espanolSe ofrece una aproximacion critica, al tiempo que proactiva, a los denominados contratos inteligentes. Se examina el funcionamiento de la herramienta tecnologica. Se analizan cuestiones juridicas que suponen un reto a la hora de implementar programas informaticos cumpliendo con los requisitos legales establecidos por el Derecho de los contratos. Se concluye formulando algunas preguntas que propicien el debate juridico en torno a los llamados contratos inteligentes. EnglishThis paper offers a critical approach, while proactive, to the so-called smart contracts. We take a look to how the technological tool works. We analyze legal issues that pose a challenge when implementing computer programs that should accomplish with the legal requirements established by the law of contracts. We conclude by formulating some questions that propitiate the legal debate around the so-called smart contracts.
espanolLa historia de Blockchain y de los Smart contracts es una historia sobre el desarrollo de la tecnologia. Las tecnologias que conforman estas nuevas herramientas nos han acompanado por un largo periodo de tiempo, no son nuevas, solo han sido reutilizadas en usos diferentes adaptandolas a las capacidades actuales. No obstante el marco juridico que acompanan a herramientas como los mensajes de datos, el documento y firma electronica, el Derecho aun no ha logrado vencer la barrera de la cultura del papel, de los grafos en ellos plasmados, asi como de la confianza en dichos sistemas. Es por lo que en este articulo, mas alla de hablar de futuras regulaciones a estas nuevas herramientas, pretendemos hacer un breve recorrido que nos recuerde que en el ambito contractual aun hace falta desarrollar el aprovechamiento de estas herramientas, hacen falta mediciones del nivel de madurez que sistemas como la firma electronica avanzada y su cifrado tienen dentro del marco juridico, para poder aprovechar las nuevas herramientas que se estan desarrollando. EnglishThe history of Blockchain and Smart contracts is a story about the development of technology. The technologies that make up these new tools have accompanied us for a long period of time, they are not new, they have only been reused in different uses, adapting them to current capabilities. Despite the legal framework that accompanies tools such as data messages, electronic documents and signatures, the Law has not yet managed to overcome the barrier of the paper culture, of the graphs embodied in them, as well as of the trust in these systems. That is why in this article, beyond talking about future regulations for these new tools, we intend to make a brief overview that reminds us that in the contractual field it is still necessary to develop the use of these tools, it is necessary to measure the level of maturity that systems such as advanced electronic signature and encryption have within the legal framework, in order to take advantage of the new tools that are being developed.
espanolAl igual que el Internet de la Informacion ha configurado ya la vida social y economica, el «nuevo Internet del Valor», construido sobre la nueva estructura del «Blockchain» y los contratos inteligentes, pasara a formar parte de la actividad de las personas, empresas y Administraciones Publicas. En este estudio se analiza el concepto y la realidad de la denominada «cadena de bloques» o Blockchain, asi como su funcionamiento, con particular atencion a la descripcion general de la operativa del Blockchain, para comprender mejor sus diversas implicaciones y el modo en que afecta e interesa a las personas y entidades. Uno de los ambitos en que el Blockchain ha despertado considerable interes es el legal. Por ello, entre las diversas aplicaciones juridicas del Blockchain, los «smart contracts» merecen un analisis mas detallado, a partir de su propio concepto y mediante la comprension de la evolucion de la contratacion tradicional a la «inteligente». En este sentido, resulta elocuente abordar el funcionamiento de tales «smart contracts», para seguidamente valorar sus funciones adicionales, los diversos usos ya actuales y posibles de los contratos inteligentes, asi como los beneficios inherentes este nuevo modo de comprender la contratacion inteligente. A nuestro juicio, los «smart contracts» de gran potencial para el sector privado poseen mayores repercusiones e implicaciones legales en la Administracion Publica, con una progresiva sustitucion y mejora de los procedimientos tradicionales por procedimientos inteligentes, con la innovacion y eficiencia, ademas del amplio beneficio, que ello podria comportar en general. Asimismo, en aquellos espacios juridicos en los que la comunicacion y relacion legal entre dos o mas partes, ya sean personas fisicas vivas o maquinas, los contratos inteligentes podran mejorar y potenciar mayor veracidad, seguridad, rapidez y reduccion de costes temporales y economicos, con las indudables ventajas que ello comportaria para particulares como empresas y Administraciones publicas. EnglishJust as the Internet of Information has already shaped social and