Blockchain Papers

Jasper Verstappen

No abstract is available for this record.

Мартова Юлія Олександрівна

The dissertation is one of the first comprehensive national studies of the state of legal regulation of cross-border legal relations on the financial market of Ukraine with a comprehensive study of contracts on the financial markets of Ukraine in the system of international, European and Ukrainian financial markets. The choice of the specified topic is determined by its relevance in the view of the following points. Financial markets are becoming more democratized, the offering of financial services mostly does not depend on borders, the financial market is transforming and attracting new financial technologies. The main task for regulators in financial markets is to preserve the stability of the financial system. Legal regulation designed to achieve the specified task should not be an obstacle to the development of financial markets and compromise their efficiency. Financial markets are centralized and subordinated, and new legal relations tend towards their decentralization and maximum non-interference of the state. Contracts on the financial markets set the task to obtain the greatest economic opportunities for their parties, which becomes possible due to a wide range of financial instruments and offered financial services, which participants in legal relations can choose not only within the country of residence, but also throughout the world. When entering into such cross-border contracts in the financial markets, questions regarding the law applicable to such contracts are important aspects. Due to the complexity of some types of financial instruments, this issue becomes more important, which is important for research. Thus, new unsolved issues before private international law arise. Accordingly, in the first chapter, the author analyzes scientific approaches to the definition of the concepts of "financial market", "contracts on the financial market", “international financial market”. The structure of the financial market, its nature and classification of transactions on the financial market are determined herein. Further, in the first chapter, the characteristics of "cross-border" and "foreign element" in the financial markets of Ukraine are given, the need to determine the jurisdiction of the counterparty is established, and cross-border transactions are analyzed at the moment in the capital market of Ukraine. In the second chapter, the author directly examines each segment of the financial market and cross-border legal relations in it. Further, the main types of contracts on financial markets are analyzed and the issue of law applicable to these contracts is investigated herein. Also in the second chapter, regulatory regulation at the national, regional (EU) and international levels is defined. Judicial practice regarding contracts on the financial market is studied herein. Further, the General Agreement and contracts concluded with a trader conducting professional activity on the capital market and the client are analyzed. The role of transactions in each segment of the financial market is established and mechanisms for resolving disputes regarding such transactions are considered. In the third chapter, the legal regulation of the main transformational processes in the international financial market and the financial market of Ukraine are predicted. The main obstacles to cross-border activity in the financial market are determined herein. The legal regulation of the EU regarding virtual assets and distributed ledger technology, the corresponding infrastructure of the virtual assets market is analyzed in detail. The main trends for changes in the legislation of Ukraine regarding financial markets during Covid-19 and during the full-scale invasion of the Russian Federation are determined. When conducting the research, the author compares the previous and current legal regulation of Ukraine in the financial market, conducts a comparative analysis of Ukrainian legislation with EU law and the compliance of current legislation with international standards and principles, requirements of international regulators. Case study is analyzed and practical recommendations are provided for improving the legal regulation of Ukraine. The scientific novelty of the results obtained as a result of the dissertation research is as follows. The following author's definition is proposed: "financial market" – legally regulated mechanism of redistribution of financial assets, which occurs between participants of the financial market in accordance with the current legislation in order to obtain certain economic benefits. For the first time, the need to include the following segments in the composition of the financial market is justified: the capital market, the market of banking and non-banking financial services, the market of virtual assets, the organized commodity market, the foreign exchange market. Since the specified segments of the financial market are the mechanisms on which legal relations arise with respect to various financial assets to meet the needs of their participants. The author's view on the feature of "cross-border" is proposed: cross-border activity on the financial market is defined as the activity of any subject of the financial market, which carries out activity that has international characteristics, including legal relations of a private law nature with a foreign element. The special role of transactions in each segment of the financial market is determined: in the capital market, the role of a transaction of an auxiliary nature (not related to the basic financial asset), in relation to transactions with the infrastructure of the capital market and directly the main agreements regarding a financial asset (financial instrument), the role of a derivative financial instrument as a contract and a financial instrument, not a security, the role of a contract in the financial services market as the basis for providing a corresponding banking or financial service, the role of a currency contract as a type of derivative financial instrument. In order to improve the national legislation, it is recommended to make changes to the Law of Ukraine "On Virtual Assets" in order to harmonize the specified legal act with EU law. In particular, add the following provisions: clause 13, part 1 of Art. 1: 13) distributed ledger technology – virtual asset market infrastructure technology that implements a distributed ledger of data that is synchronized using an algorithm. Clause 8, Part 1, Art. 1 shall be amended as follows: 8) providers of services related to the turnover of virtual assets – exclusively business entities – legal entities that conduct one or more of the following types of activities in the interests of third parties: ... administration by distributed registry technology; Recommended subject to the entry into force of the Law of Ukraine "On Virtual Assets", the Law of Ukraine "On International Private right" to add the provision: Clause 5 Part 2 of Art. 44: 5). regarding contracts and operations concluded with the help of distributed ledger technology – the right of the state of the administrator of the distributed ledger technology. The classification of transactions on the financial market of Ukraine has been analyzed further (depending on the type of financial asset, the consolidation of obligations, the method of conclusion, the place of conclusion, by the presence of a foreign element, by segment of the financial market, with the participation of an intermediary). The author's definitions is proposed: "contract on the financial market" – a transaction entered into in any segment of the financial market and aimed at establishing, changing or terminating legal relations with respect to a financial asset and/or ensuring the efficient functioning of the financial market in accordance with regulatory requirements; "international financial market" – the mechanism of redistribution of international financial assets between participants of the international financial market in accordance with the harmonized norms of international legal regulation of the financial market. Scientific views on conflict-of-law regulation of the circulation of indirectly owned securities, transactions on the financial market concluded with the help of distributed ledger technology have received further development. Recommendations regarding the legal regulation of the virtual asset market in accordance with EU law were further developed, in particular, the provisions on tokens and tokenization as a digital representation of a value or right that is accounted for and stored using distributed ledger technology. The following proposals have been made regarding conflict regulation of transactions on the financial market. Since the analyzed attempts to unify the issues of the law applicable to legal relations regarding securities, in particular by solving conflicting issues regarding securities of indirect ownership, have common shortcomings regarding, in particular, the unresolved issues regarding virtual assets, which leads to potential future difficulties in the aspect of the application of financial technologies, the circulation of virtual assets, it is proposed to enshrine the following: issues arising in relation to transactions made by a transaction on the financial market, including transactions made on the DLT platform, in particular, issues of ownership of an asset, are resolved by the national law of the country that was determined in a specific transaction. In the event that such a right has not been determined by the parties, the law of the country shall be applied: – in relation to securities of indirect ownership: the right of location of the relevant intermediary – the formal holder of securities carrying out activities related to the administration of the securities account; – in relation to smart contacts: the right of the administrator of the DLT platform on which the smart contract was concluded; – in relation to other

