Blockchain Papers

Tolulope Falokun

No abstract is available for this record.

Nabeel Mahdialthabhawi, Ra’ed Fawzi Aburoub, Motiur Rahman, Faris Kamil Hasan Mihna · 5 authors

This study delves into the integration of force majeure and exceptional events into smart contracts. As much as smart contracts simplify the process and guarantee efficiency, the rigidity of these contracts inherently cannot handle unexpected eventualities that might be provided for in a traditional contract with a force majeure clause. This paper explores the impacts of such rigidity and uncovers both practical and theoretical implications for the legal and technological frameworks governing smart contracts through a qualitative analysis of interviews with legal experts, including (attorneys, judges, and academics). The findings show that the immutability of smart contracts leads all too often to disputes, financial risks, and a lack of legal clarity in an unexpected event. Rather than advocating full automation of legal judgment, the study proposes a governance-oriented and legally-grounded framework in which predefined contractual clauses, oracle-based event verification, AI, conditional execution logic, and escalation mechanisms enable controlled and proportionate responses to exceptional events while preserving contractual consent and human oversight. These mechanisms are presented as conceptual and illustrative design strategies through which legal effects can be technically implemented (e.g., suspension, adjustment, termination) under clearly predefined conditions. By integrating empirical legal insights with conceptual technical models, such as a systematic taxonomy of exceptional events, a high-level governance-oriented framework and a procedural flowchart regarding regulatory alignment, the paper contributes to inter-disciplinary literature concerning adaptive governance of smart contracts; the analysis serves as an example how legal doctrines can influence automated contracting without undermining interpretative authority, or legal certainty in cross-border and volatile settings.

John Linarelli

No abstract is available for this record.

E.D.; id_orcid 0000-0003-0263-5985 Martino, Veronica Zerba

This article examines how the blockchain technology reshapes the traditional contract-property divide in private law, leveraging on the peculiar features of non-fungible tokens (NFTs) and real-world asset (RWA) tokenisation. <br/>Building on foundational doctrines—in rem rights, the numerus clausus principle, and third-party notice—we show that blockchain enables the creation of de facto property entitlements, including exclusivity and enforceability <br/>against subsequent transferees, without State involvement or adherence to traditional publicity requirements. We label this phenomenon “tokenising property.” Through illustrative examples, such as NFT royalties, we show how <br/>on-chain entitlements may override or bypass the allocation of rights under existing property regimes, raising coordination and enforcement challenges. Using a transaction cost framework, we assess the conditions under which <br/>tokenizing property can deliver efficiency gains and when it generates new frictions. Finally, we argue that blockchain regulation rather than private law reforms can reassert control over this new form of property by intervening directly in the technical layer of blockchain systems. This may help in ensuring consistency between tokenised entitlements and the broader legal order, as illustrated by the EU Data Act and the Liechtenstein Blockchain Act.

B Sirgiovanni

Con questo saggio si intende analizzare l’uso della logica sottesa allo smart contract al fine della creazione di un testamento smart. In particolare, dopo aver ricostruito il significato ascrivibile all’espressione non fungible token e individuata la categoria giuridica, si focalizzerà l’attenzione sulla disciplina applicabile al testamento smart ai fini della trasmissione mortis causa dei non fungible token. Verrà, quindi, individuata la modalità attraverso la quale costruire un testamento smart coerente con la disciplina applicabile, tenendo in considerazione anche le peculiarità sottese ai non fungible token, nella consapevolezza che l’algoritmo vada creato osservando le disposizioni normative, al fine di evitare che la tecnica assurga a legislatore, con la conseguente compromissione dei diritti fondamentali su cui si basano le nostre democrazie.

Joseph Lee

No abstract is available for this record.