economic life, the «new Internet of Value», built on the new «Blockchain» structure and intelligent contracts, will become part of the activity of people, companies and Public Administrations . This study analyzes the concept and reality of the so-called Block-chain, as well as its operation, with particular attention to the general description of Blockchain operations, in order to better understand its various implications and the way in which it affects the It interests people and entities. One of the areas in which the Blockchain has aroused considerable interest is the legal one. Therefore, among the various legal applications of Blockchain, smart contracts deserve a more detailed analysis, based on their own concept and by understanding the evolution of traditional to «intelligent contracting». In this sense, it is eloquent to address the operation of such smart contracts, to then assess their additional functions, the various current and possible uses of smart contracts, as well as the inherent benefits of this new way of understanding intelligent contracting. In our opinion, the «smart contracts» of great potential for the private sector have greater repercussions and legal implications in the Public Administration, with a progressive substitution and improvement of the traditional procedures by intelligent procedures, with innovation and efficiency, in addition to the wide benefit, that this could behave in general. Likewise, in those legal spaces in which the communication and legal relationship between two or more parties, whether they are living physical persons or machines, intelligent contracts can improve and enhance greater veracity, safety, speed and reduction of temporary and economic costs, with the undoubted advantages that this would entail for individuals such as companies and public administrations.
The aim of this research is to bring the reader closer to several concepts that are becoming more common day by day, and which find themselves in unstoppable development, such as blockchain technology, tokens, ICO (Initial Coin Offerings) or DAO (Decentralized Autonomous Organizations). Thus, the process of «tokenization», based on abstractly representing a value through the blockchain, is a transcendental innovation in areas such as the financial or the corporate spheres, where ICO âintroducing a new business financing channel through the online sale of cryptographic assetsâ or DAO âentities managed in a decentralized way through smart contracts by tokens holdersâ come onto the scene. Likewise, their undeniable utilities will be enhanced, but the practical problems faced by these technological developments will also be analyzed, being the main one the regulatory uncertainty.
espanolApenas inmersos en la voragine disruptiva de la tecnologia «Blockchain» o cadena de bloques, sin estar desarrollada ni explicada suficientemente aun, y de la adaptacion de los parametros legales clasicos a la inteligencia artificial, nos vemos obligados a reestructurar digitalmente nuestros instituciones juridicas. De innegable actualidad en un ambito ya se por si innovador, como es el comercio electronico, nos encontramos con los llamados «smart contracts», fruto de un desarrollo tecnologico sin limites que impulsa el Derecho de la contratacion y cuya simple naturaleza juridica ya suscita arduos debates. Dado que el uso de esta figura en el ambito de la contratacion electronica comercial se mueve actualmente en la incertidumbre juridica, nuestra intencion es reflexionar acerca de la trascendencia juridica que esta revolucionaria tecnologia «blockchain», sobre la que se sustentan los que llamaremos «smart legal contracts», nos podria brindar por el incuestionable potencial de transformacion que encierra. Para ello analizamos desde su naturaleza, hasta las caracteristicas que presentan y las peculiaridades de su formacion, para terminar sopesando tanto las ventajas como la problematica que su funcionamiento plantearia en la practica comercial electronica. EnglishRecently immersed in the disruptive maelstrom of Blockchain technology and the adaptation of the classic legal parameters to artificial intelligence, we are currently forced to digitally restructure our legal institutions. Of undeniable topicality in an field that is already innovative, such as the electronic commerce, we find the so called smart contracts as result of an unlimited technological development that drives the contracting law and whose simple legal nature already arouses arduous discussions. Given that the use of the smart contracts in the field of commercial electronic contracting is currently legally uncertain, our goal is to examine the legal significance that this revolutionary blockchain technology, on which are based what we will call smart legal contracts, might provide for the unquestionable potential for transformation that it entails. With this aim, we analyze its nature, characteristics and peculiarities to end up weighing both the advantages and issues that their functioning raises in the electronic commercial practice.