Sara Houshmand, Pejman Piroozi, Hossein Monavari, Alireza Mazloum Rahani

The emergence of smart contracts and the increasing integration of artificial intelligence (AI) have introduced new dimensions to traditional contract law. These advancements have fundamentally transformed the nature of contractual relationships, raising questions about their legal validity, enforceability, and alignment with established legal doctrines. This research article aims to examine the profound impact of smart contracts and AI on the principles and foundations of contract law, particularly within the legal systems of Iran and India. Smart contracts, which operate through blockchain technology and automated execution mechanisms, challenge conventional notions of offer, acceptance, and consideration. The study explores the extent to which these contracts conform to existing legal frameworks and whether legislative adaptations are required to accommodate their unique characteristics. Additionally, the research investigates issues of liability, dispute resolution, and contractual interpretation in the context of AI-driven automation. Given the decentralized nature of blockchain and the self-executing nature of smart contracts, concerns regarding jurisdiction, regulatory oversight, and consumer protection have also emerged. This study employs a comparative legal analysis by examining relevant judicial precedents, academic literature, and statutory provisions from both Iran and India. The findings highlight the need for regulatory frameworks that balance innovation with legal certainty, ensuring that smart contracts function effectively while upholding fundamental legal principles. The article also provides insights into the broader implications of AI in contract law, discussing whether AI-generated contracts challenge traditional notions of contractual autonomy and intent. By addressing the advantages, challenges, and legal implications of smart contracts, this research contributes to the ongoing discourse on legal adaptation in the face of rapid technological change. The study emphasizes the importance of legal reform in facilitating the seamless integration of smart contracts within modern legal systems.

