The relevance of the study is substantiated by the need to reform the penitentiary system of Ukraine and to identify an optimal model for its institutional development in the context of European integration. Based on the synthesis of legislation and practice of the execution of criminal penalties in the EU Member States, the author has developed an original typology of public administration models in the penitentiary sphere. Four basic models are identified: 1) centralized (ministerial), characterized by a rigid vertical hierarchy; 2) the autonomous (executive) agency model, implying the operational independence of a specialized agency; 3) decentralized (federal), where management is exercised at the regional level; and 4) hybrid (asymmetric), which combines a state-wide system with autonomous jurisdictions. The advantages and disadvantages of each model are analyzed. It is established that a common European trend is the separation of policy-making functions (the prerogative of ministries) from operational management functions. The methodological basis of the study is a combination of general scientific and specialized research methods, including comparative-legal, formal-legal, and institutional analyses. The application of these methodological tools allowed for a deeper study of the European experience of penitentiary institutions. It has been shown that, regardless of the chosen organizational structure, the primary criterion for management efficiency is the state’s ability to ensure reliable, dynamic security, strict adherence to human rights standards, and the creation of the most favorable conditions for the successful social reintegration of offenders. Attention is given to the prospects of transforming the domestic penitentiary system. It is noted that the current Ukrainian penitentiary system retains signs of Soviet institutional inertia and excessive centralization. Based on the analysis, the expediency of the institutional transformation of the penitentiary system of Ukraine through the implementation of the autonomous (executive) agency model is substantiated. The study demonstrates that current Ukrainian legislation creates the necessary legal basis for the functioning of the penitentiary service as an autonomous central executive body accountable to the Ministry of Justice.
The article is devoted to virtual assets (cryptocurrency) as a subject of a criminal offense from the point of view of its definition and proof. It is noted that cryptocurrency is characterized by a high level of anonymity, since the personal data of the owners of electronic wallets (in particular, the user’s name or address) are not disclosed, and identification is carried out only using a unique set of characters, which does not allow to identify the person. At the same time, information about transactions is open, and all operations with cryptocurrency are anonymous and irreversible. That is, in a broad sense, cryptocurrency is a digital intangible asset that functions as a settlement system with a dynamically changing value, has a predominantly anonymous nature and is not under the control of central banks. The most famous cryptocurrencies include Bitcoin, Ethereum, Dash, Ripple, Monero, Litecoin, Augur, MaidSafeCoin, etc. At the same time, the most famous and expensive of them is Bitcoin – the first decentralized digital currency, created in 2008, which is used to exchange for goods or services using blockchain technology. And the exchange of cryptocurrencies for real money is carried out through online platforms, electronic payment systems or specialized exchange services. It was established that there are no other norms in the current criminal legislation that would directly mention virtual assets or cryptocurrency. In practice, this leads to the fact that investigators and prosecutors in criminal proceedings related to cryptocurrencies act in fact at their own discretion, making procedural decisions, carrying out the seizure of digital assets and organizing their storage without a clearly defined legal mechanism. As a result, the issue of the further legal fate of the seized crypto-assets remains unregulated and is resolved situationally. It is concluded that virtual assets (cryptocurrency) can be the subject of many criminal offenses. For example, fraud (when deception is used when selling or exchanging it for real currency), theft (secret theft of property using a certain computer program), extortion or illicit enrichment (since cryptocurrency can be easily converted into fiat currency, which is quite difficult to track later), etc.
Open access
Legal, Health, Environmental and COVID-19 Challenges
This article offers a comprehensive analysis of the current state of legal regulation of blockchain technology and smart contracts in Ukraine and examines their underlying legal nature. Written against the backdrop of global innovations and practical applications of distributed-ledger technology, the study addresses the urgent need to harmonise Ukraine’s regulatory framework with that of the European Union. Adopting an interdisciplinary perspective, the author integrates legal, economic, and technological considerations, viewing blockchain not merely as an innovative IT infrastructure but also as a socio- legal phenomenon capable of transforming tax, registration, and corporate processes. The introduction substantiates the relevance of the research: the rapid expansion of the digital economy, the widespread adoption of virtual assets, and the imperative to reduce corruption risks in the public sector all necessitate legislative adaptation and the introduction of new legal concepts. The purpose of the article is to develop a national regulatory model that reconciles technological innovation with the principles of transparency, legal certainty, and protection of market participants’ rights. The core of the study focuses on five potential areas for deploying blockchain in public administration: electronic tax reporting, accounting for electronic invoices, automated tax payments via smart contracts, an open register of taxpayers, and real-time monitoring of goods flows. The author demonstrates that implementing these solutions can reduce operational costs for businesses, significantly decrease errors and fraud, and enhance public trust in state institutions. Special attention is given to the legal status of NFTs and other tokenised assets. Based on an analysis of Ukrainian and international legislation, the article argues that the transfer of economic copyrights via NFTs requires a written (including electronic) agreement bearing a qualified electronic signature, clearly defined licensing terms, and integration with official state registers to verify legal title.
