The paper addresses the issues of legalizing mining and cryptocurrency exchanges in Russia. The study is dedicated to examining the legal regime governing the circulation of cryptocurrencies, determining the place of digital currencies within the legal system of Russia and abroad, and identifying the risks associated with their circulation. The author analyzes the peculiarities of mining, the legal aspects of issuance and circulation of digital currencies, as well as the legal foundations for their use in international settlements. Attention is drawn to the limitations of legal regulation concerning relations in this sphere. The paper evaluates the current state and development prospects of the cryptocurrency sector in Russia and explores the role of the Government of the Russian Federation and the Central Bank of Russia in regulating this activity.
Decentralized finance is often perceived as an alternative to the securities market, which does not require the participation of intermediaries; however, their participation can significantly facilitate the functioning of the crypto-asset market, among other things. This is especially relevant for the Russian digital financial assets market, which is built following a model very similar to the traditional securities market. At the same time, there are currently a significant number of legal obstacles to the functioning of intermediaries in the digital financial assets market. The paper examines some ways to build the infrastructure of the digital financial assets market and proposes changes to the regulatory framework that will help achieve this goal. Legislative barriers to the functioning of intermediaries in the digital financial assets market have been identified. A conclusion is made about the possibility of building an infrastructure of intermediaries in the digital financial assets market by bringing together the regulation and legal regime of digital financial assets and uncertificated securities.
Chanuka Wijayakoon, Hai Dong, H. M. N. Dilum Bandara, Zahir Tari · 5 authors
Smart contracts can implement and automate parts of legal contracts, but ensuring their legal compliance remains challenging. Existing approaches such as formal specification, verification, and model-based development require expertise in both legal and software development domains, as well as extensive manual effort. Given the recent advances of Large Language Models (LLMs) in code generation, we investigate their ability to generate legally compliant smart contracts directly from natural language legal contracts, addressing these challenges. We propose a novel suite of metrics to quantify legal compliance based on modeling both legal and smart contracts as processes and comparing their behaviors. We select four LLMs, generate 20 smart contracts based on five legal contracts, and analyze their legal compliance. We find that while all LLMs generate syntactically correct code, there is significant variance in their legal compliance with larger models generally showing higher levels of compliance. We also evaluate the proposed metrics against properties of software metrics, showing they provide fine-grained distinctions, enable nuanced comparisons, and are applicable across domains for code from any source, LLM or developer. Our results suggest that LLMs can assist in generating starter code for legally compliant smart contracts with strict reviews, and the proposed metrics provide a foundation for automated and self-improving development workflows.
The article examines the main regulatory provisions governing digital legal relations, including the norms of civil legislation and legislation on digital assets. Particular attention is paid to the definition of the features of digital rights that distinguish them from other objects of turnover, as well as to the analysis of the conditions for the emergence, exercise and transfer of such rights in the framework of distributed registers. The legal peculi-arities of smart contracts as software constructions replacing traditional forms of contractual interaction and ensuring the fulfillment of obligations without the participation of the parties after the activation of the algorithm are considered. Legal risks arising in the absence of normative regulation of smart contracts are substantiated, including the impossibility of judicial correction of performance, loss of access to digital assets and uncertainty of identification of subjects. Measures to improve legislation are proposed, including the regulatory consolida-tion of the concept of a smart contract, the establishment of a presumption of ownership of a digital right for a person with access to a key, as well as the recognition of the legal significance of blockchain records in judicial protection. Сonclusion is made about the the necessity of systemic adaptation of civil legislation to new forms of digital interaction and technological autonomy of turnover.
This article evaluates the regulatory legal landscape of smart contracts within the EU and examines a few essential legal challenges related to the need to harmonize smart contract regulations across the EU. It starts with analysis of some legal and technical aspects of the smart contract term form and arrives at the conclusion that there is no universal and unified term that contains technical aspects of the smart contract. This creates legal uncertainty, as the currently existing legal frameworks in many EU member states are not equipped to address these characteristics of smart contracts.Another issue of importance is the varied approaches to smart contract regulation across the EU member states. The paper reveals that, currently, there is a spectrum of regulatory strategies from pioneering to conservative, and identifies the main obstacles to regulatory harmonization within the EU. Without a common legal framework, a smart contract deemed valid and enforceable in one state may not be recognized in another member state.Finally, the current EU legislation is not specifically designed for smart contracts. However, it impacts their regulation by addressing critical aspects of digital operations like data ownership, access and control. Thus, successful integration of smart contracts into the EU’s regulatory environment will require a concerted effort to address these complex challenges.