espanolLos contratos inteligentes o smart contracts, son una realidad que se viene aplicando desde hace tiempo, aunque han ganado relevancia con motivo del descubrimiento de la cadena de bloques. Tanto los smart contracts que se ejecutan de acuerdo con dicha tecnologia como los que tienen lugar fuera de ella responden esencialmente a un mismo esquema: son secuencias de codigo que expresan o implementan acuerdos existentes que pueden producir efectos juridicos cuya peculiaridad esencial es que se ejecutan de manera autonoma. Este articulo se dedica al estudio de los retos juridicos que suscitan los smart contracts con relevancia juridica ejecutados fuera de una cadena de bloques; en concreto, a si son o no contratos, a su proceso de formacion, a la incidencia que tiene en ellos el error, a su prueba en el proceso judicial, asi como a algunos aspectos relativos al pago. A fin de comprender de manera completa los contratos inteligentes, tambien se analiza su significado, su origen historico, su funcionamiento, sus ventajas y las dificultades que presentan. EnglishSmart contracts are a reality that has been applied for decades, although they have gained relevance due to the discovery of the blockchain. Both the smart contracts that are executed according to said technology and those which take place outside of it, respond essentially to the same scheme: they are code sequences which express or implement existing agreements that can produce legal effects whose essential feature is that they are self-executable autonomously. This paper is dedicated to the study of the legal challenges that arise from smart contracts executed outside the blockchain; in particular, to whether or not they are contracts, to their making process, to the incidence that the error has on them, to their proof in the judicial procedure, as well as to some aspects related to payment. In order to get a full understanding of smart contracts, their meaning, their historical origin, their operation, their advantages and their difficulties will be also analyzed.
El Bitcoin, cuya dimension como criptomoneda se esta multiplicando desde su creacion en 2009, debe ser objeto de una regulacion legal urgente, a fin de evitar los problemas juridicos que puedan derivar de su alegalidad, ya que esta realidad digital esta siendo objeto de transmision entre particulares sin una normativa especifica que la regule.
This chapter looks beyond the novelty of self-executing âsmart contractsâ in blockchain networks and explores developments against the background fact that commercial parties have, for centuries, used documentary credit to simulate autonomous performance. Blockchain-based smart contracts and documentary credit share three core functionalities which are essential to any effective autonomous performance, analogue or digitalâthey both (i) act through internalized media of exchange; (ii) operate as closed systems; and (iii) provide means of securing sufficient resources to guarantee contractual performance. Using these three functionalities as a framework, this chapter conducts a comparative analysis of mechanisms for effecting autonomous contractual performance in a commercial setting. From this comparison, a few hypotheses are drawn regarding the potential areas where smart contract technology is more likely to find fruitful application. In particular, the chapter considers potential limitations to applying smart contracts to scenarios beyond digital asset transfers, how dispute resolution mechanisms should be designed to complement (rather impair) the autonomous nature of contractual performance under smart contracts, and potential capital cost implications which might arise in some cases when parties seek to replace human intermediaries with smart contracts.