Open access
Digital Transformation in Law
Legal Studies and Reforms
Legal, Health, Environmental and COVID-19 Challenges
У період суспільних криз та нестабільності стратегічний фандрайзинг стає важливим практичним інструментом забезпечення фінансової стабільності та соціально-економічного розвитку. Метою роботи є аналіз стратегічних підходів до інноваційного потенціалу фандрайзингу, які можуть бути успішно використані для ефективного залучення фінансування. Методологія. У процесі дослідження було застосовано загальні наукові методи: аналіз і синтез, порівняння, структурно-логічний метод, систематизація, узагальнення та абстракція. Наукова новизна. У дослідженні розглянуто проблематику стратегічного фандрайзингу у контексті інструментарію фінансової підтримки в умовах обмеженого ресурсного забезпечення. Розглянуто різні підходи до фандрайзингу, в тому числі – цифрового, традиційного, інноваційного та партнерського. Проаналізовано особливості конкретних стратегій та інструментів, таких, як краудфандинг, онлайн-платформи, технології non-fungible tokens (NFT). Встановлено, що комплексний підхід до фандрайзингу, який асимілює сучасні та традиційні методи, дозволяє забезпечити максимальну ефективність у досягненні фінансової стабільності. Висновки. У дослідженні обґрунтовано, що краудфандинг, онлайн-платформи та NFT позиціонуються надійними інструментами фандрайзингу, зокрема, на етапі формування стратегії діяльності компанії. Запропоновано ключові підходи до врегулювання ринку краудфандингових інвестицій. Доведено, що розглянуті види альтернативного фінансування та підтримки вбачаються дієвим засобом трансформації підходів до фінансування інноваційних проєктів. Проведена у статті аналітика дозволяє ідентифікувати переваги моделей фандрайзингу, а також виділити дотичні ризики та виклики, що дозволить розробляти та впроваджувати ефективні стратегії їх нівелювання.
The article examines the legal mechanism for regulating the circulation of virtual assets in Ukraine and the regulatory and legal support for countering illegal activities with various types of cryptocurrencies. The provisions of the Law of Ukraine “On Virtual Assets”, amendments and additions to civil legislation in terms of introducing the concept of “digital thing” are analyzed. It is proven that the provisions of the European Regulation “Markets in Crypto-Assets” (“MiCA”) are essential for the legal regulation of the circulation of virtual assets and countering illegal activities with them. The classification of virtual assets contained in the European Regulation “MiCA” is disclosed in order to understand the essence of various types of cryptocurrencies. The peculiarities of the circulation of such crypto-assets as Bitcoin, Ethereum are disclosed and noted; the concepts of “blockchain”, “validator”, “service token”, “crypto-asset issuer”, etc. are investigated. The role of a number of state bodies in countering the illegal circulation of virtual assets in Ukraine is highlighted. It is argued that the coordination of analytical work and the detection of risky transactions is provided by the State Financial Monitoring Service of Ukraine. It is substantiated that the detection of criminal schemes and ensuring the prosecution of those guilty of offenses with virtual assets is entrusted to the National Police, the Security Service of Ukraine, the State Bureau of Investigation, the Bureau of Economic Security, and the Prosecutor’s Office. Such bodies as the National Bank of Ukraine, the National Securities and Stock Market Commission, and the Ministry of Digital Transformation of Ukraine form a regulatory framework that should prevent the use of crypto-assets for illegal purposes. It is established that countering the illegal circulation of virtual assets in Ukraine is carried out both through preventive measures, analytical work and improvement of the regulatory and legal framework, and through operational-search and criminal-law jurisdiction. This comprehensive model allows responding to the latest challenges, in particular, the use of decentralized finance, anonymous technologies, and cross-border schemes for the illegal circulation of virtual assets.