Madinabonu Yakubova

This article examines the legal status of smart contracts across different jurisdictions through a comparative legal methodology, analyzing regulatory approaches in the United States, European Union, Switzerland, Singapore, and Uzbekistan. The research identifies key challenges in integrating self-executing agreements into existing legal frameworks, including issues of contract formation, enforceability, dispute resolution, and data protection compliance. Using doctrinal analysis and comparative law methods, this study evaluates how different legal systems address the fundamental question of whether code-based agreements satisfy traditional contract formation requirements. The findings reveal a spectrum of regulatory responses ranging from explicit statutory recognition to application of existing contract law principles. The article concludes with recommendations for developing comprehensive legal frameworks that balance innovation with consumer protection and legal certainty.

Prof. (Dr.) Rupam Jagota, Vimmy Miglani

Smart contracts, self-executing protocols on blockchain platforms, challenge traditional contract law by automating performance without intermediaries. This doctrinal study examines their enforceability under Indian statutes, particularly the Indian Contract Act, 1872, and the Information Technology Act, 2000. The research problem centres on whether code-based agreements satisfy essential elements like offer, acceptance, free consent, and lawful consideration, amid ambiguities in evidentiary admissibility and remedies. Objectives include analysing statutory compatibility, identifying doctrinal gaps, and proposing reforms. Through examination of sections 10, 13-14, and 10A of relevant Acts, alongside judicial precedents on electronic contracts, findings reveal partial recognition: smart contracts qualify as valid if hybrid (code plus natural language) and digitally signed, but pure code versions face hurdles in proving intent and consent. Key challenges encompass immutability conflicting with revocation rights and cross-border jurisdiction issues. The study recommends legislative amendments for explicit recognition, judicial guidelines for code interpretation, and regulatory sandboxes. Ultimately, smart contracts hold transformative potential for India's digital economy if integrated via interpretive evolution and targeted reforms, balancing innovation with legal certainty.

Gamitra Anwar, Sholahuddin Al-Fatih, Sofyan Noor Arief

This study analyzes the fundamental regulatory disharmony concerning Non-Fungible Tokens (NFTs) and smart contracts within the Indonesian Civil Law system. The root of the problem is identified as a rechtsvacuüm (legal vacuum) and the "ontological silence" of the Indonesian Civil Code (KUHPerdata), which fails to provide a definitive property status (zaak) for digital assets. This failure of the lex generalis triggers a "Regulatory Trilemma," wherein the status of NFTs is fragmented among the commodity regime (Bappebti), property law (KUHPerdata), and Intellectual Property Rights (Copyright Law). This normative-juridical research finds that such disharmony creates a domino effect in two realms. First, it threatens the substantive validity of smart contracts regarding the objective requirement of "a certain subject matter" (Article 1320 of the KUHPerdata) and confronts the adage 'code is law' with the principle of "good faith" (Article 1338 of the KUHPerdata). Second, the potential of NFTs as objects of fiduciary guarantee (UUJF) becomes practically paralyzed due to fundamental obstacles in valuation, registration (centralization vs. decentralization), and execution (private keys). Through a comparative law approach utilizing the Singaporean ruling of Janesh v. Chefpierre, this study recommends the adoption of "functional reasoning" through judicial rechtsvinding and legislative reform of the KUHPerdata to fill the legal void.

Milton César Feuillade

En el caso de los smart contracts, nos encontramos ante un contrato que más bien concebimos como una nueva forma de realizarlo. Son escasos los marcos legales existentes y por sus características propias poseen una gran incidencia en el derecho internacional privado. Actualmente se están haciendo marcos normativos y referenciales, como por ejemplo en la CNUDMI. El resto queda librado a las legislaciones comunitarias, como en el caso de Europa, o interna de los países, con dificultades a la hora de aplicar las normas tradicionales de conflicto. La lex mercatoria en la materia llamada Lex Cryptographia nos parece útil. Estamos ante nuevas soluciones de resolución de conflictos no jurisdiccionales. Las relaciones de consumo plantean mayores desafíos.