The 1980 Vienna Convention on Contracts for the International Sale of Goods (CISG) is currently the law of ninety-seven countries around the world. Part II (Formation of the Contracts) deals with the conclusion of the contract by way of the meeting of minds through offer and acceptance. CISG has been able to adapt to modern electronic means of communication such as email, despite the fact that the means of communication mentioned in the CISG are the ancient telegram and telex.When dealing with the electronic contract of sale, we are referring to those in which the offer and acceptance are made by electronic means, as derived from the rules of the offer and the acceptance under the CISG.In short, we are thinking about computers—today also mobile phones—connected to a network (internet). From this perspective, every purchase and sale contract under the CISG is capable of being concluded by electronic means following the classic and universal parameter (we find it in all legal systems in the world) of consent through the two declarations of will that give life to the contract, the offer and the acceptance. The offer and acceptance as a mechanism well present in the life of the contract and not only in its formation since other issues such as its modification or termination are observed under those parameters.The Vienna Convention has demonstrated its flexibility by adapting and applying without problems to electronic contracting. Technologies are evolving rapidly and we no longer question the validity of contracts concluded through electronic means but new and interesting perspectives emerge, as well as various legal problems that can be associated with the era of the digital economy, from the use of platforms as an intermediary in the contracting of goods or services—or simply as a meeting place or recreational or social exchange—when not as part of the commercial contracts themselves, the use of computer programs in the formation and performance of the contract, legal transactions on data, or the use of artificial intelligence in contracting.From a legal perspective, the question is whether the CISG, which is a traditional instrument of contract law, is sufficient to respond to the problems posed by the digital economy, specifically in the rise of the so-called SmartCcontracts, and the use of Artificial Intelligence (AI) in the formation of the contract.
ABSTRACT Cryptocurrencies are digital tokens secured by cryptography and recorded on decentralized networks, offering innovations like peer-to-peer finance and token-based fundraising but also posing risks such as wild price swings and laundering opportunities. This study uses doctrinal analysis—reviewing laws (e.g., RBI Act, FEMA, PMLA), court rulings (such as IAMAI v. RBI), and regulatory notices—to map India’s material and procedural rules for crypto. India’s response has been fragmented: RBI cautions in 2013/17 and a 2018 banking-ban overturned in 2020 left no unified law, while the draft 2021 Bill remains pending. Tax measures in 2022 imposed a 30 % flat tax on crypto gains (Section 115BBH) and 1 % TDS on transfers above ₹10,000, but lack clear licensing or consumer safeguards. Comparative review shows the U.S. relies on SEC enforcement (Howey Test) and FinCEN’s MSB rules, whereas the EU’s MiCA sets uniform definitions, licensing, and AML/CFT standards. Key gaps in India include unclear asset definitions, no VASP registry, and weak AML “travel-rule” compliance. The dissertation recommends a technology-neutral crypto law with precise definitions, a licensing regime, mandatory KYC, consumer-protection mechanisms, and adaptive sandboxes supported by AI-driven monitoring tools
In the article are outlined the elements of the criminal offense provided for in Article 368-5 of the Criminal Code of Ukraine - illicit enrichment. The article focuses on the subject matter of this criminal offense, namely, virtual assets (in particular, cryptocurrencies and non-fungible tokens (NFT)) as a type of intangible assets. The study highlights the problem of the lack of a unified approach to the definition of terms in the field of virtual assets, such as «virtual assets», «cryptocurrencies», «cryptoassets», etc. As a result, Ukraine lacks a unified conceptual framework in the legislation applicable to legal relations on the declaration of virtual assets and criminalization of illicit enrichment, which leads to problems in law enforcement. In the article are analized the problematic issues of the possibility of criminal prosecution for violation of anti-corruption legislation and illicit enrichment with virtual assets, among which the following are highlighted: problems with assessing the market value of virtual assets due to market volatility and lack of analogues for NFTs, lack of standards and methodology for establishing the value of virtual assets, often insufficient professional knowledge of virtual assets and the principle of their operation by the parties to criminal proceedings. The article concludes with the author’s recommendations on how to overcome these problematic issues, namely: the need to harmonize national legislation with European standards, in particular, with the Regulation EU Markets in Crypto-Assets, to develop a methodology for assessing the value of virtual assets and to improve the procedures for their consideration in the course of qualifying criminal offenses and in the declaration process, to increase the number of professional staff, to improve educational programs for training of investigators, prosecutors, defense counsels and judges.