The relevance of the topic is due to the need to specify the circle of participants in the virtual asset market, since participants are an important element of legal relations in the virtual asset market. However, a clear circle of them has not yet been formed. With the development of the virtual asset market, new participants emerged, which explains the need to specify their circle at the current stage of market formation. The need for such specification is also due to the fact that the role and importance of the virtual asset market for the economy of Ukraine, including for its post-war recovery, require urgent certainty regarding the legal framework for the market functioning, which, in particular, should concern participants, which will allow to solve a problem of regulation of other legal aspects of the market functioning. The purpose of the article is to specify the circle of the virtual assets marker participants and to substantiate their place and role in this market by means of classification. Based on the provided study, author specifies the circle of virtual assets marker participants, which are proposed to be divided into the following functional groups: 1) the main participants – virtual assets service providers, which, depending on the activities carried out, may be business entities, the range of which is presented in Article 55 of the Commercial Code of Ukraine, business entities established under the laws of foreign states, as well as decentralized autonomous organizations functioning as virtual assets service providers; issuers (including miners); offerors; consumers; and individuals conducting transactions with virtual assets in their own interests; 2) participants with auxiliary functions that provide the necessary conditions for the functioning of the virtual asset market by providing services (banking, insurance, legal, consulting, etc.); 3) participants with special functions related to state regulation of the virtual asset market and self-regulatory organizations. The author suggests that the concept of “virtual asset market participant” should be properly enshrined in national legislation.
Godfrey Murairidzi Gotora, Eva Tsitsi Chigodo, Godfrey Benjamin Zulu, Mfula Eunice
Since the synthesis and evolution of the coding and blockchain technology with the self-executing commands, there is a sudden shift to the smart contract consumption patterns. In the global virtual commerce this phenomenon has been enormously increasingly day by day. This has been so based on the distinct, clear and strong advantageous characteristics mainly lies in security, transparency and its unique way of its decentralized automation nature. A large scope of transactions of this technology’s usage has been implemented in virtual and argumentative reality where codes create a lot of services such as games and commercial services amongst end users basically with no lawyers involved. However, despite its wide adoption intensifies, it renders no immune from the potential risks and uncertainty issues like any other software-based platforms. In generic terms every industry needs a regulatory way, which oversee or set red lines of boundaries in the form of structures, organizations and policies. In this context the code written and protocols which are executed automatically in systems aught also to be vetted in legal judiciary systems.
Abstract This article examines the integration of Decentralized Autonomous Organizations (DAOs) into the existing legal framework of the United Kingdom, proposing a novel legal entity model termed the Decentralized Autonomous Organization Limited Liability Partnership (DAOLLP). It explores the distinctive characteristics of DAOs, including their decentralized governance, reliance on smart contracts operating on blockchain and the challenges they face under current UK law and underscores the necessity for legal adaptations that accommodate these innovative structures. The suggested model seeks to provide legal personhood, limited liability protection and a framework for compliance with existing laws and regulations while maintaining the core principles of decentralization and transparency. By comparative analysis of legislative approaches towards DAOs in jurisdictions such as Wyoming, Vermont and Malta, this article promotes a proactive regulatory framework for DAOs that fosters innovation and positions the UK as a leader in blockchain governance.
The article examines the integration of blockchain technology and smart contracts into the sphere of civil law relations, focusing on legal consequences and emerging problems related to their application. As these technologies continue to transform various sectors, including finance, supply chain management, and the real estate market, the need for appropriate legal regulation is becoming increasingly urgent. The purpose of this article is to comprehensively analyze the use of blockchain and smart contracts in civil law relations and to study legal issues, current judicial practice, and various regulatory approaches in different jurisdictions. The research is based on an interdisciplinary approach that combines elements of legal analysis, comparative law, as well as the study of modern digital technologies. By examining the intersection of these advanced technologies with established legal principles, the author aims to illuminate the evolving landscape of digital agreements and their consequences for civil law in the 21st century. Assessing the importance of international cooperation for the formation of cross-border legal standards, as well as the prospects and challenges of further development, this study allows for an understanding of the emerging legal landscape of blockchain technologies in the civil law sphere.
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.
