Blockchain Papers

Moritz Jetzen

No abstract is available for this record.

Guilherme Luis Hack Lamy

Orientador: Prof. Dr. Paulo Roberto Ribeiro Nalin

Raffaele Verdicchio

SOMMARIO: 1. Valore giuridico e politico del concetto di smart contract.-2.Ambiti applicativi.-3.Tentativi definitori e classificatori.-4.Smart contract e dogmatica del rapporto obbligatorio.-5.Riorientare il dibattito.1. -Nei tempi più recenti si è avvicendato un consistente novero di studi sul fenomeno accreditatosi -dapprima nelle scienze informatiche, quindi nella scienza giuridica -con il nome di "smart contract" 1 .Malgrado la curiosità degli operatori del diritto per le implicazioni derivanti dall'estensione dell'acquis informatico ai rapporti contrattuali, la figura dello smart contract rimane avviluppata in una nebbia concettuale che stenta a diradarsi, al punto di indurre a pensare che una certa forma di indeterminatezza le sia consustanziale.Tale indeterminatezza, quasi inevitabilmente, si riflette sulle categorie giuridiche in qualche misura toccate dal fenomeno.Non solo, dunque, la categoria immediatamente richiamata dal confronto con lo smart contract, cioè il contratto, ma in particolar modo -e in maniera più sottile -ne risentono anche le caratteristiche strutturali e funzionali del rapporto obbligatorio.Sviluppatosi nella zona di confine tra il dominio tradizionale del diritto e le nuove sfere di influen-1 Tra i saggi più significativi in letteratura sul tema si annoverano T.

Omar Farouk Al Mashhour

The technological advancements that have occurred over the past few years have provided various solutions to human problems. However, it also posed several novel, unprecedented legal challenges. Smart contracts represent one of these technologies that pose serious questions to the current contract laws. This research aims to conduct an in-depth investigation into the legal viability of the current contract law in Syria for regulating smart contracts, considering their unique and novel characteristics and features. To achieve this objective, the study employed a combination of doctrinal legal research, drawing on primary, secondary, and tertiary sources; and qualitative empirical research through several semi-structured interviews. Special reference has been made to the current legal benchmarks in the field of smart contracts, namely Belarus, Italy, and the United States, to provide more accurate and applicable recommendations. The findings of the research reveal a clear legal gap in the existing legislation for addressing smart contracts, despite the possibility of classifying them under the general definition of a contract. Due to the complete absence of any legal provision or regulations, numerous unanswered questions related to the contract’s life cycle have arisen, posing serious legal risks to the parties and creating uncertainty regarding the legal measures for protection, supervision, and enforcement. The study proposes several measures to address the complexities of smart contracts, involving the importance of initiating legal amendments to create a framework that enables parties to execute smart contracts in a legal, secure, and enforceable manner. This can also mitigate the significant risks posed by leaving these technologies unregulated. To design an effective legal framework, the study proposes a new conceptual framework that integrates smart contracts into current contract theory, while accounting for their unique characteristics to maximize benefits and minimize possible legal risks.

Ann-Marie Kaulbach

Smart Contracts sollen eine automatische Abwicklung von Verträgen ermöglichen und damit staatliche Verfahren zur Vertragsdurchsetzung vermeiden. Für rein digitale Transaktionen auf der Blockchain leuchtet das ein. Aber können Smart Contracts auch in der analogen Welt funktionieren? Und wenn ja: Führen sie zu einer wünschenswerten Reduktion von Transaktionskosten und Entlastung der Justiz oder benachteiligen sie strukturell eine Vertragspartei?

Sarah C. Green

This piece analyses the extent to which the established doctrine of mistake will be able to deal with automated contracts that do not perform according to the legitimate expectations of the parties. Its particular focus is on the requisite mental state of those parties, and how actual knowledge may well be too high a threshold to impose on those using coded contractual instructions.

Kathrine Hørlück Smith

Smart contracts are a transaction protocol designed to automatically execute and enforce the terms of an agreement. They eliminate the need for intermediaries, increase transparency, and create efficiency for both contractors and developers. Smart contracts are still relatively new to the construction industry and remain in a pilot phase. Since this is an emerging field, many legal and economic aspects remain uncertain. This paper therefore investigates the potential benefits of smart contracts to the construction rather then a traditional contract. The legal research questions if the smart contract aligns with AB 18, the Danish contracts act and the fundamental principles of the law of obligations. The smart contract supports actively to the parties’ duty to cooperate. However, it is not possible to remedies for breach of contract because of the smart contracts inflexible rules. Because of that need of flexibility it is difficult to imagine it would align with the fundamental principles of the law of obligations and Section 36 of the Danish Contracts Act, which concerns about the general clause of unreasonable terms. The economic research questions if the is incentive for collaboration between the contractors and developers through game theory. Smart contracts contributes to collaboration in comparison with traditional contractual relationship in construction contracts. However the theory of transparency shows non efficiency because of the need of flexibility in a pure smart contract. Which is why the integrated analysis investigates possibilities of alternatives mechanisms to make changes in smart contracts. By applying sequential game theory it concludes that flexibility has a positive impact on both the contractors and developers. Which is why the legal policy encourages a mandatory rule to have flexibility incorporated in the smart contracts for construction contracts.

