Blockchain Papers

Gavin Zheng, Longxiang Gao, Liqun Huang, Jian Guan

No abstract is available for this record.

Wei Liu, Wang Lanjia

Block chain smart contract is the third stage of the development of smart contract, but also the second stage of the development of block chain. The discussion of the nature of the contract law of block chain intelligent contract should take the contract-based intelligent contract as the research object. On the technical level, the characteristics of decentralized, unalterable and automatic execution of intelligent contract make it different from traditional contract, but from the perspective of law, the above characteristics of intelligent contract are only relative. Therefore, there is no great difference between intelligent contract and traditional contract in essence, and the differences can be reasonably explained. In terms of law, intelligent contract is the codification of traditional contract and another name for traditional contract in the field of information code, so it should be adjusted by the contract law.

Diana Itzel Santana Galindo

The Role of the Seat in Smart Contract Disputes Over the past few decades, international commercial arbitration has experienced major developments in various fields. A major recent development that will spread widely in the years to come relates to technology and the necessity of international commercial arbitration to adapt to the new needs of the market. The path of technological development in commerce is determined by forces other than the needs of legal practitioners. Moreover, the lack of real connection to a sole place, in disputes where the multi-parties have not selected the seat, can create serious obstacles for the arbitral proceedings in blockchain technology disputes. In this regard, smart contracts, however, appear to have identifiable parties with an identified physical point of connection that ultimately can be adapted to the existing place of the arbitration theory within the international arbitration legal framework.

Mahmoud Aymo, Carlos Bellón Núñez-Mera, R. Sáenz Díaz

Capítulos en libros

Blaž Bagić

Ovaj rad nadograđuje alat za statičku analizu pametnih ugovora, Slither, sa novim detektorom za ranjivost zvanu umetanje ispred (eng. front running). Rad opisuje provedeno istraživanje potrebno za stvaranje početne hipoteze o načinu kojim će se moći detektirati umetanje ispred. Koraci implementacije novog detektora su dani zajedno sa poglavljem o provedenim eksperimentima i njihovim rezultatima. Implementirano rješenje ima određene mane, za koje postoji poglavlje u kojemu se diskutira o tome što se i kako može unaprijediti da bi se ostvarilo bolje rješenje.

Amy J. Schmitz

Amy J. Schmitz describes the development of contracts and the challenges in resolving disputes in this arena. She explains the need for sound dispute system design complete with an arbitration provision built into smart contracts. She is the Elwood L. Thomas Missouri Endowed Professor at the University of Missouri School of Law.

Tega Edema

The growing use of smart contracts in a wide range of transactions has raised a deluge of legal issues, including allocation of liability in such transactions. In many circumstances, using smart contracts involves a range of legal risks that might be distributed beyond the contractual parties to other parties, such as the developers of the smart contract code. While smart contracts have the potential to disrupt the current legal and transactional status quo, notorious occurrences such as attacks on Ethereum or Bitcoin platforms highlight the need to properly dissect the issue of liability and rightly apportion liability where it falls. This also includes working on any lapses in the existing legal and transactional framework to cater for these issues. This article sets out to examine the validity of smart contracts in the light of existing contract law principles. It examined the legal regime and development of smart contracts in Nigeria. It further discussed the problem of allocation of liability associated with smart contracts. It made certain propositions on how these issues could be tackled including the amendment of existing legal framework to aptly provide for and regulate the smart contracts era particularly in Nigeria. The doctrinal method of research was employed to dissect the issues raised and discussed in the article. Relevant texts were scrutinized and analyzed to arrive at the findings and recommendations contained in the article.