With the widespread application of Cyber-Physical Systems (CPS) in intelligent manufacturing, ensuring the security and trustworthiness of components within the system has become a significant challenge. Traditional security control mechanisms face issues with managing large-scale device access, particularly in intelligent manufacturing production lines, where effectively managing the sharing and access permissions of security components is crucial. This paper proposes a smart contract-based secure component-sharing mechanism for intelligent manufacturing production lines, aiming to enhance the trustworthiness and efficiency of security component sharing within CPS. By combining blockchain technology with an Attribute-Based Access Control (ABAC) model, we design an SC-ABAC framework, which uses smart contracts to manage user attributes, component attributes, and access control policies, thereby ensuring trustworthy access control of security components. Within this framework, access requests go through a policy-matching process and attribute retrieval for users and components, with predefined rules determining whether access permissions are granted. The framework supports dynamic policy updates and deletions, providing more flexible security management. Furthermore, the dynamic access control function in the smart contract incorporates time-based conditions to enhance the precision of access control. By leveraging the decentralized nature of blockchain, this mechanism not only enhances data security but also reduces the fragmentation issues inherent in traditional access control systems. Experimental results verify the feasibility and effectiveness of the proposed framework.
This article presents a comprehensive overview of smart contract implementation for automating compensation processes within Workday systems. It explores how blockchain-based smart contracts can transform human resources management by codifying compensation rules and policies into self-executing agreements. The integration enables organizations to automate performance-based bonuses, stock option vesting, and salary adjustments while ensuring transparency, accuracy, and compliance. Through detailed examination of technical requirements, integration architectures, and governance frameworks, the article demonstrates how these implementations deliver substantial benefits across operational efficiency, error reduction, and employee satisfaction. Both quantitative returns on investment and qualitative advantages like increased trust and fairness perception are addressed. The material offers practical insights for organizations considering smart contract adoption for modernizing compensation management.
In the context of the boom in blockchain technology since 2008, the range of applications for smart contracts, which were first introduced in 1995, has been expanding. Their development, however, has been hampered by legal issues. The legal research on smart contracts is of great significance. Theoretically, it challenges and enriches the traditional contract theory and legal system. From a practical point of view, it helps regulate its application and protect the rights of parties in various fields such as finance and supply chain. This article delves into the legal nature of smart contracts, analyzing their relevance to traditional contract elements such as offers and acceptance. It also discusses the protection difficulties such as the difficulty of contract modification, the difficulty of contract rescission and the difficulty of contract validity. Suggested solutions include incorporating it into the existing legal system and using soft law for regulation. In summary, although smart contracts face challenges, with the development of technology and the improvement of laws, their intelligent development prospects are broad, and will drive social innovation.
The article is devoted to the study of the tax and legal aspects of the ruble-backed stablecoin A7A5, which is a foreign digital right and is qualified in the Russian Federation as a digital financial asset. The subject of the study is the specifics of the legal regime of foreign digital rights classified as digital financial assets in the Russian Federation, and the taxation of transactions with such an asset. As a result of the conducted research, the author comes to the conclusion that, despite the creation of a legal framework for the integration of foreign digital rights into the Russian legal order, their tax and legal regime remains insufficiently developed. It is shown that this category is of an auxiliary (technical) nature and serves primarily as a tool for legitimizing a certain range of foreign assets in Russia, without being a full-fledged and independent legal construct. It is noted that the Tax Code of the Russian Federation lacks special provisions regulating the taxation of foreign digital rights, except for transactions within the experimental legal regime, which creates legal uncertainty. The author argues that recognizing foreign digital rights as digital financial assets represents a new phase in Russia's digital financial assets market, driven significantly by the A7A5 asset's integration with a public blockchain. This not only expands the opportunities for the circulation of such assets but also gives rise to unique transactions with such assets in the decentralized finance environment, which directly raises the issue of the need to develop special approaches to accounting for income, expenses and losses from such transactions for tax purposes. It is concluded that the economic nature of such transactions may be similar to transactions with derivative financial instruments and hedging. This similarity justifies extending the special tax rules for such analogous instruments to transactions with foreign digital rights. The results of the study can be applied to the further development of legislation on the taxation of foreign digital rights.