Stefan Jovanović

Blockchain technology is reshaping a wide range of sectors, from finance and law to art. The rise of blockchain platforms offering "blockchain arbitration" suggests a shift toward faster, cheaper and decentralized dispute resolution. A key advantage often highlighted is the potential for automatic enforcement of decisions using smart contracts. However, since this is only a possibility, many decisions will be enforced through traditional means. Given the inherently global nature of blockchain arbitration disputes, an important consideration is whether their decisions can be recognized and enforced under the New York Convention. This paper explores whether blockchain arbitration decisions qualify as awards enforceable under the New York Convention and whether their decision-making process meets the Convention's enforcement criteria. The author recognizes that the procedural aspect of public policy may be undermined by the way decisions are rendered in blockchain arbitrations.

Dimitrije Soleša, Radovan Vladisavljević, Svetlana Marković

The aim of the paper is to present a series of organizational and technical solutions that ensure the preservation of the integrity of cold supply chains. The implications of these technologies on the economic and health aspects of society are more than visible. With the help of the Internet of Things and new sensor technologies, it is possible to automate the monitoring of cold supply chains using smart contract technologies and thus preserve the quality of the goods that are the subject of this type of logistics.

Joshua Fairfield, Niloufer Selvadurai

No abstract is available for this record.

Pierangelo Blandino

No abstract is available for this record.

Bruno Fernandes Vieira, Fernanda de Araujo Meirelles Magalhães

Growing attention to environmental, social, and governance (ESG) concerns has prompted companies to incorporate conditions and obligations related to ESG indicators into their contracts and other agreements. Those contracts, defined as ESG metric contracts, include, for example, managers’ remuneration plans, supply chain and merger and acquisition agreements. Such contracts, however, are incomplete, as they do not account for all possible contingencies that may arise during the contractual relationship. This paper argues that smart contracts can mitigate some of the challenges associated with contract incompleteness, specifically in the context of ESG metric contracts. When considered as contracts, smart contracts have specific characteristics such as immutability and automation, which distinguish them from other forms of contracting. However, it remains challenging to incorporate all possible variables external to the blockchain into their cryptographic language. Consequently, a residual degree of incompleteness persists. Among the technological solutions created to address these questions, this work suggests that oracles and upgradeable smart contracts can be valuable tools, adding a needed layer of flexibility to these contractual relationships. In this sense, this paper aims to address these issues, analysing the pros and cons of the link between ESG metric contracts and smart contracts.

Amina Yusuf, Robert Martinez

To explore the legal and philosophical implications of smart contracts, with a focus on their enforceability and the political significance of the “code as law” paradigm. This study adopts a narrative review approach using a descriptive analytical method to examine the intersection of law, technology, and political theory. Sources were selected from academic databases published between 2020 and 2024, encompassing legal scholarship, computer science literature, and political philosophy. Thematic analysis was used to synthesize key ideas related to legal enforceability, algorithmic governance, and the transformation of legal subjectivity in coded systems. The review highlights significant tensions between traditional legal norms and the deterministic nature of smart contracts. While smart contracts offer advantages in terms of automation and efficiency, they also lack the capacity to address ambiguity, context, and moral judgment. These contracts challenge core principles of legal theory, including consent, due process, and equitable remedies. Jurisdictions differ in their responses, ranging from proactive legal recognition to cautious regulatory experimentation. Hybrid models of enforcement and reliance on oracles demonstrate emerging attempts to bridge the gap between code and law. Smart contracts represent a disruptive force in the legal domain, necessitating critical reflection on the philosophical and institutional foundations of modern legal systems. Their adoption must be guided by a commitment to justice, democratic governance, and interdisciplinary oversight to ensure that legal innovation aligns with human values and ethical responsibility.