Chin-Woo Kim

스마트계약과 관련하여 지금까지 미흡하게 다루어져 왔던 주제의 하나는 소비자 보호이다. 스마트계약을 이용한 거래에서 소비자가 어떻게 보호될 수 있는지 및 스마트 계약을 소비자에게 유리하게 사용할 수 있는지의 문제가 제기된다. 이에 본 연구는 정보제공의무와 소비자 철회권을 중심으로 살펴보았다. 현행법에 대한 분석뿐만 아니라 스마트계약에 의한 소비자보호의 추상적 가능성에 관하여도 개관하였다. 국가기관에 의한 권리실현 절차보다 효율적인 계약의 자동실행을 사력구제라고 하여 모두 부적법하다고 할 것은 아니다. 그러나 스마트계약을 통한 계약의 자동실행이 항상 합법적인 것도 아니다. 스마트계약의 자동실행은 현행법, 특히 강행법규가 허용하는 테두리 내에 있어야 한다. 강행법규는 항상 계약의 효력과 적법성을 위한 기준이 된다. 따라서 스마트계약을 이용한 거래가 소비자 보호의 사각지대가 되거나 스마트계약이 소비자계약법의 강행규정을 우회하는 수단으로 이용되어서는 안 된다. 그 때문에 스마트계약을 이용한 특수한 유형의 B2C 거래에서도 정보제공의무가 이행되어야 하며 철회권의 행사가 보장되어야 한다. 스마트계약의 자동실행은 강행규정이 허용하는 범위 내에서만 가능한 것이다. 스마트계약을 이용한 거래에서도 이미 현행법에 따라 일정 정보가 제공되어야 하고 소비자 철회권 행사가 가능할 수 있다. 또한, 스마트계약은 계약의 자동실행을 통해 소비자 보호 관련 법률조항으로 거의 제공할 수 없는 법적 안정성을 소비자에게 제공할 수 있다. 현재 소비자에 대한 최대의 위험은 스마트계약이 프로그래밍 오류를 일으킬 위험을 내재하고 있다는 점이다. 스마트계약의 기술적 안전성이 보장되면, 소비자 관련 스마트계약의 잠재력이 최대한 활용될 수 있을 것이다. 예컨대 사업자는 스마트계약에 일정 보안 검사를 하고 이 검사를 일종의 인증마크처럼 활용할 수 있을 것이다. 검사를 장려하는 유인책으로서, 검사를 거치지 아니한 스마트계약의 사용자는 소비자에 대하여 보안위험 및 행하여지지 아니한 검사를 소비자에게 명확하게 지적할 의무를 부과하는 방안을 고려할 수 있을 것이다.Zu den bisher lediglich rudimentär behandelten Themen im Zusammenhang mit Smart Contracts gehören jene des Verbrauchervertragsrechts. Die spezielle Eigenschaft und Mechanik von Blockchain basierten Smart Contracts kann gerade im Zusammenhang mit dem Verbrauchervertragsrecht ein gewisses Spannungsverhältnis auslösen. Dabei stellt sich sowohl die Frage, wie Verbraucher beim Einsatz eines Smart Contracts geschützt werden, als auch, wie diese zugunsten der Verbraucher eingesetzt werden können. Ein Schwerpunkt liegt dabei neben der Geltung von Verbraucherrechten auf Informationspflichten und Widerrufsrechten. Über die Analyse de lege late hinaus soll zudem ein Überblick über die abstrakten Möglichkeiten des Verbraucherschutzes durch Smart Contracts gegeben werden. Selbstverständlich müssen die Wirkungen eines Smart Contracts mit geltendem Recht in Einklang stehen. Dieses bildet stets den Maßstab für die Wirksamkeit und Rechtmäßigkeit des Vertrags. Sowohl die Bereitstellung gewisser spezifischer Informationen als auch die Ausübung eines etwaigen Widerrufsrechts können beim Einsatz eines Smart Contracts nach geltendem Recht bereits gewährleistet werden. Daneben bietet der Smart Contract seinerseits Verbrauchern durch die Automatisierung der Leistungspflichten eine Rechtsicherheit, die verbraucherschützende Normen kaum bieten können. Die größte Gefahr für Verbraucher dürfte aktuell im Risiko etwaiger Programmierfehler des Smart Contracts liegt. Die Pflicht im Rahmen der einschlägigen Informationspflichten über diese Risiken zu informieren, dürfte dem Verbraucher nur unzureichend helfen, insbesondere wenn man bedenkt, dass bereitgestellte Informationen von Verbrauchern klassischerweise wohl nicht einmal wahrgenommen werden dürften. Vielmehr dürfte das volle Potential von Smart Contracts im Zusammenhang mit Verbrauchern dann ausgeschöpft werden können, wenn die technische Sicherheit von Smart Contracts gewährleistet ist. Denkbar wäre etwa, dass Unternehmer den Smart Contract einer bestimmten Sicherheitsprüfung unterziehen und diese Überprüfung wie eine Art Prüfsiegel angeben können. Als Anreiz zur Überprüfung könnten die Verwender ungeprüfter Smart Contracts gegenüber Verbrauchern verpflichtet werden, auf das Sicherheitsrisiko beziehungsweise die nichterfolgte Prüfung ähnlich deutlich hinzuweisen.