Loukil Hibatallah

Smart Contracts form a predominant tool for today's operations, and it is existing in practically all felds like health, banking, investments etc. It is an alternative that matches the rapidity, and the easiness required by the new era. But legal adjustments are needed to preserve the rights and confront the challenges that come with it.

Ravindra Kumar Singh

Law has been effectually responding to the legal issues raised by technological advancements. It has indeed recognised electronic contracts (or e-contracts), i.e. the formation of contracts in electronic form or by means of exchange of electronic records. Currently, the contract law especially is confronted with unique challenges posed by smart contracts, which have the potential to produce manifold advantages. Smart contracts are computerised programs or ‘transaction protocols’ which automatically execute the terms of agreement upon the fulfilment of conditions recedent agreed upon by the parties. The difference between a smart contract and a traditional paper-based contract appears to be in the manner in which a smart contract is recorded/stored and performed. This difference, however, does not alter the character of a smart contract altogether from being essentially a ‘contract’. As these contracts also manifest the agreement between the parties and are actually entered into and recorded in a specific way, therefore, their validity, enforceability and interpretation will be subject to the contract law. If viewed from a broader perspective, these contracts are essentially special species of e-contracts, with some additional, advanced technology-based striking features. The fast expansion of smart contracts necessitates a legal examination of the extent to which the fundamental principles of contract law, existing provisions of the Indian Contract Act, 1872 and the Information Technology Act, 2000 deal with the contract law issues raised by these contracts. These contracts are increasingly expanding their ambit beyond financial transactions. The four specific research questions which this paper attempts to address are: (a) What is the current legal position of smart contracts in India? (b) To what extent, the established legal principles of contract formation apply to smart contracts? (c) What are the legal challenges posed by this modern form of contracting? (d) Are smart contracts to be enforced and interpreted in the same manner as any other contract? Additionally, the paper also discusses the future of smart contracts in India.

محمد بدر أحمد عثمان الكوح

من انعكاسات استخدام التقنيات والتكنولوجيا الحديثة ظهور ما يسمى بالعقود الذكية، حيث ثارت الكثير من الأسئلة حول ماهية هذه العقود، وكيف نشأة، وماهي العناصر المكونة لها، والخصائص الفريدة التي تميزها، خصوصاً في ظل احتواء هذه التقنية على العديد من المصطلحات والرموز التي لم يسبق للكثير التعرف عليها، ويكاد ينحصر نطاقها المعرفي على علماء الحاسب الآلي والبرمجيات. تقوم العقود الذكية على فكرة تلقائية إعداد وتنفيذ المعاملات التي تدمج في منصة سلسلة الكتل، دون الحاجة إلى العنصر البشري، حيث ارتبط ظهور هذه العقود في بداية الأمر بظهور العملات الرقمية المشفرة.وتعتبر العقود الذكية من العقود المستحدثة التي لم يستقر على تحديد ماهيتها، حيث تتعدد مفاهيمها، وتتشعب مصطلحاتها، لذا جاء هذا البحث لتسليط الضوء على تلك العقود وتطورها، وتحديد مفهومها، وبيان خصائصها، حيث خلص إلى العديد من النتائج، منها أن العقد الذكي يتمتع بخصائص فريدة، كالتحقق الذاتي، والتنفيذ التلقائي، والتوثيق الآلي.لذا.. يجب الاهتمام بالمزيد من البحث حول تلك العقود لتلافي قصور المعرفة القانونية بمجال التكنولوجيا الحديثة، والاستفادة من هذه الثورة التقنية في جميع المجالات.One of the implications of the use of modern techniques and technology is the emergence of so-called smart contracts, as many questions have arisen about what these contracts are, how they were created, what are their constituent elements, and the unique characteristics that distinguish them, especially in light of this technology containing many terms and symbols that have not been known to many before. Learn about it, and its scope of knowledge is almost limited to computer and software scientists.Smart contracts are based on the idea of automatically preparing and executing transactions that are integrated into the block chain platform, without the need for the human element, as the emergence of these contracts was initially linked to the emergence of encrypted digital currencies.Smart Contracts are considered innovative agreements with an undefined nature, featuring diverse concepts and branching terminologies.This study aims to illuminate these contracts, exploring their development, defining their concept, and outlining their characteristics. The study concludes that Smart Contracts possess unique attributes such as self-verification, automatic execution, and automated documentation.Therefore.. further study is essential to address legal knowledge gaps in the field of modern technology, ensuring the utilization of this technological revolution across various domains.