Allegra Canepa

The concept of Non-Fungible Token (NFT) is complex. To understand the legal definition of an NFT, one must first consider the idea behind NFTs. According to the Treccani Encyclopedia, a Non-Fungible Token (NFT) is defined as “a non-duplicable digital certificate that certifies the originality and unique ownership of a physical or digital asset registered on the blockchain”. When someone buys an NFT, they do not gain ownership of the underlying asset; instead, they acquire specific rights related to it. These assets can be classified into three groups: native digital assets, which have no physical form; assets that do have a physical form; and assets with “variable geometries”, which include digital goods that can be linked to a physical version upon request. Examples of such goods include fashion items, luxury brands, and artwork. For items intended for use in “new virtual dimensions”, like the Metaverse, buyers can also request a corresponding physical item for use in the “real world”. NFTs have gained popularity across markets such as art, fashion, collectibles, and, most recently, sports. Aspects such as their legal status, regulations, and the effects of trading on specialized platforms, particularly regarding exchange value, require careful attention.

Zoi Krokida

No abstract is available for this record.

Brian Sanya Mondoh, Palesa Roza Gwele

No abstract is available for this record.

Joshua Fairfield

Trustless public ledgers ("TPLs")-the technology underneath Bitcoin-do more than just create online money. The technology permits people to directly exchange money for what they want, with no intermediaries, such as credit card companies. Contract law is the law of bargained-for exchange, so a technology that enables direct exchange online will change the reality of online contracting. The current problem with consumer contracting online is that courts and companies have collaborated to create an online system in which consumers cannot bargain. Under the current regime, consumers have no choice but to click the "I Accept" button. Online, contract law is not the law of bargained-for exchange; it has become the law of company-dictated exchange. Smart contractsautomated computer programs able to execute trades through TPLs-may offer a solution. This brief Essay explores the possibilities of smart contracts and their potential to correct the badly off-course law of online contract.

Marko Perkušić

This paper analyzes smart contracts and the possibilities of applying legal regulation to them. Since smart contracts are not specifically regulated in the Republic of Croatia, the paper considers the possibility of applying European secondary law and Croatian civil law. In doing so, we consider the mode of operation of smart contracts, as well as the various systems by which they can function. Then we determine whether a smart contract is a contract at all and what are the legally relevant features of smart contracts that could help us classify smart contracts. Accordingly, we determine the differences between smart contracts based on the public (decentralized) blockchain and smart contracts based on the private (centralized) blockchain, as well as the differences between the so-called strong and weak smart contracts. From the legal aspect, we analyze the method of concluding smart contracts, their execution, terms of the contract and its interpretation, as well as the fulfillment of the contract itself. The mentioned aspects are considered and compared from the aspect of the applicable law, and special attention is paid to voidability of smart contracts and termination due to non-performance, as well as consumer protection.

Wanyi Gu, Guojun Wang, Peiqiang Li, Xiangyong Liu · 6 authors

Smart contracts have revolutionized blockchain technology by enabling efficient, automated transactions without intermediaries. However, their increasing prevalence has made them attractive targets for malicious actors, highlighting the critical need for robust security measures. While significant efforts have focused on identifying vulnerabilities in smart contract bytecode before deployment, there still needs to be a substantial gap in detecting execution attacks post-deployment. This gap poses a severe risk to the integrity and security of blockchain transactions. To address this challenge, we introduce an innovative multi-dimensional feature fusion technique for detecting attacks during smart contract execution. Our method comprehensively analyzes opcode behavior across four key dimensions: target operation object, system resource utilization, category, and gas consumption. This multi-faceted approach allows for a more thorough and nuanced detection of potential threats. Our approach demonstrates exceptional performance, achieving a 97.21% detection accuracy and a 97.21% weighted F1-Score. These metrics indicate high precision and recall in identifying various potential attacks.

Geraldine O. Mbah

The rapid advancement of technology in the 21st century has brought intellectual property [IP] to the forefront as a critical asset in the tech industry.Licensing agreements, essential for fostering innovation and collaboration, face significant challenges in efficiency, transparency, and enforcement.Traditional licensing processes are often plagued by inefficiencies, including lengthy negotiations, manual documentation, and disputes arising from ambiguous terms.This paper explores the transformative potential of artificial intelligence [AI] and blockchain-based smart contracts in automating and enforcing IP licensing agreements.Smart contracts, programmable agreements executed on blockchain platforms, offer unprecedented opportunities for ensuring transparency, reducing administrative burdens, and automating royalty payments.When integrated with AI, these contracts can analyse vast datasets, predict licensing trends, and provide tailored recommendations, enabling more informed decision-making for licensors and licensees.Furthermore, the immutable nature of blockchain enhances trust by recording transactions securely and transparently, reducing the likelihood of disputes and fraud.This study also addresses challenges associated with adopting these technologies, including interoperability, scalability, legal implications, and ethical considerations in data use.It presents case studies from the tech industry, illustrating successful implementations of AI-powered smart contracts for IP licensing.By combining AI's predictive capabilities with blockchain's transparency and automation, companies can create robust frameworks for managing complex licensing agreements.The paper concludes that integrating AI and blockchain in IP licensing has the potential to revolutionize the tech industry by enhancing efficiency, fostering trust, and driving innovation.However, strategic implementation and stakeholder collaboration are crucial for realizing these benefits.