S.S. Boranbay

This paper presents a comprehensive comparative study of the legal regulation of smart contracts in the United States and the People’s Republic of China, taking into account both theoretical frameworks and practical applications. Smart contracts are examined as both technological and legal instruments that facilitate the automation of contractual obligations, enhance transactional transparency, and streamline the management of digital assets within the digital economy. The relevance of this research arises from the rapid integration of blockchain technology into the financial sector, public services, international trade, logistics, and insurance. Nevertheless, despite the widespread use of the technology, the legal status of smart contracts and their recognition by national and international courts remain subjects of academic and professional debate. The methodological basis of this study combines comparative legal analysis, a systematic review of regulatory acts and judicial practice, an examination of academic literature, and the synthesis of information from diverse sources. This research highlights the key features of the Chinese and American regulatory models. The Chinese model is characterized by centralized control, where smart contracts are integrated into state-backed digital platforms, including the Blockchain-based Service Network (BSN) and the digital yuan. This approach ensures standardization and security, however constrains the pace of innovative adoption. By contrast, the American model demonstrates flexibility and fosters innovation by recognizing program code as a legally significant instrument under digital transactions and contract law (e.g., the E-SIGN Act of 2000 and various state laws). However, it lacks clear standards and uniform security protocols.

Universitatea din București Facultatea de Drept, Adriana Almăşan, Eduard FLOREA, Universitatea din București Facultatea de Drept

This article explores the integration of Smart Contracts into the Romanian legal system, analyzing their compatibility with existing civil law principles and the broader European regulatory framework. The paper evaluates the legal validity of Smart Contracts under Romanian contract law, addressing challenges related to consent, form requirements, and party identification, especially in anonymous blockchain environments. It also examines the implications of European initiatives like the Data Act and AI Act and underscores the need for targeted legislation to ensure legal certainty, consumer protection, and state oversight in blockchain applications. Ultimately, the article advocates for a forward-looking legal framework that harmonizes technological innovation with foundational legal principles.

Yuvraj Singh, ANISHA SHAIKH

The arrival of contracts which are smart has brought a pattern shift in the way agreements are carried off in terms of their performance as well as their implementation. Basically, the smart contracts run on a block chain type of codes, which means that they can also be called as a self-executing contracts because they emerge up with promising features of being efficient, transparent, and most importantly they reduce the dependency on intermediaries. However, in India there are certain growing issues in terms of the adoption of such smart contracts leading to legal and regulatory questions arising. Now, obviously when smart contracts come up with such efficient automated code driven contracts so talking about the traditional agreements which are long governed by well-established legal framework, definitely may face certain challenges in terms of their interpretation, enforceability and also the comparison with the contracts which are smart. This article focuses and explores the legal validity of smart contracts in India, also diving deep and examining their true potential to break the common practices of traditional agreements and try to fill up the regulatory gaps that exist. Now, by analyzing the current legal scenario and expected future challenges, it aims to provide awareness into whether smart contracts are truly a revolutionary tool or a ticking time bomb for the traditional agreements.

Yue Yu, Jiahui Wang, Bo Meng, Dejun Wang

Decentralized Finance (DeFi) can provide traditional financial services through blockchain and smart contract technology. The generation of DeFi smart contracts from DeFi legal contracts has become a hot topic. However, we found that current approaches for generating DeFi smart contracts from legal contracts fail to ensure conformance between the two. To address this, we propose caSPESC2Vyper, a method to generate Vyper smart contracts from SPESC legal contracts while guaranteeing conformance. First, we define the executable formal semantics K-SPESC. Next, we establish a syntactic structure mapping from the SPESC language to the Vyper language, based on which caSPESC2Vyper is implemented. Finally, we analyze the conformance and demonstrate that caSPESC2Vyper effectively ensures conformance between DeFi legal contracts and Vyper smart contracts.