Financial derivatives are widely recognized for their effectiveness in managing interest rate risk, demonstrating the principle of comparative advantage in finance. However, traditional financial derivative transactions are often complex and can expose participants to market and credit risks. To mitigate these risks, reduce transaction costs, and enhance liquidity, this paper proposes a blockchain-based matching mechanism for financial derivatives that uses smart contracts for decentralized counterparty matching and settlement. Smart contracts facilitate secure data sharing among participants, ensuring the integrity and immutability of transaction data. We design a transaction pool mechanism-based smart contracts for counterparty matching and automatic settlement of financial derivatives involving real fiat currencies and introduce an efficient peer-to-peer counterparty matching method, where the entire trading process is conducted on a decentralized blockchain, ensuring greater security and transparency. A prototype implementation based on Ethereum smart contracts validates the effectiveness of our proposed model, demonstrating its potential to streamline and secure financial derivative transactions.
Smart contracts, self-executing programs on blockchain platforms, are transforming how contractual obligations are expressed and enforced. Their adoption presents complex legal challenges, particularly in ascertaining the true will of contracting parties. This paper explores doctrinal and practical difficulties in determining intent within smart contracts, examining the transformation of the autonomy of will, the legal nature of smart contracts, the expression and proof of consent, and judicial and regulatory developments. Special emphasis is placed on Uzbekistan, where legal infrastructure remains underdeveloped. Through comparative analysis and authoritative academic sources, the article proposes solutions such as hybrid contractual models, legal recognition of smart contracts as electronic transactions, and standardized frameworks to ensure fairness and enforceability.
Данная работа посвящена обзору автоматизированных инструментов безопасной разработки смарт-контрактов Ethereum. Рассматриваются актуальные уязвимости, характерные для смарт-контрактов, такие как уязвимость повторного входа, недостаточный контроль доступа, манипуляции с оракулом цены и другие. К каждой уязвимости приведена иллюстрация с уязвимым кодом. Далее рассмотрены разные типы существующих автоматизированных инструментов безопасной разработки смарт-контрактов: статический анализатор, линтер, символьный исполнитель, фаззинг и подходы на основе машинного обучения. Для каждого типа инструмента рассмотрено соответствующее реальное решение, которое является одним из лучших в своей категории. Это такие open-source решения как статический анализатор Slither, линтер Solhint, символьный исполнитель Mythril и фреймворк Foundry, который содержит в себе возможность фаззинга. Также рассмотрена текущая эффективность современных решений, которая показывает, что текущие угрозы плохо детектируется существующими инструментами. Исходя из этого предложены направления для дальнейшего развития новых инструментов безопасной разработки смарт-контрактов. Полученные результаты могут быть использованы для более глубокого понимания вопросов безопасности смарт-контрактов, а также для повышения безопасности децентрализованных приложений и развития методов автоматизированного аудита смарт-контрактов. This paper provides an overview of automated tools for secure development of Ethereum smart contracts. The article discusses current vulnerabilities specific to smart contracts, such as re-entrancy vulnerability, insufficient access control, price oracle manipulation, and others. Each vulnerability is accompanied by an illustration of the vulnerable code. Next, we discuss different types of existing automated tools for secure smart contract development: static analyzer, linter, symbolic executor, fuzzing, and machine learning-based approaches. For each type of tool, a corresponding real solution is considered, which is one of the best in its category. These are open-source solutions such as the Slither static analyzer, the Solhint linter, the Mythril symbolic executor, and the Foundry framework, which includes fuzzing capabilities. The current effectiveness of modern solutions is also considered, which shows that current threats are poorly detected by existing tools. Based on this, directions for the further development of new tools for the secure development of smart contracts are proposed. The obtained results can be used to gain a deeper understanding of smart contract security issues, as well as to enhance the security of decentralized applications and develop automated smart contract auditing methods.