espanolEl presente trabajo busca analizar los posibles problemas que plantea el uso y aceptacion de criptodivisas como bitcoin en las distintas modalidades de crowdfunding practicadas en la actualidad. Para ello se explican las formas de crowdfunding mas utilizadas en funcion de la relacion contractual promotor- inversor y la normativa juridica a la que estan sometidas. EnglishThe present work seeks to analyze the possible legal difficulties that may arise from the use and acceptance of cryptocurrencies as bitcoin in crowfunding context. To do this, the different forms of crowdfunding are summarized in terms of the contractual promoter-investorrelationship and the legal regulations to which they are subject
espanolLa aparicion de contratos en formato electronico y autoejecutables es el resultado logico del progresivo proceso de automatizacion en la distribucion y en el internet de las cosas. Nuestro regimen legal integra sin dificultad este formato de contratacion, pero conseguir un proceso totalmente automatizado implica recurrir a mecanismos de pago en red que no siempre se adaptan al tipo contractual. El uso del dinero electronico y las monedas virtuales como el bitcoin cubren esta funcion pero la escasa o nula regulacion de las monedas virtuales y su doble caracter de unidad de valor y unidad de cuenta dificultan la funcionalidad y seguridad juridica del uso de las tecnologias Blockchain en formatos estandarizados y automatizados de contratacion. EnglishThe appearance of smart contract in electronic and self-executable format, is the logical result of the progressive process of automation in the distribution and on called âInternet of thingsâ. Law integrates this contracting format without difficulty, but achieving a fully automated process involves using online payment mechanisms that are not always adapted to the contractual type. The use of electronic money and virtual currencies, such as bitcoin, cover this function, but the scarce or null regulation of virtual currencies and their double character, as a unit of value and a unit of account, make the functionality and legal security of the use of Blockchain technologies difficult in standardized and automated contracting formats
Spanish Abstract: Una de las primeras medidas planteadas para desarrollar la estrategia del âMercado Unico Digitalâ (Comunicacion de la Comision Europea de 5 de mayo de 2015) es la Propuesta de Directiva sobre determinados aspectos de los contratos de suministro de contenidos digitales de 9 de diciembre de 2015 [COM(2015) 634 final]. Ese texto afronta del dificil reto de adaptar las reglas tradicionales sobre la falta de conformidad de los bienes con el contrato de compraventa al nuevo escenario del âcontrato de suministroâ de contenidos digitales. En el presente estudio se abordan en primer lugar algunas cuestiones generales de la Propuesta de Directiva: el concepto amplio de âcontenidos digitalesâ, que incluye tambien âserviciosâ como el almacenamiento en la nube (cloud computing) o las redes sociales, la naturaleza juridica de contrato de suministro âque, con un enfoque funcional acertado, no se prejuzgaâ, la relacion de la Propuesta con otras normas europeas y la decision de incluir en su ambito de aplicacion tambien los contratos cuya contraprestacion fue no dineraria, en forma de datos; esta ultima solucion, que correctamente toma en consideracion el valor monetario de los datos, resulta demasiado restringida al incorporar el requisito de que los datos deban ser facilitado âactivamenteâ por el consumidor, lo cual es objeto de critica. En segundo lugar, en estas paginas se aborda el regimen de conformidad de los contenidos digitales con el contrato (arts. 6-9), el sistema de responsabilidad del proveedor tanto por falta de suministro o retraso como por falta de conformidad de lo suministrado (art. 10) y los remedios, acciones o formas de saneamiento aparejadas a esa responsabilidad (arts. 11-14).Este analisis trata de valorar los fundamentos y consecuencias de las reglas favorables y perjudiciales para los intereses de los consumidores y alerta sobre algunas carencias, incognitas y defectos que plantean ciertos articulos, para los que se ofrecen sugerencias de modificacion o interpretaciones que permitan una adecuada ponderacion de intereses. Asi, entre las reglas favorables a la posicion de los consumidores, se analizan y valoran positivamente las normas sobre carga de la prueba, la validez de la resolucion mediante notificacion por cualquier medio o las previsiones sobre la restitucion de las contraprestaciones tras la resolucion, en las que se presta especial cuidado a la recuperacion de los contenidos generados por el usuario. En cambio, entre las reglas que plantean mayores dudas y merecen clarificacion por efecto del enfoque de armonizacion maxima esta el saber si en caso de falta de suministro el consumidor solo dispone del derecho de resolucion inmediata (mas indemnizacion) o averiguar si se pretende que el muy limitado regimen de indemnizacion solo por dano economico al entorno digital del consumidor veta a los Estados miembros aprobar otras normas para garantizar otras indemnizaciones por otros danos. Tambien se defiende que los fines de la Propuesta de Directiva quedarian mejor cubiertos si se estableciesen normas uniformes sobre prescripcion de las