It is vital for the world to keep up with and evolve at the same rate as technology. One such technological innovation is blockchain. Despite the fact that something has been on the spectrum for quite some time, only recently has it gained any attraction. This chapter begins by introducing the concept of blockchain and how it operates on the internet. A summary of the extensive coding and math needed is provided in plain text and simple terms. The chapter further discusses smart contracts, which are seen as a critical component of any transaction that takes place in blockchain. However, just like any other formal contract, there is a possibility of disagreement. Most smart contract disputes are settled using the same contractual laws. It is also essential to note that the method of resolving disputes is an important consideration. The author in this paper aims to analyse the procedural aspect of resolving disputes, more into the use of blockchain mediation. Lastly the author concludes by urging the fact the alternative dispute is the need of the hour.
Abstract The paper draws a comparative analysis on the doctrine of mistake in contract law between common law and civil law traditions, to explore the legal implications and ramifications of blockchain technology, as one form of dlt , and smart contracting. The case of B2C2 Ltd v. Quoine Pte Ltd is instrumental in portraying how an actual legal dispute may arise in smart contracting relationships, whereby little to no human intervention exists. By comparatively analysing the two legal systems, one may understand better the judgments delivered by the courts in Singapore, the historical common law background leading to such a decision as confirmed also in appellate stage, the consequences such a decision may possibly have on the adoption of similar smart contracting arrangements, and the possible approach under a civil law regime. The conclusions pinpoint some crucial observations relating to the legal approach courts may adopt and their consequences on such contracting arrangements.
Aidin Rasti, Amal Ahmed Anda, Sofana Alfuhaid, Alireza Parvizimosaed · 8 authors
Complementary materials for the paper that extends the conference paper : "Symboleo2SC: From Legal Contract Specifications to Smart Contracts" <code>symboleo-js-core</code> includes the implementation of the ontology of Symboleo. <code>Symboleo2SC-demo</code> includes the five evaluated Symboleo contracts, their generated smart contracts, and their unit tests.
Contrats intelligents pour les enchères : de l'évaluation expérimentale à la confidentialité La sécurité et la transparence des blockchains semblent fournir un environnement adaptépour les enchères. Nous nous focalisons sur l'enchère Vickrey-Clarke-Groves pour larecherche sponsorisée (VCG) pour évaluer cette hypothèse. Nous proposons et utilisonsune méthodologie pour la comparaison de différents blockchains du point de vue descontrats intelligents (smart contracts). En utilisant VCG, nous avons comparé Ethereumet Tezos ainsi que les mises à jour récentes d’Ethereum sous la forme d'Ethereum Mergeet Polygon POS. Enfin, nous analysons les conséquences du manque de confidentialitédes blockchains dans une enchère telle que VCG, en proposant trois nouveauxalgorithmes pour en atténuer les effets négatifs.
Opvolging van tokenhouders in Decentralized Autonomous Organizations: een vennootschapsrechtelijke duiding Auteurs schrijven in het kader van het honoursprogramma Law Extra van de Radboud Universiteit over de opvolging van tokenhouders in Decentralized Autonomous Organizations (DAO’s). Er wordt duiding gegeven aan de plaats van DAO’s in het Nederlands vennootschapsrecht, waarbij bijzondere aandacht uitgaat naar de opvolging in personenvennootschappen.
La presente obra se constituye como una aproximación a una temática tan amplia —y, a la vez, tan compleja— como la cultura de paz, la eficiencia procesal, la tutela judicial efectiva y la defensa de los colectivos vulnerables. Desde una perspectiva multidisciplinar, un total de 34 jóvenes investigadores en ciencias jurídicas de España, Colombia y Portugal, nos ofrecen análisis y reflexiones de un importante número de instituciones jurídicas como los derechos fundamentales, la Administración de Justicia, el proceso civil y penal, el arbitraje, la mediación, la justicia restaurativa, la defensa de los consumidores, la tutela del medio ambiente, la responsabilidad civil y la tutela de los colectivos vulnerables. Desde campos del conocimiento como el Derecho civil, el Derecho penal y la criminología, el Derecho administrativo, el Derecho laboral y el Derecho procesal, en esta obra se nos invita a adentrarnos en el examen de esas instituciones jurídicas —y de otras muchas más— desde sus concepciones clásicas hasta las modulaciones que han experimentado con la irrupción de los avances tecnológicos —y, especialmente, de la inteligencia artificial— en las relaciones personales y comerciales.