M Qader Abdullah

Smart contracts are digital protocols programmed on the blockchain network that automatically execute agreements once pre-defined conditions are met, without human intervention.These contracts are characterized by transparency, speed, and security, as they are stored and documented on a network that cannot be easily modified.Smart contracts rely on software code that defines conditions and procedures, making their implementation precise but also irreversible or easily modified after publication. They are used in several fields, including decentralized finance (DFI), supply chain management, and digital healthcare.Despite these advantages, smart contracts face fundamental challenges, most notably software vulnerabilities that can be exploited by attackers due to the lack of a clear legal framework in many countries, the difficulty of interpreting human intentions through software code alone, and the limited ability of smart contracts to handle exceptional or complex situations.The research topic will be divided into a research plan consisting of an introduction, a section, and two sections.The first section addresses the concept of smart contracts, while the second section explains the legal status of smart contracts in civil law.

R. Dávila, R. Aldeco-Pérez, E. Bárcenas

Abstract The reliability and security of Smart Contracts largely depend on the consistency of their rule design. This paper introduces a novel approach for analyzing and ensuring consistency in Smart Contracts prior to their implementation. By proposing a formal grammar that captures the concurrent primitives inherent in Smart Contracts, and an algorithm that generates finite state machines (FSMs) from these grammar-based rule sets, the study enables the identification of several problems at the design stage. The paper compares this methodology with related works that focus on post-implementation verification, highlighting the advantages of early-stage analysis. Through theoretical and real-world examples, including an analysis of the DAO attack, the paper demonstrates how inconsistencies can be detected systematically. Finally, a formal definition of consistency is presented, offering a foundation for future tools aimed at enhancing Smart Contract designs.

Sarah Farhi

National audience

A.О. Сыздықова, Р.М. Тажибаева, А.Т. Абубакирова

Блокчейн технологиясының дамуымен, алмастырылмайтын токендар (NFT- Non-fungible token) цифрлық меншік тұжырымдамасын қайта анықтады және құқықтық реттеулер тұрғысынан маңызды сұрақтарды көтерді. NFT-лер өнер туындылары, музыка, ойын ішіндегі активтер және виртуалды жылжымайтын мүлік сияқты көптеген сандық активтерді сатып алуда-сатуда қолданылады және орталықтандырылмаған құрылымына байланысты олар дәстүрлі заң негіздеріне толығымен сәйкес келмейді. Бұл жағдай меншік құқығы, зияткерлік меншік, келісім-шарт құқығы және алаяқтық сияқты әртүрлі мәселелер бойынша құқықтық белгісіздік тудырады. Көптеген елдердегідей, Қазақстанда да NFT үшін арнайы құқықтық база жоқ. Бұл жағдай сатып алушылар үшін де, сатушылар үшін де заңды белгісіздіктер тудырады және зияткерлік меншік құқығы, алаяқтық, келісім-шарт құқығы және тұтынушылардың құқықтары тұрғысынан әртүрлі тәуекелдерді тудырады. NFT нарықтарының жылдам өсуі үкіметтердің осы жаңа цифрлық актив сыныбын реттеу қажеттілігін арттырды. Дегенмен, елдер арасында айтарлықтай нормативтік айырмашылықтар бар. Кейбір юрисдикциялар NFT-лерді сандық активтер немесе бағалы қағаздар ретінде жіктеп, оларды қолданыстағы қаржылық ережелерге бағындырса, кейбір елдер арнайы заңдарды әзірлеуде. Зияткерлік меншік құқықтарына келетін болсақ, NFT-лер жай сандық куәлік пе немесе авторлық құқықты беруді де қамтуы мүмкін бе деген жалпы көзқарас әлі жаһандық деңгейде әзірленбеген. Әртүрлі елдерде салық салуға қатысты әртүрлі тәжірибелер де бар. Кейбір елдерде NFT операцияларына қосылған құн салығы (ҚҚС) салынса, басқа елерде олар құн өсіміне салынатын салық ретінде қарастырылады. Алайда, NFT-дің трансшекаралық сипаты мен орталықтандырылмаған құрылымы салық салу процестеріндегі сәйкестік пен аудит мәселелерін туындатады. Бұл мақалада NFT-лердің құқықтық мәртебесі мен салық салу процестері халықаралық тұрғыдан қарастырылады және қолданыстағы ережелер салыстырмалы тұрғыдан бағаланады. Нәтижесінде, NFT экожүйесінің тұрақты өсуі үшін үйлесімді және ашық заңнамалық базаны құру қажет екендігі атап өтілді.