Michael Laubscher

Smart contracts are becoming increasingly more part of our society and there is a definite rise in the acknowledgement of a smart contract as a contract. One of the aspects to consider when a contract is entered into, is the issue of jurisdiction. This can be problematic when dealing with smart contracts. There seems to be a conflict between the specific rules of law which govern jurisdiction and the emerging technology that a smart contract uses. When dealing with contract interpretation, jurisdiction is one of the first aspects that is analysed, discussed and applied. Interpretation of so-called traditional contracts have well-established rules and principles with regard to jurisdiction, but there seems to be a number of grey areas when it comes to this same aspect when dealing with smart contracts.

Abhishek Rawat, Rajat Verma

No abstract is available for this record.

Sjef van Erp, Martin Hanzl

No abstract is available for this record.

Biyan Mienert

No abstract is available for this record.

A. Gambino, Andrea Stazi

No abstract is available for this record.

Aditya Kapoor

No abstract is available for this record.

Oleksandr Letychevskyi, Volodymyr Peschanenko, Maksym Poltoratskyi, Olga Konnova

Blockchain and smart contracts have transformed the modern world.They help ensure security and trust in transactions, revolutionize finance, logistics, healthcare, and many other industries.Smart contracts are based on software code, so they can contain errors that lead to incorrect execution of the contract.Since the area of use of smart contracts is often related to finance, the cost of such errors can be quite high.Also, errors in smart contracts that have already been sent to the network cannot be corrected due to the immutable nature of the blockchain.This problem can be solved through smart contract code analysis, which allows developers to check the correctness of their code and protect it from possible errors and vulnerabilities. This article proposes the use of insertional modeling to analyze smart contract code for the Algorand blockchain. This blockchain is one of the fastest, low-cost, carbon-negative blockchains that has advanced smart contract capabilities with low transaction fees. The language used to create smart contracts in Algorand is called Transaction Execution Approval Language (TEAL).In this work, we review existing tools for TEAL code verification and describe the capabilities that each of them provides.Among these tools are Graviton, Tealer, Algo Builder/runtime.In this paper we describe the features of the TEAL language, as well as give examples of writing a smart contract using it.We offer our method for verification created smart contract.It consists in using the algebraic approach, which is implemented in the scope of the insertion modeling system to verify the smart contract code.This approach will allow us to check the smart contract code for some state reachability and deadlocks.

Stefan Jovanović

The paper explores the growing integration of blockchain technology in the legal field, specifically focusing on the emergence of smart contracts with their automated execution of contractual obligations. Technology experts believe that the use of smart contracts contributes to the eradication of disputes. However, the author challenges this claim while analyzing the disputes that may arise in this area, including classic contract law disputes and new issues specific to smart contracts. The paper focuses on whether arbitration is the optimal forum for resolving these disputes. The relationship between traditional and blockchain arbitration is explored, examining disputes that would be resolved using established methods and those suitable for the newly created mechanism. The interests of traditional arbitration do not coincide with those of blockchain arbitration. Both should cooperate and take advantage of each other. The author asserts that the flexibility and adaptability of arbitration will be its dominant advantage in addressing these disputes.

Anne-Grace Kleczewski

Off-chain disputes regarding transactions executed on-chain are unavoidable. However, a prerequisite to effectively settling such disputes is the identification of the applicable law as well as of the competent jurisdiction. While some transactions merely operationalise off-chain relations between parties knowing each other, many result from interactions between pseudonymous individuals at unknown locations. The present contribution investigates the concrete consequences of pseudonymity on European Private International Law, especially principles to determine the applicable law. In this respect, it clarifies the numerous factors affecting the extent of pseudonymity, ranging from the type of distributed ledger on which the transaction occurred to the possible centralized intermediaries involved therein. The issue ought to be analysed having these factors in mind, as some effectively wither the veil of pseudonymity. Based on the preceding clarification, the contribution analyses the concrete extent to which pseudonymity renders some principles of European Private International Law ill-fit and as a result, difficult to apply in practice.

Tetsuo Morishita

This chapter examines Japanese Private International Law (PIL) on crypto-assets. After making a general observation on the use of blockchain and PIL, this chapter examines the jurisdiction of Japanese courts in civil cases, the extraterritorial application of Japanese criminal and regulatory laws, and applicable law in contracts, torts, and property.