This brief chapter focuses on smart contracts and cartel law. It argues that smart contracts have the potential to unsettle competition law. They are a step in an ongoing process of technological evolution, from enterprise-software powered big-box store chains, to Web 1.0 e-commerce, to algorithmic competition, and ultimately to further stages we cannot yet imagine. As markets and their substitutes and complements evolve, so too must competition law, if it is to continue to serve consumer welfare and the public interest.
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.
Smart contract technology and artificial intelligence are reshaping the conventional industry and business processes, in particular financial businesses. Being embedded in blockchains, smart contracts allow the contractual terms of an agreement to be enforced automatically, without the intervention of a third party whom the parties trust. As a consequence, smart contracts can limit administration and save costs, increase the efficiency of business processes and lower risks. Smart contracts may drive the new wave of innovation in business processes, though, there are a number of issues to be tackled. Artificial intelligence (AI) techniques are being increasingly deployed in finance, in areas such as algorithmic trading, credit underwriting, finance based on blockchain, or asset management. The deployment of AI in finance is enabled by more and more affordable computer capacity as well as an abundance of available data. Undoubtedly, the digital revolution poses new challenges for humans, in particular the need to create new institutions and legal tools that would be able to keep up with new technologies. Both smart contracts and AI are used in many areas of the economy, more and more recently also in the capital market, causing a number of discussions concerning, in particular, their legal aspects.
Artificial Intelligence and blockchain technology now influence the intellectual property environment. For example, machine learning is now regularly used in trademark and patent searches in IP databases. Machine learning implementations in different IP areas, including patent tracking, copyright evaluation, and trademark comparisons, can now be seen more often. A vast range of LP notary implementations are proposed using blockchain technologies, and new networks emerge, using both AIs and blockchains to build new IP communities. The growth of such technology in LPP is mainly driven by the IT industries, particularly technology entrepreneurs. In the context of the non-registered IP rights such as copyright (which under the Berne Convention for the Protection of Literary and Artistic Works and in many jurisdictions is not registrable) and unregistered design rights, blockchain technology can play an important role, too, because it can prove its conception, use and qualification (for example the countries where the design was first marketed and originality). Uploading the author or creator’s work and design data into a blockchain would produce a time-stamped record and solid proof of originality.So, IPO has laid the groundwork for the technology’s fusion into the IP ecosystem. Several other possible uses include ledger management, the creation of a monitoring authority to track the use of IP properties in the market and commercialization for investors via a bidding system. It will provide innovators with a centralized, government-backed market to attract investors and technology titans.