Rahul J. Nikam

Smart contracts, a revolutionary technology that offers a digital alternative to conventional contracts, are popular. Smart contracts also known as automated digital contracts are becoming common in various countries due to their efficiency and openness. Various national and global forums have agreed that smart contracts might alter contract enforcement and boost economic development in India. Given this, it’s crucial to understand the Indian Contract Act, (ICA) 1872 stance on smart contracts. ICA requires testing smart contracts for contractual validity before entering the uncharted seas of autonomous and anonymous digital contracting. This experiment raises many issues, especially given the law’s strict procedural structure. This article refutes the claim that smart contracts should be regulated by self-regulation. Rather author prefers a broad interpretation of substantive contractual law to harmonize smart contracts under the ICA, following common law’s flexibility. It is shown that smart contracts are built on the same principles as common law contracts and deepen our research in the framework of Indian law and precedent. Similar approaches from other countries support this perspective. Although many legislations require change, it is believed that a smart contract law is not needed. The paper concludes by proposing solutions to the potential obstacles that may arise due to present approach.

Attia Suleiman Khalifa, Nashwan Salah Samad

General Background: Blockchain-based smart contracts have revolutionized global transactions by enabling automatic, transparent, and decentralized execution of agreements. Specific Background: Despite their efficiency, these digital instruments challenge traditional private international law, particularly regarding jurisdiction, applicable law, and enforceability in cross-border contexts. Knowledge Gap: Existing legal systems, especially in the Middle East, lack comprehensive frameworks to address decentralized contracting and blockchain-based evidence. Aims: This study critically examines the intersection between smart contracts and conflict of laws in digital environments, focusing on Iraq’s legal framework and regional comparison with the EU and the US. Results: The analysis reveals that while the EU has developed coherent regulatory models such as MiCA and the Data Act, and several US states have recognized smart contracts’ validity, Iraq’s Civil Code of 1951 remains inadequate to regulate automated digital agreements. Novelty: The paper proposes a unified legal model integrating UNCITRAL’s 2024 Model Law on Automated Contracting, regional cooperation through the Arab League and GCC, and legislative reforms in Iraq to recognize blockchain evidence. Implications: Implementing such a framework would harmonize technological progress with legal certainty, enhance cross-border trust, and position Iraq and the Middle East within the global digital economy.Highlight : Analyzes the intersection of smart contracts and conflict of laws in digital space. Examines Iraq’s outdated legal framework amid rapid technological change. Suggests adopting international models and regional cooperation for legal reform. Keywords : Smart Contracts, Blockchain, Conflict of Laws, Private International Law, Jurisdiction, Iraq.

Samiur Rahman

Smart contracts—auto-executing digital agreements built on DLT (Distributed Ledger Technology), an emerging technology of blockchain—are revolutionizing cross-border payments by enhancing efficiency and automation. However, their widespread adoption is hindered by a fragmented regulatory landscape and legal uncertainties across jurisdictions. Therefore, to promote the urgency of regulatory governance of smart contract, this research advocates for the techno-legal standardization of smart contracts to ensure regulatory compliance in international financial transactions. It investigates how smart contracts can be designed to meet diverse legal requirements while maintaining technical adaptability, scalability, and interoperability. Drawing on interdisciplinary literature and qualitative methods—including expert interviews, surveys, and case studies—the study aims to develop a framework that balances innovation with legal certainty. Key challenges addressed include jurisdictional fragmentation, enforcement mechanisms, integration with legacy systems like SWIFT, and compliance with KYC/AML regulations. The research also examines emerging solutions such as decentralized identity frameworks, trusted oracles, and hybrid on-chain/off-chain models. By bridging the gap between law, technology, and finance, this study offers actionable insights for policymakers, financial institutions, blockchain developers, and international businesses. Ultimately, it contributes to the development of a standardized smart contract ecosystem that supports secure, efficient, and legally compliant cross-border payments.