The current state of financial law is primarily defined by its subject matter. In contemporary conditions, the subject of financial law has evolved significantly, driven by the active development of its structure and, most notably, the emergence of new financial and legal institutions within decentralized finance. These institutions include state and municipal unitary enterprises, state and municipal institutions, state corporations, and public law companies. The growth of decentralized finance has been a prominent trend in the modern era, with considerable potential for further expansion. Financial and legal regulations, in general, serve to safeguard the public interests of the state and municipalities. However, it is important to acknowledge that, with the expansion of decentralized finance, the subject of financial law, considered the most fundamental indicator of the current state of this legal branch, should be understood not only in terms of the financial activities of the state and municipalities but also concerning the financial activities of entities, including non-state actors, that are tasked with executing public functions.
Muhammad Asrul Maulana, Fajar Muharram, Kharisma Fatmalina Fajri
This research aims analysis of the civil evidentiary principle, ownership of Non-Fungible Token assets can be proven through documents showing transfers from the previous owner to the current owner, as well as other evidence supporting the validity of the transaction. However, because NFT technology is still new and not fully legally recognized, further analysis is still needed to determine the appropriate mode of proof in this context. This study uses a normative method with a statutory approach (statute approach), as well as an analytical approach (analytical approach). The results of this study are to determine the principle of audi et alteram partem, the principle of ius curia novit, the principle of nemo testis indoneus in propria causa, the principle of ne ultra petita, the principle of de gustibus, non est disputandum, the principle of nemo plus juris transferre potest quam ipse habet on non-asset ownership Fungible Tokens. The principle of audi et alteram partem, which ensures that all parties have the right to be heard, upholds fairness in NFT ownership disputes by guaranteeing that each side has an opportunity to present their case.
В умовах стрімкої глобалізації, цифрової трансформації та зростання економічної нестабільності сучасні підприємства стикаються з необхідністю адаптації до змінних ринкових умов, вдосконалення бізнес-процесів та підвищення рівня економічної безпеки. У цьому контексті сучасні технології управління відіграють важливу роль у забезпеченні ефективності діяльності організацій, створенні гнучких стратегічних моделей та мінімізації ризиків. Дослідження Bain & Company та інших авторитетних джерел демонструють актуальність та ефективність використання новітніх управлінських інструментів і трендів, що охоплюють різні аспекти функціонування бізнесу. У статті розглядаються основні категорії управлінських інструментів і трендів. Цифровізація є ключовим драйвером трансформації підприємств, і у цій категорії найпоширенішими інструментами є управління клієнтським досвідом, ШІ та машинне навчання, Agile-менеджмент, Web3 і блокчейн та дизайн-мислення. Високий рівень задоволеності впровадженням цих технологій свідчить про їхню ефективність у підвищенні продуктивності, автоматизації процесів та покращенні взаємодії з клієнтами. Організаційна структура та управління персоналом є критичними факторами стабільності компаній, і у цій категорії найчастіше на підприємствах використовують системи залучення співробітників, програми управління змінами, гнучкі моделі роботи та заяви про мету, місію та бачення. Використання цих інструментів сприяє підвищенню залученості персоналу, ефективному управлінню змінами та формуванню сильної корпоративної культури. Операційна ефективність залишається одним із головних чинників конкурентоспроможності підприємств, і забезпечується такими інструментами та трендами, як управління ланцюгами поставок, загальне управління якістю, реінжиніринг бізнес-процесів, Lean Six Sigma, зменшення складності та бюджетування на нульовій основі, які дозволяють оптимізувати операції, знижувати витрати та забезпечувати стабільний розвиток компаній. Гнучке стратегічне планування та ефективне управління фінансами є необхідними умовами стійкого розвитку бізнесу, і базується на використанні динамічного стратегічного планування та бюджетування, цілях та основних результатах, сценарному аналізі і плануванні на випадок непередбачених ситуацій, збалансованій системі показників, стратегіях зацікавлених сторін та корпоративному венчурному капіталі.
Over the years, a number of applications of blockchain and smart contracts have been proposed in a variety of scenarios and sectors. Such applications use the blockchain to record different types of assets, from financial to public (e.g. vehicle registrations), semi-public (e.g. university degrees) and private (e.g. wills), as well as intangible (e.g. coupons) and tangibles (e.g. e-hotel). room keys) active. In the following subsections, an overview of the developed/designed applications is reported, grouping them according to their sector and context. The objective here is to provide the reader with a list of existing, to be developed, or potential applications of blockchain and smart contracts to help them understand the huge impact this technology could have on society.