Rafał Tomasz Prabucki

For some time now, blockchain technology has been used for many purposes all over the world. The question arises – how do we regulate proving facts in a dispute between agreement parties when they use self-executing contracts? The answer to this question is explored in this research in the context of civil issues. Furthermore, the Polish law has introduced a new tool in the form of a ‘contract of evidence’ (similar to the parol evidence rule) which may increase the popularity of smart contracts. The research methodology is based on the analysis of the two existing regulations from the Civil Procedure Code and the Commercial Code. Moreover, legal scientific studies that indicate the risks associated with using self-executing contracts in such a way will be analysed. All efforts have been taken to obtain conclusions regarding the future of this type of solution in Poland and Polish smart cities.

Niels-Philip Abdellatif

The paper bill of lading remains pervasive despite numerous problems associated with its form. Blockchain heralds change as it allows unique tokens to be possessed and traded peer-to-peer instantaneously over the internet without the need for a trusted central administrator. Blockchain furthermore promises to ease processes thanks to its applicability in smart contracting procedures. The Model Law on Electronic Transferable Records (MLETR), passed by UNCITRAL in 2017, provides the relevant legal framework for legal protection of the blockchain bill of lading. This paper proposes Ethereum as a viable smart contract-enabled blockchain platform for a bill of lading system and examines said system’s compatibility with the MLETR. The analysis also shows that blockchain technology may have significant consequences for the ‘control’ approach for establishing possession of an electronic transferable record.

Mimi Zou

While technology is playing an increasingly important role in courtrooms around the world, Chinese courts are adopting and experimenting with deep technologies at a much faster pace and on a greater scale than their counterparts in most other countries. In recent years, Chinese courts have seen major developments in online dispute resolution platforms, specialized Internet courts, and the wide use of AI tools across case management, dispute resolution and adjudication processes in personal injury claims. Other novel technologies such as distributed ledgers, blockchain and smart contracts solutions are currently being developed and rolled out in several local and specialised courts. The Chinese leadership has established a policy framework of “Smart Courts” with the aims of enhancing judicial efficiency, transparency, and effectiveness. This article provides an overview of how Chinese courts have swiftly embraced the adoption of new technologies under this framework over the past few years, with consideration of how Smart Courts may handle personal injury claims.

Alexandra Sims

Almost everyone has heard about the cryptocurrency Bitcoin. Blockchain, or distributed ledger technology (DLT), is the technology underlying Bitcoin and many other cryptocurrencies. Blockchain, however, is certainly not limited to cryptocurrencies. People will increasingly hear about blockchain’s use in a range of different sectors and industries, including supply chains, healthcare, energy and law. No one should be surprised about blockchain’s wide application: it is a general purpose technology. Smart contracts, which can be run on many different blockchains, are a logical step from electronic data interchange (EDI), which has been in use from the 1970s. While EDI has had some success in reducing some transaction costs, smart contracts are significantly more powerful. For example, as this article outlines, smart contracts can prevent people from breaching the law and breaching contracts, which has profound consequences.

Mohsen Sadeghi, Mahdi Naser

ابزارهای مبادلاتی نوین در عصر حاضر نقشی غیرقابل انکار در توسعه تجارت الکترونیکی بر عهده دارند. یکی از این ابزارها قراردادهای هوشمند هستند که در مقایسه با دیگر انواع قراردادهای الکترونیکی دارای خصوصیاتی از جمله سرعت و امنیت بالا هزینه کم در تشکیل قرارداد می‌باشند. پژوهش حاضر به روش اسنادی به دنبال پاسخگویی به این سؤال است که سیاست‌گذاری قواعد عمومی تشکیل قراردادها در مرحله انعقاد قراردادهای هوشمند با چه چالش‌هایی مواجه است؟ به‌طور کلی مهم‌ترین چالش‌های موجود مطابقت قواعد حاکم بر این قراردادها با هنجارهای موجود در جامعه، تعارض قوانین داخلی کشورها با یکدیگر و مقررات بین‌المللی، اعتبارسنجی این قراردادها و ابزارهای انعقاد آنها از جمله ارزهای مجازی، سازوکار عملکرد هوش مصنوعی و ماهیت متمرکز پایگاه‌های اطلاعاتی و هوش مصنوعی می‌باشد. رفع چالش‌های مذکور نیازمند برخی سیاستگذاری‌های تقنینی و اجرایی از جمله تصویب قوانین کارآمد در جهت اعتبارسنجی قراردادهای هوشمند و ارزهای مجازی، اصلاح قوانین متعارض موجود، پیش‌بینی تشریفات تخصیص مجوز تملک ارزهای مجازی و بهره‌مندی از امضائات دیجیتالی، آگاهی بخشی به مردم و تعیین نهادهای ناظر خواهد بود.