Marcos César de Souza Lima, Patrick Augusto Belitardo de Carvalho, Rodrigo Pires

O presente artigo tem como objetivo a análise do sistema de responsabilidade civil pertinente aos smart contracts. As novas modalidades de contratações assumem enorme relevância na sociedade da informação e do consumo, sendo fundamental uma tutela específica voltada à proteção do consumidor, vulnerável no mercado de consumo. O sistema desenvolvido pela Código de Defesa do Consumidor não foi pensado para contemplar os sofisticados contratos inteligentes, aliás, não há qualquer regra no ordenamento pátrio destinada a esta nova modalidade de contratação. Pretendeu-se, assim, investigar a dinâmica da responsabilidade civil nos smart contracts a partir do arcabouço elaborado para proteção do consumidor, a partir de um tensionamento entre a doutrina e legislação.

Ghassan Adhab Atiyah, Ahmed Ismael Ibrahim, Ahmed Abdulkhudhur Jasim

Purpose This research aims to explore the complexities surrounding smart contracts enforcements in cross-jurisdictional transactions. Design/methodology/approach To achieve the aim of this study, doctrinal legal analysis was adopted. Although the subject is multidisciplinary, the aspect of enforcement in cross-jurisdictional transactions from legislative analysis does not require a technical method to be analysed, hence the adoption of this method. Where relevant legal academic journal articles were sourced and analysed along different legislative frameworks in some jurisdictions under review. To determine the legality of smart contracts, applicable law and court with jurisdiction to enforce blockchain smart contract disputes. Findings It was discovered that there remain fundamental questions regarding jurisdiction, applicable law and enforcement. Due to the problem of a uniform legislation to manage smart contract transactions. Research limitations/implications This study limits itself to the legality of smart contracts within a conflict of laws, and it propels the need for either a choice of domestic legislation for parties to be bound or the adoption of a universal legal framework for all smart contract formation through an international treaty or convention that has a binding effect on contracting parties to a smart contract. Originality/value This study highlights the fact that the key elements of smart contracts within traditional contract requirements as provided in domestic legislation vary across jurisdictions. This variation results not only in conflict of law but also affects enforcement in cases of dispute in the contractual terms.

Davut Çulha, Ali Yazıcı

Software maintenance is crucial as technology rapidly evolves, requiring software to meet new demands and correct errors. Smart contracts, immutable programs on blockchains like Ethereum, face challenges despite their immutability, often needing updates for errors or new features. Smart contracts are upgraded using different patterns, which are not natural because most of them implement upgrades using low-level operations that deviate from their intended use. In other words, these patterns are not natural because upgrades are done by implementing workarounds. Moreover, smart contracts are also susceptible to security vulnerabilities because they may hold large amounts of money. In this paper, upgradability of smart contracts is considered a necessity. For this purpose, a more structured method is proposed by adding high-level features and combining inheritance properties of object-oriented languages. A key component of this method is the gotoContract variable, which allows for the redirection of function calls to upgraded contracts. The proposed method provides a complete upgrade of data and functions in smart contracts. It aims to minimize the effects of upgrades on end users of the smart contracts. Additionally, this natural way of upgrading will help mitigate security risks in the smart contracts by providing a high-level approach to upgrade.

Vitor Hugo Belavenutti Martins da Silva

O presente trabalho analisa a plataforma NBA Top Shot como um estudo de caso para explorar as implicações jurídicas dos tokens não fungíveis ou non-fungible tokens (NFTs) à luz do ordenamento jurídico brasileiro. A pesquisa abrange aspectos conceituais, tecnológicos e jurídicos dos NFTs, com ênfase na estrutura distinta dos “Momentos” da NBA Top Shot como ativos digitais que incorporam o NFT e os direitos de uso limitado sobre conteúdo licenciado (e.g., imagens e vídeos de jogadores). O estudo destaca o caráter centralizador da blockchain subjacente à plataforma, a Flow, em face dos modelos público (permissionless) e permissionado (permissioned). Destaca ainda questões na adaptação desta plataforma internacional à aplicação do Código de Defesa do Consumidor (CDC) e os desafios decorrentes de cláusulas de arbitragem e lei aplicável. O estudo direciona-se ainda para lições sobre como uma versão brasileira da plataforma NBA Top Shot poderia ser implementada, indicando recomendações sobre quais aspectos devem ser adaptados à legislação brasileira. Ao examinar a interseção entre a tecnologia blockchain, os direitos dos consumidores e a conformidade jurídica transfronteiriça, este estudo contribui para o debate em curso sobre o equilíbrio entre inovação e proteção jurídica no mercado emergente de NFTs no Brasil.