The article examines the current problems of the financial law system. It highlights that currently legal institutions are not distinguished in the system of the industry. Regulating decentralized finance. Meanwhile, the financial and legal institutes of the state and municipal unitary enterprises have existed in the system of science since Soviet times. However, at present, new financial and legal institutions regulate centralized finance. Nevertheless, in the system of the branch of law, they stand out very rarely. The latter include the Institute of Finance of State Corporations and the Institute of Finance of Public Law Companies. The author underlines a critical difference between these legal institutions, which is crucial for financial law because it affects the characteristics of financial legal relations.
Bogdan Derevyanko, Nadiia Іvanchenko, Oleksandr Podskrebko, A. V. Prylutska · 5 authors
The paper identifies the main positive aspects and risks of operations involving cryptocurrency after their legitimization and suggests ways to reduce the impact of risks and negative consequences. Analysis and synthesis techniques were utilized in the research in order to summarize the findings and draw conclusions in accordance with the paper’s structural divisions. The structural approach made it possible to structure the provisions on the potential spread of the impact of the existing state regulatory system on participants’ activities in the cryptocurrency market and determine which state executive authorities should be assigned the task of licensing cryptocurrency mining. The comparative legal method was used to search for advantages and disadvantages for various types of legal entities after legitimizing cryptocurrency. In order to examine the origins of human civilization and its recent acceleration of digitalization, the historical legal method was utilized. The authors have elaborated methods aimed at reducing the risks of operations with cryptocurrencies, as well as protecting the interests of the state and cryptocurrency market participants. It is proposed to establish a cryptocurrency exchange by citizens of Ukraine or business entities in agreement with the National Bank of Ukraine, the National Securities and Stock Market Commission or other central executive body. It is proposed to protect the interests of participants in the cryptocurrency market through the application of a group of measures characterized by the term “legal work at the enterprise”, and the LLC legal form can be used to prevent conflicts between founders and protection from encroachments of corporate raiders for small businesses
Blockchain technology has transcended its origins in cryptocurrency and is now poised to transform various aspects of the legal and business landscape by implementing smart contracts. Smart contracts, which operate on blockchain networks and are self-executing, programmable contracts, have the potential to completely change how agreements are made, carried out, and enforced. In order to shed light on their benefits, drawbacks, and potential future ramifications, this article examines the development of blockchain-based intelligent contracts and their influence on legal and corporate procedures. Traditional methods of managing and carrying out contracts are frequently time consuming, expensive, and prone to disagreements. Blockchain technology's smart contracts provide a decentralized, automated, and impenetrable means of drafting, carrying out, and upholding contracts. This article explains how smart contracts can streamline processes across multiple industries, including finance, real estate, supply chain management, and intellectual property by carefully exploring the technological foundations and real-world use cases of smart contracts. Smart contracts' potential societal and economic effects, such as decreased transaction costs, increased effectiveness, and improved. This article promotes interdisciplinary study and collaboration among legal scholars, technologists, and business professionals to fully realize the promise of blockchain-based intelligent contracts. It ends by imagining a time when smart time when smart contracts are fully incorporated into daily life, revolutionizing the way contracts are established and carried out in the digital age.
The article is devoted to the consideration of automated decentralized programs on the blockchain, which are a modern tool for processing transactions without the help of a trusted third party. The purpose of the study is to generalize and systematize information on the requirements for smart contracts, as well as review the vulnerabilities of smart contracts at the Solidity code level. The blockchain architecture was studied and the advantages of smart contracts compared to conventional contracts were determined, namely: risk reduction, reduction of administration and maintenance costs, and improvement of business process efficiency. A thorough analysis of current literature has been carried out and the current problems faced by users and developers of smart contracts have been identified. It is noted that the process of developing smart contracts is not sufficiently standardized and it is advisable to create a system of recommended requirements for smart contracts used in various subject areas. The requirements for smart contracts have been collected and analyzed for areas related to healthcare, education, business, project management, data analysis, software development, trading, logistics, and jurisprudence. It is determined that the mandatory requirements for all these subject areas are security, process transparency, determination of conditions and criteria for success, and automation of work. The rest of the requirements are analyzed and the concepts of the measure of coincidence and uniqueness of requirements for a particular subject area based on the corresponding functions are introduced. The coincidence and uniqueness measures were calculated for the considered subject areas. The proposed measures will allow in the future to obtain a quantitative assessment of templates for gathering requirements for programs, taking into account the used subject area. The article reviews and systematizes the types of vulnerabilities of smart contracts at the level of Solidity code on the Ethereum platform. The best practices to avoid such vulnerabilities and possible examples of their exploitation by attackers are identified. It has been shown that increasing the reliability of smart contracts will help increase trust in the blockchain among users.