Mimi Zou

Abstract There has been burgeoning interest among legal scholars in recent years regarding the implications of blockchain technology for the law. Two thoughtful monographs that go beyond the hyped claims of enthusiasts and cynics are Primavera De Filippi and Aaron Wright’s Blockchain and the Law: The Rule of Code and Kevin Werbach’s Blockchain and the New Architecture of Trust. While the two books have different focal points, both contain a common Laurence-Lessig-inspired theme of ‘code as law’ in which decentralised blockchain networks are viewed as a regulatory ‘modality’ or ‘architecture’ with its own system of rules. However, as this article argues, blockchain is not outside the law or the existing legal system. Code necessarily interacts with other modes of regulation, namely the market, social norms and law, in constraining the operation of blockchain applications such as smart contracts. This argument also situates smart contracts in a relational analysis of real-world contracting practices.

Agustín Madrid Parra

No abstract is available for this record.

A. A. Volos

No abstract is available for this record.

Eliza Mik

The principles of contract law have shown continued resilience in light of constant technological developments, including the mainstream adoption of the Internet. The ability to absorb technological change may be attributable to the broad manner of their formulation. For example, the foundational proposition that ‘legal intention can be expressed in any manner’ has enabled the nearly seamless acceptance of online contracting. If intention can be manifested by a nod or a handshake, it can also take the form of a click or a swipe. Similarly, the requirement of consideration can be met not only by peppercorns or money, but also by one’s permission to share personal information in return for the provision of online content and services. While the Internet hardly creates academic excitement anymore, a number of internet- related technologies may pose a challenge to the principles of contract law and may, finally, test their flexibility. Purportedly, blockchain-based smart contracts, which are often defined as the encoding of legal terms in self-executing computer code, enable not only the automation of performance but also the delegation of enforcement to immutable code. The theory is that if both performance and enforcement are entrusted to impartial machines, breach becomes impossible. Smart contracts are also premised on the ability to translate contractual obligations into algorithms – a process aimed at the elimination of ambiguity and enhancement of legal certainty. Abstracting from technological minutiae, we must inquire whether, or to what extent, such ‘operations’ are desirable or legally permissible. The challenges of automation are further aggravated by advancements in artificial intelligence. The accompanying problems exceed those inherent in the possibility of inadvertent orders, unforeseen transactions or computer errors. We are forced to inquire whether such technological phenomena as algorithmic trading, machine learning or autonomous agents affect the existence of intention and, on a broader level, raise problems concerning the validity and enforceability of any resulting contract – if only due to the unprecedented transactional imbalances introduced by them. An additional set of difficulties concerns ubiquitous computing, loosely defined as the user-facing technologies involving the Internet-of-Things (‘IoT’). Smart objects and self-checkout terminals blur the division between online and offline environments and force a revision of our understanding of ‘online contracting.’ When the Internet spills over our computer screens and when we encounter requests for consent and contractual terms in contexts that have traditionally been non-commercial, it becomes difficult to rely on such basic principles as the objective theory of contract or on the presumption that in commercial contexts the parties intend to be legally bound. The point is not to question the continued applicability of such principles or presumptions but to illustrate the difficulty in their application. In sum, my chapter explores the legal implications of the said technologies and, while abstaining from unnecessary futurism, presents a realistic picture of their legal relevance. Particular attention is devoted to the overreaching question whether the principles of contract law, in their traditional formulation, are capable of accommodating (or withstanding ?) technological change. While it is difficult to predict technological trajectories and future legal developments, it is possible to extrapolate from existing trends and anticipate certain theoretical bottlenecks created by technological change.

Antonio Legerén-Molina

No abstract is available for this record.

Manuel González-Meneses García-Valdecasas

No abstract is available for this record.

Markus Hartung, Micha-Manuel Bues, Gernot Halbleib

No abstract is available for this record.

Giusella Dolores Finocchiaro

No abstract is available for this record.

Stefano A. Cerrato

italianoLo smart contract permette di realizzare attraverso la blockchain un processo negoziale capace di eseguirsi in modo autonomo senza intervento umano al verificarsi di dati presupposti. Il contributo si interroga sulla possibilita di qualificare come contratto lo smart contract e sulla disciplina ad esso applicabile. EnglishA smart contract on blockchain creates a self-executing process depending on specific conditions. The essay wonders if a smart contract could be defined as “contract” and what could be the related rules.

María de los Reyes Corripio Gil-Delgado

No abstract is available for this record.

Anusch Alexander Tavakoli

No abstract is available for this record.