Yiwei Wang

With the development of artificial intelligence, blockchain, and metaverse technologies, the forms of virtual property have shifted from traditional types such as game items and social accounts to novel virtual property like non-fungible tokens (NFTs), metaverse land, digital artworks, and algorithmically generated content. Although Article 127 of the Civil Code calls for protection of virtual property, it does not clarify the legal character or ownership of such property. Legal protection for virtual property currently faces core dilemmas including ambiguous rights-holders, difficulty in identifying the objects of rights, and the absence of a registration and public-notice system. This paper argues that novel virtual property should be recognized as a form of “special property right.” Drawing on foreign experience and adopting a phased approach to legislation, China should construct a three-dimensional protection framework centered on registration and public notice. Such measures would enrich property-rights theory, safeguard user interests, and promote the healthy development of the digital economy.

Eduardo Andrés Calderón Marenco, Romina Mariela Sánchez Silveyra, Juan Manuel Rodrigo, Gabriel Ravelo-Franco

El artículo analiza el efecto de la inteligencia artificial en la contratación inteligente y la protección de datos personales y argumenta que la automatización mediante smart contracts plantea desafíos regulatorios, ante la falta de un marco normativo adecuado para garantizar la privacidad y la seguridad jurídica en Latinoamérica. A través de un análisis comparado de los marcos normativos de Argentina, Perú, Colombia, Ecuador y la Unión Europea, se identifican avances y vacíos en la regulación de estas tecnologías, y se destaca que, aunque algunos países han reconocido la validez jurídica de los contratos inteligentes, la protección de los datos almacenados en blockchains sigue siendo un reto. Asimismo, se aborda el concepto de lex criptográfica como un sistema de autorregulación basado en la descentralización tecnológica, lo que genera tensiones con principios tradicionales del derecho. El artículo concluye que la creciente automatización contractual exige una actualización normativa que armonice la eficiencia tecnológica con la protección de los derechos fundamentales, y propone el desarrollo de un marco regulador que garantice la seguridad jurídica, la transparencia en el tratamiento de datos y la responsabilidad en la toma de decisiones automatizadas, conforme a los estándares internacionales y europeos de protección de datos.

Mateja Đurović, Michel Cannarsa

NFTs are intrinsically dependent on blockchain technologies. Their main function is to represent underlying tangible or intangible assets and their value. NFTs have also been designed and developed to create new tradable items and to generate a new market. Trading NFTs is therefore one of the major objectives within this new market, mainly in marketplaces connected to the relevant blockchains. On blockchains, the usual tools to perform transactions are the so-called smart contracts. NFTs are programmed using smart contracts, and transactions on NFTs are generally performed through smart contracts. This electronic process confirms the authenticity of the NFT, timestamps the transaction, and keeps track of the NFT’s successive owners. NFTs’ eco-environment is therefore the world of digital technologies, first and foremost blockchain technologies (including their cryptocurrencies) and smart contracts. This chapter will provide a legal analysis of blockchain technologies, smart contracts and NFTs and how these different technologies relate to each other from a technical and a legal perspective. It will show how the growing importance of virtual environments and marketplaces makes it crucial to address the legal issues raised by transactions on NFTs. Indeed, while there can be many interesting economic opportunities and legal innovations around NFTs, there is still confusion about how the law should frame this new business. There are also certainly risks lying ahead.