Pascal Favrod-Coune, Kévin Belet

Switzerland figures among one of the first jurisdictions to include distributed ledger technologies (DLTs) in its legal framework through the recently adopted federal act commonly referred to as the DLT Act. In order to address the complex issue of determining the law applicable to tokens stored on a DLT, the DLT Act amended on 1 February 2021 the Swiss Private International Law Act (PILA), which now provides for conflict-of-laws rules that notably applies to tokens that embed a claim. This article aims to explain the context in which this amendment took place by providing an overview of the notion of tokens and presenting the main purposes of the DLT Act. It then presents and discusses the solutions chosen by the Swiss lawmaker, which follow the general principles that also generally prevail for other types of rights. As a result, the issuer of a token benefits from considerable freedom to determine the governing law of a tokenised claim. Absent a choice of law, the PILA sets forth subsidiary solutions based on the seat and the habitual residence of the issuer.

Mehdi El Harrak

For international issues, Private International Law (PIL) experts traditionally apply the law of the country with the most significant connection. However, it is often claimed that DLT features, which are immersed in a digital world, cannot be localised or have any connection with a traditional legal order. Is it then possible to determine the law applicable to smart contracts? Before answering this question, this chapter characterises smart contracts in PIL. There are various types of smart contracts: they could be used either to perform a transaction between two parties or to serve as the backbone of a Decentralized Autonomous Organization (DAO). It is then a prerequisite to analyse the different types of smart contracts before characterising them. This chapter seeks the most relevant connecting factors to determine the law applicable to smart contracts.

David Sindres

Bitcoin was launched in 2008 and appears as the first application of the blockchain technology. It remains, to date, the best known and the most used cryptocurrency. Like other cryptocurrencies, Bitcoin aims to become an alternative to State and multistate currencies, such as the Euro. The importance it has gained in practice over the past few years has grasped the attention of legal scholars, who tend to perceive Bitcoin as a challenge to traditional legal rules and therefore reflect upon the ways the latter can be applied to this technological new deal. Although these reflections concern, first and foremost, rules of substantive law, such as contract law, they also extend to Private International Law (PIL). From the latter perspective, Bitcoin raises two types of issues. The first one relates to the ability of PIL to tackle legal relationships involving the use of bitcoins, while the second one concerns the ways in which PIL rules can be implemented to these relationships. This article seeks to demonstrate that all the objections raised against the applicability of PIL to Bitcoin, whether they are based on the existence of an alleged non-State, self-regulated, legal order of the lex cryptographica, on the impossibility to situate legal relationships implying the use of bitcoins in the physical space, or on the pseudonymity of participants in the blockchain, can be overcome without having to introduce sweeping changes to PIL rules. Indeed, the latter rules can rather easily adapt to Bitcoin and grasp its hybrid nature of asset and of currency.

F.C. Villata

Technological features of cryptocurrencies have been raising a number of challenges for lawyers, in particular those practicing Private International Law (PIL), in that (i), cryptocurrencies are intangible, (ii) they exhibit a wide range of different features that, to add further complexity, evolve in parallel with technological developments, (iii) the identity of cryptocurrency users – i.e., everyone who is involved in the process of creation and transfer of cryptocurrencies – is, at minimum, not easy to trace, since it is protected through pseudonyms or, even, full anonymity, (iv) cryptocurrencies are set for more than one usage, i.e., both as a payment instrument and a form of investment (albeit a very risky one!). Even more relevant, (v) cryptocurrencies have an intrinsically cross-border reach, since they are based on decentralised distributed ledgers, potentially spanned all over the world, with no connections to any particular state, allowing value to be transferred between users across borders at a very high speed, not conditional on the location of the transferor and the transferee. Finally, (vi) it is extremely difficult to impose legal restrictions on their circulation, including territorial restrictions, not only because of the decentralised nature of said ledgers, but also because of their inherent autonomy vis-à-vis the law. The aforementioned characteristics of cryptocurrencies and, in particular, their intrinsic cross-border reach prompt the question of their PIL regime and, namely, (i) the need to identify, among the existing PIL rules, those which are applicable to transactions involving cryptocurrencies, both as payment instruments and as (possible) store of value, and to investigate whether those rules are suitable for framing them, either in terms of legal characterisation (“pure” cryptocurrencies neither represent nor give a claim against an issuer) or of connecting factors and other techniques to establish the applicable law. Following the partly negative answer to the first question, the chapter explores the many legislative options for differentiated PIL rules on cryptocurrencies, in comparison not only to traditional assets, but also to other crypto assets. Finally, the paper calls for a comprehensive conflict-of-laws regime for proprietary effects of transactions over cryptocurrencies, based on the elective situs and some requirements in terms of objective connection of the selected law, coupled with a fall-back rule, which should provide different sub-rules for permissioned and permissionless systems