1. L’évolution des techniques et du droit. Il y a presque vingt ans, le législateur national accueillit favorablement les évolutions de l’économie numérique, en consacrant le commerce électronique comme « l’activité économique par laquelle une personne propose ou assure à distance et par voie électronique la fourniture de biens ou de services »1. Le droit européen participe également activement
Was ist denn eigentlich eine Entscheidung, abgesehen von der allgemein akzeptierten Auffassung des öffentlichen Rechts? Wo liegt die Grenze zwischen einer Entscheidung und einer vorgegebenen Wahl ohne jeden freien Willen? Am Beispiel von automatisierten Datenschutzentscheidungen zeigt der Autor die Grenzen der Anwendung einiger Klauseln der DSGVO, des Übereinkommens 108+ und des Schweizer Bundesgesetzes über den Datenschutz im Zusammenhang mit intelligenten Verträgen und KI auf. Indem er erklärt, was entscheidungsfindende Maschinen wie Smart Contracts und AI Deep Learning Engine-Modelle wirklich tun, benennt der Autor das Problem, das sich im Vorfeld der Bedingungen eines Automated Decision-Making-Prozesses ergibt: Maschinen treffen nicht immer «Entscheidungen». (xf)
Spanish Abstract: El presente estudio examina los smart contracts, la tecnología blockchain que los posibilita y la conexión del objeto del contrato mediante el Internet de las cosas. A estos efectos, se examinará doctrinalmente el concepto de smart contract, las aplicaciones de la tecnología blockchain en materia contractual, y la formación y ejecución del contrato, prestando especial atención al futuro papel del Internet de las cosas. English Abstract: This study examines smart contracts, the blockchain technology that makes them possible and the connection of the object of the contract through the Internet of Things. For this purpose, the concept of smart contract, the applications of blockchain technology in contractual matters, and the formation and execution of the contract will be examined doctrinally, paying special attention to the future role of the Internet of Things.
Prof. Dr. Eric Wagner Rechtsanwalt< in Stuttgart, Dr. Moritz Holm-Hadulla Rechtsanwalt< in Stuttgart, Dr. Marc Ruttloff Rechtsanwalt< in Stuttgart
While the general employment of smart contracts has seen growing interest lately, its application in the legal domain raised several concerns . One of the main issues is that these contracts are often written in computer code, thus are difficult to understand for the average person: this could undermine their enforceability before national courts . \nThe present work proposes an approach for solving this lack of transparency: we shall compare and employ declarative programming languages that have already proven to bring helpful advantages when writing smart contracts , such as Logical English and LPS, both based on Prolog, as well as domain-specific imperative languages, such as Stipula , that allow for the codification of a smart legal contract both understandable for the average person and readable by the machine. \nWe will give an outline of the interplay between natural language and programming languages, and show how the lack of understanding reflects on the current employment of smart legal contracts. Fundamental to our reasoning will also be the distinction between B2B and B2C contractual relationships, where the EU principles of clarity and understandability of contract terms come into the picture. Moreover, we believe that uncertainty on whether the contract will execute the code as intended by the parties will negatively impact the trust that people place in such technology. \nWe will demonstrate a methodology for writing smart legal contracts in such a way as to improve both the understanding of their contents, by providing a direct transposition in code of the relevant clauses; and the intelligibility of their execution, by implementing the clauses directly, with no further coding required. This shall be done through Logical English, a programming language in which code is represented using a controlled form of the English language. Our intention is to showcase how to build trust in smart legal contracts, moving through a brief literature review of the proposed solutions, following with a demonstration of the drafting of the contract in a computable language understandable by legal experts and citizens alike. We shall utilize a running example to compare the methods we have applied, looking at the advantages, disadvantages and their effect on the overall explainability of the program. \nTo conclude, we shall compare our results with the desired effect on transparency and see how these may help the general goal of bridging natural language and computer code, especially as far as consumer contracts are concerned. We shall test whether it is possible for the consumer to contribute to the execution process, moving from the written text directly to the computable code, thus strengthening the connection between the contracts and the automation. To reach a common standard, and employ this technology in the legal field, it is necessary to link all parties more closely, be they businesses, consumers, or legal professionals, by providing a way for all to communicate directly with the Smart Legal Contract.