acciones, a falta de plazo de garantia legal. Finalmente, este ensayo se muestra especialmente critico con algunas decisiones que son claramente perjudiciales a unos intereses legitimos de los consumidores que cabia esperar mas protegidos en esta Propuesta (por contraste con otras): en concreto, se sostiene que la norma deberia consagrar algunos parametros legales y objetivos minimos sobre las expectativas razonables de los consumidores, sin dar una primacia practicamente absoluta a lo establecido unilateralmente por el proveedor; se aboga por extender la resolucion inmediata y no solo subsidiaria a las faltas de conformidad mas graves que frustran totalmente el fin del contrato para el consumidor y se realiza una interpretacion del art. 12.5 que favorece cierta relajacion de los requisitos exigidos para resolver; o se propone admitir que el consumidor pueda suspender el pago del precio pendiente mientras no se produzca la puesta en conformidad.English Abstract: The Proposal for a directive on certain aspects concerning contracts for the supply of digital content of 9 December 2015 [COM(2015) 634 final] (âthe Proposalâ) is one of the first measures to put into effect the Digital Single Market Strategy as set out in the European Commissionâs Communication of 5 May 2015. The Proposal takes up the challenge of adapting the traditional rules governing lack of conformity of goods under the law of sale to the new context of contracts for the supply of digital content. This paper will deal first with some general issues arising from the Proposal: its wide definition of âdigital contentâ, which embraces also such âservicesâ as cloud computing or social networks and platforms; the legal nature of the contract of supply âwhich is not predetermined, i.e., it is properly understood functionally rather than defined conceptuallyâ; the relationship between the Proposal and other European legal rules; and the decision to include within its scope contracts where the âcounter-performanceâ provided by the consumer for the supply of digital content is in the form of data rather than money. In the authorâs view, this last decision correctly takes account of the financial value of data, but the Proposalâs drafting is too narrow as it requires an âactiveâ role on the part of the consumer providing it. Secondly, the paper will analyse the regime of conformity of the digital content with the contract (arts. 6-9), the system of liability of the provider, both in respect of any failure to supply the digital content and of any lack of conformity of the content supplied (art. 10), and the remedies provided for these kinds of contractual non-performance (arts. 11-14).The resulting analysis reveals the extent to which the Proposal promotes or prejudices the interests of consumers, and it also indicates the gaps, uncertainties and defects in the scheme which it requires. The paper suggests changes to the text of the Proposal itself and, where appropriate, the way in which the existing text should be interpreted so as to take into account all the interests at stake. Among the more consumer-friendly rules, those on burden of proof, the validity of termination by notice by any means, and restitution of âcounter-performancesâ after termination of the contract (with particular care being taken so as to allow the retrieval of digital content generated by consumers) are to be welcomed. On the other hand, the maximum harmonization which the Proposal requires poses difficult questions in relation to those rules which are in need of further clarification by the legislator, for example, whether a consumer can terminate immediately (and claim limited damages) only in the case of any failure to supply, or whether the Proposalâs intention is that the very limited rule on the right to recover economic damage to the digital environment of the consumer precludes Member States from allowing the consumer to recover damages in respect of other types of damage. Furthermore, this paper argues that the aims of the Proposal would be better achieved if it provided a set of uniform rules on prescription with a long period, in the absence of a time limitation for liability of the supplier and for the reversal of the burden of proof. It criticises some legislative decisions that are definitely detrimental to certain legitimate interests of consumers in circumstances where a comparison with other legal rules and proposals would lead one to think that they should be better protected. In particular, the Proposal should include some legislative, objective and not just subsidiary standards or criteria on the reasonable expectations of consumers, instead of giving almost full priority to what the supplier unilaterally established in the contract. Moreover, termination should be granted to consumers immediately rather than putting this remedy at a secondary level, at least for cases of gross lack of conformity which completely frustrate the purpose of the contract from the beginning; in the absence of such a legal change, an interpretation of art. 12.5 is suggested to soften the requirements necessary for termination of the contract. Finally, the consumer should be entitled to withhold payment of any outstanding part of the price until the supplier has brought the digital content into conformity with the contract.