Son Nguyen

Abstract Smart contracts are designed to be self-executing and self-enforcing. They are written as computer code that can automatically monitor, execute and enforce the performance of the agreed terms. The code of smart contracts exists across a distributed, decentralised blockchain network, controlling the execution and making transactions trackable and irreversible. This article examines the extent to which the Australian Consumer Law unfair contract term provisions can respond to the use of smart contracts. The article finds that the Australian Consumer Law unfair contract term provisions work relatively well to protect smart contract consumers. While some challenges exist and should be properly considered, there seems to be no need to either create entirely new law, modify the existing regime or totally ban smart contracts to protect consumers against unfair contract terms in smart consumer contracts.

Abhinav Jain, Ehan Masud, Michelle Han, Rohan Dhillon · 8 authors

Due to the modern relevance of blockchain technology, smart contracts present both substantial risks and benefits. Vulnerabilities within them can trigger a cascade of consequences, resulting in significant losses. Many current papers primarily focus on classifying smart contracts for malicious intent, often relying on limited contract characteristics, such as bytecode or opcode. This paper proposes a novel, two-layered framework: 1) classifying and 2) directly repairing malicious contracts. Slither’s vulnerability report is combined with source code and passed through a pre-trained RandomForestClassifier (RFC) and Large Language Models (LLMs), classifying and repairing each suggested vulnerability. Experiments demonstrate the effectiveness of fine-tuned and prompt-engineered LLMs. The smart contract repair models, built from pre-trained GPT-3.5-Turbo and fine-tuned Llama-2-7B models, reduced the overall vulnerability count by 97.5% and 96.7% respectively. A manual inspection of repaired contracts shows that all retain functionality, indicating that the proposed method is appropriate for automatic batch classification and repair of vulnerabilities in smart contracts.

Izabela Arnoldo Rubinich, Paulo Eduardo Diniz Ricaldoni Lopes, Laís Alves Camargos, Sérgio Henriques Zandona Freitas

The present study analyzes Smart Contracts and Blockchain technologies from the perspective of Contracts Right. Thus, seeks to investigate the general theory of contracts to identify whether smart contracts inserted in a blockchain meet the requirements of validity, existence, and efficiency. In addition, it seeks to use the figure of the Judge as a Service in arbitration and Ricardian Contracts to work the dynamics between traditional law and new technologies. The deductive method and scientific research were used, having as theoretical references the Brazilian Civil Code and the article, “Blockchain smart contracts and Judge as a service in Brazilian legislation.”

Berenika Kaczmarek-Templin

In recent years, we have observed an amazing development of new technologies; many contracts come into effect without paper documents being signed. New possibilities have appeared, for example, the smart contract (also known as the digital contract or blockchain). In some cases, there is a dispute between the participants in the smart contract, e.g., as to the manner of its implementation. A court case might be necessary to resolve the dispute. As in any dispute, evidence proceedings will have to be conducted. The smart contract should appear as a proof. However, due to its unusual nature and complicated status under substantive law, as well as the fact that it is produced by new technological solutions, it is essential to determine its admissibility as evidence. The procedural law regulates in detail only traditional evidence. The smart contract has not been regulated in procedural regulations, therefore, its status needs to be established in the context of the existing documentary evidence. This article aims to contribute to the discussion on the status of smart contracts in civil court proceedings. Primarily, it should be determined whether the smart contract can be considered a document within the meaning of procedural law. In the Polish legal system, the document is defined as an information carrier whose content can be read. Accordingly, the smart contract meets the definition criteria. However, in the absence of provisions governing the manner of taking documentary evidence, it may be difficult to actually take such evidence and establish its value. The article also draws attention to Regulation (EU) No 910/2014 of the European Parliament and of the Council on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93 / EC. Its art. 46 refers to the legal effectiveness of electronic documents and prohibits discrimination against evidence from such documents, which should undoubtedly contribute to the acceptance of a smart contract as evidence in civil proceedings.