Background: The rise of blockchain technology has led to the development of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. While they promise enhanced efficiency, security, and automation, the legal implications of smart contracts on conventional contract law remain largely underexplored. The advent of these digital contracts challenges traditional legal frameworks and calls for a reassessment of existing contract law principles. Objective: This study aims to analyze the implications of smart contracts for conventional contract law, focusing on the legal, ethical, and practical challenges they present. The research seeks to evaluate how smart contracts align with or diverge from traditional contract principles such as offer, acceptance, and enforceability. Method: A qualitative research approach was employed, utilizing a comprehensive literature review and case law analysis to explore the intersection of smart contracts and conventional contract law. Interviews with legal experts and blockchain developers were also conducted to gather insights on real-world applications. Results: The findings reveal that while smart contracts offer substantial benefits in terms of automation and security, they also raise issues related to ambiguity, legal recognition, and the need for updated regulations. The study identifies a gap in existing legal frameworks regarding the enforceability of smart contracts. Conclusion: Smart contracts have significant potential to revolutionize contract law, but their integration into conventional legal systems requires substantial legal reform and adaptation. Further research is needed to establish clear regulatory standards.
Smart contract technology based on artificial intelligence background is gradually becoming a brand-new path to improve the efficiency of economic transactions due to its unique advantages. This paper initially explores the impact of smart contract technology on economic transaction efficiency through empirical analysis of models and data. The credit mechanism is introduced as an intermediate variable to analyze its mediating effect in the process of improving economic transaction efficiency by smart contract technology. The optimization of Fabric transaction mechanism is realized by using the improved credit model, which further exerts the role of smart contract technology in enhancing economic transaction efficiency. The principal component analysis is used to calculate the comprehensive score of economic transaction efficiency before and after the optimization of smart contract trading mechanism to show the effect of the development of smart contract technology on the improvement of economic transaction efficiency. This paper concludes that the development of smart contract technology will significantly and positively promote the improvement of economic transaction efficiency through benchmark regression analysis, mediation effect test and other methods. After the optimization of smart contract transaction mechanism, the comprehensive score of economic transaction efficiency produces significant improvement compared with the pre-optimization period, in which the average value of the comprehensive score of transaction efficiency in Guangdong, Jiangsu, Shanghai, and Beijing is improved by 20.18%, 24.52%, 33.77%, and 35.54%, respectively. It further indicates that smart contract technology is an effective path to improve economic transaction efficiency.
Blockchain-based smart contracts have garnered significant attention due to their potential to automate and enforce agreements in a decentralized and transparent manner. This abstract provides an overview of the implementation and security considerations associated with blockchain-based smart contracts. Smart contracts are self-executing contracts with predefined rules encoded on a blockchain, enabling automated and tamper-proof execution of contractual agreements. The implementation of smart contracts involves writing code in programming languages such as Solidity and deploying them on blockchain platforms such as Ethereum. However, the adoption of smart contracts introduces various security challenges, including vulnerabilities in the code, malicious actors, and regulatory compliance issues. This abstract discusses key security considerations for smart contracts, such as code auditing, formal verification, secure coding practices, and regulatory compliance. Additionally, it explores emerging trends and techniques for enhancing the security and resilience of blockchain-based smart contracts. By addressing these security considerations, blockchain-based smart contracts can realize their potential to revolutionize industries by enabling trustless and efficient execution of agreements while maintaining the integrity and confidentiality of transactions.
Sadaf Azimi, Ali Golzari, Naghmeh Ivaki, Nuno Laranjeiro
Abstract Smart contracts have accelerated the adoption of blockchain technology across various domains by enabling coded agreements between transaction participants. However, increased software defects and vulnerabilities in smart contracts, driven by developer inexperience with languages like Solidity and a lack of effective detection tools, pose significant risks. Given the high value of assets managed on blockchain (e.g., cryptocurrencies), these vulnerabilities can lead to severe consequences. Researchers and practitioners have proposed numerous smart contract design patterns to mitigate certain faults or vulnerabilities. Despite these efforts, it remains unclear which types of defects these patterns target and how effectively they address the wide range of existing smart contract security vulnerabilities. In this paper, we review the state of the art in smart contract design patterns, categorizing them and analyzing their effectiveness in mitigating known security vulnerabilities. Our findings reveal that only five patterns directly aim to prevent security vulnerabilities, collectively addressing just 6 out of 94 security issues identified by OpenSCV (a state-of-the-art vulnerability taxonomy), highlighting the need for further research on smart contract security design patterns.