Purpose: The article discusses conceptually new approaches to resist using cryptocurrencies and electronic payment means in unfair practices. As a result, it was found that all of them are aimed at revealing suspicious transactions and deanonymized individuals involved in illegal activities. The conclusion is substantiated that information and analytical systems constitute promising special tools for effective control of cryptocurrency market and blockchain networks. The research theoretical basis comprises scientific publications of the experts specialized in the issues of involvement, blockchain technology, distributed registries and cryptocurrencies at the investigation of crimes as well as foreign software tools, applied in the field of blockchain networks security. Methods: In the research, the author relies on deduction, generalization, synthesis and system analysis methods. Results: Determination of the capabilities of foreign and domestic software special tools in the field of virtual wallet providers and exchange operators (such as “crypto-currency brokers’ board”, etc.). Practical significance: The mechanism of functioning of special software tools for deanonymization of transactions in order to resist the use of cryptocurrencies and payment electronic means in unfair practices is presented.
Enas Qutieshat, Bassam Al-Tarawneh, Osamah Al Naimat
Contract theory is considered one of the legal theories most affected by technological development. Technology has become a challenge and a test of the extent to which the provisions of the law related to the contract on the basis whether such theory is able to respond to technical development. This paper deals with smart contracts in the light of the Jordanian civil law texts and the Jordanian electronic transactions law, to determine whether the current legal texts can recognize the legality of such contracts on the one hand and the ability of the Jordanian legal system to apply this type of contracts. It has been concluded that the smart contract cannot be considered a contract unless the basic pillars of any of the contracts stipulated in the civil law are available. The Jordanian Electronic Transactions Law until the moment of writing does not regulate smart contracts based on automated implementation of the terms of the contract without human intervention, as it covers only the stage of contract creation. In addition, the mechanism of creating and implementing this type of contract constitutes a legal challenge to most of the rules governing the contract in Jordanian law.
The current research is devoted to the problem of the interpretation of the concept of consideration in Contract Law when applied to smart contracts executable on a blockchain. For these types of contracts, there exists a possibility where one of the key elements of a blockchain transaction, namely, gas payment, may, under certain conditions, qualify for the standard of valid consideration. Such a scenario may lead to a case where a gift from one contracting party to the other, executed via a smart contract on a blockchain, meets all the requirements for a contract - a situation that is impossible in Common Law jurisdictions since gifts are not recognised there as contracts precisely due to the 'lack of consideration'. The mentioned conundrum needs to be addressed. The current research describes this problem in detail, invites the audience to a debate and sets the directions for further discussions.
The article considers some aspects of legal regulation of smart contracts, which are becoming more and more relevant with the development of information technologies. The legislation and legal experience of foreign countries on conclusion and execution of "smart contracts" are studied in detail. As is known, currently there are several ways of integrating smart contract into transactions. The most relevant model of smart contract conclusion is the mixed model, the positive sides of using this form are analysed in the relevant provisions of the article. In its turn, the very legal nature of this type of contracts causes lively disputes in the civilistic environment, which is demonstrated by various opinions given in the article on the topic under consideration. There is no doubt that the widespread development of smart contracts in the near future can significantly help to reduce risks for the parties to the contract, exclude unscrupulous performers and suppliers from the market, as well as show a number of other advantages.
Based on a systematic analysis of the general provisions of civil law on the forms of transactions, contracts and methods of performance of obligations, and doctrinal points of view on the essence of the smart contract as a product of digitalization conclusions are made that the smart contract has a complex and ambiguous legal nature, allowing to define it as a kind of electronic contract, a separate form of written transaction (contract), a way to fulfill an obligation. In the absence of its legal concept, it does not replace the traditional civil law contract. The subject composition and content of the smart contract is mediated by the scope of its application. We should not exaggerate the role and importance of smart contracts and expand the scope of their application outside of civil turnover.
The article is devoted to the features of protection the weak party in the situation when the parties to the banking agreement use the “smart contract” technology from the point of view of Russian and foreign doctrine. The author proposes particular changes and additions to the current regulation and the established judicial practice, while the general principles of legislation remain unchanged.