Tradisionele geskrewe kontrakte word in natuurlike (of menslike) taalstrukture uitgedruk. Die gebruik van natuurlike taal het egter sy eie uitdagings. Eerstens is natuurlike taal wat in kontrakte gebruik word, deurspek met dubbelsinnigheid en tweedens word natuurlike taal in kontrakte dikwels die slagoffer van tegniese taal, wat dit moeilik maak vir ’n leek om die inhoud van die dokument te verstaan. Om hierdie rede is strenger wetgewende maatreëls ingestel, soos die 2017 Polishouerbeskermingsreëls en die Verbruikersbeskermingswet 68 van 2008. Digitale innovasie het die wyse van kontraktering verander, en baie kontrakte word nou elektronies gesluit, en met meer onlangse innovasies is sekere kontrakte nou gekodeerde rekenaarprogramme wat slimkontrakte genoem word. Sulke slimkontrakte kan die vorm aanneem van (i) ’n natuurlike taalkontrak met outomatiese kontraktuele prestasie, (ii) ’n hibriede kontrak, of (iii) ’n ten volle outomatiese en gekodeerde kontrak. Daarbenewens het die versekeringsbedryf unieke produkte ontwikkel wat digitale innovasie en tegnologiese ontwikkelings behels, soos parametriese- en mikroversekeringsmodelle. Hierin kan slimkontrakte konseptueel gebruik word om parametrieses en mikroversekeringsmodelle te ondersteun. Daar is egter min nagedink oor hoe dit kwesbare polishouers se vermoë kan beïnvloed om digitale kontrakteringstrukture te verstaan, soos die slimkontrakte wat op die onderliggende kode rus en die polishouer se digitale geletterdheid bevraagteken. Die outeurs bespreek die potensiële tekort wat die gebruik van tegnologieë, soos slimkontrakte, op kwesbare polishouers in die Suid-Afrikaanse versekeringsmark sou hê deur die aard van slimkontrakte en hul gebruik in parametriese versekering in ag te neem, en ontleed ook die bestaande Polishouerbeskermingsreëls (in vergelyking met die beskerming van polishouers in die Verenigde Koninkryk) om te bepaal of die bestaande beskerming voldoende sal wees om polishouers wat “slim” versekeringskontrakte sluit, te beskerm. Alhoewel daar voordele is aan die gebruik van slimkontrakte is daar tog verskeie faktore wat in ag geneem moet word, soos (i) die betroubaarheid van die databronne van die slimkontrak, (ii) die gebrek aan wetgewende beskerming van polishouers in die gebruik van gekodeerde taal wat in slimkontrakte gebruik word, (iii) die lae digitale geletterdheidsyfers en (iv) die vereiste om geoutomatiseerde transaksies in ’n natuurlike taaldokument te plaas as gevolg van artikel 20(d) van die Wet op Elektroniese Kommunikasie en Transaksies 25 van 2002. Die skrywers stel voor dat dit dalk nodig is vir die Suid-Afrikaanse wetgewer en die versekeringsbedryf om hierdie faktore in ag te neem en bykomende regulatoriese beheermaatreëls in te stel vir die gebruik van slimkontrakte in versekering, spesifiek om polishouers te beskerm met betrekking tot digitale geletterdheid wanneer ’n “slim” versekeringskontrak gesluit word.
Ada Bagozi, Devis Bianchini, Valeria De Antonellis, Massimiliano Garda · 5 authors
With the advent of blockchain technology, many interorganisational collaborative processes that demand trust requirements (e.g., food supply chain, smart grid energy distribution and clinical trials) are being implemented as decentralised applications (DApps). Indeed, blockchain technology provides decentralised control and immutable transaction history, thereby improving security and accountability between parties. In this vision paper, we consider cooperative processes where a subject, which acts as a regulator of the process, promotes the use of blockchain for increasing transparency, while reducing the burden in controlling trustworthiness among participants. To the scope, the regulator provides a registry of basic smart contracts, including both actual deployed ones and code templates, that can be used and extended by the process stakeholders (e.g., retailers, energy providers, researchers) to build up DApps. The adoption of a blockchain and the definition of the registry favour the compliance with best practices and obligations demanded by the regulator, as well as that all relevant information and documents cannot be tampered. To support semantic-based smart contract search in the registry, we propose a multi-perspective framework that, in addition to classification and technical characteristics of smart contracts, takes into account the past experience of developers who have used smart contracts of the registry to develop DApps.