This paper does an in-depth analysis of how blockchain technology and smart contracts instill public confidence in the banking industry. For a very long time now, trust in monetary transactions has been cemented through honest businesses and a regulated intermediary. As it would later turn out, blockchain technology provides an un-hackable, transparent, and decentralized basis upon which trust is built. In this bid to cut the involvement of third parties, this study analyzes to what extent blockchain technology and smart contracts facilitate a shift in trust to programmable contracts. Basically, this essay goes into detail about how blockchain technology and smart contracts can be applied with a view to reconsidering the very concept of trust. This study adopted a mixed-method approach in order to determine useful use cases and evaluate their contribution toward data security, transaction speed, and making sure of confidence. Case studies that are included in this study include but are not limited to JP Morgan's Quorum blockchain technology. According to many studies, blockchain technology cuts transaction costs by enhancing security and transparency, hence encouraging innovation in new financial services and products. This page contributes to the growing debate on decentralized technology through the provision of relevant insight into the legislators, regulators, and financial institutions leading this technological revolution.
Cryptocurrency, despite the blurred boundaries of domestic regulation, has firmly entered judicial practice as a type of property that can be seized or confiscated. The forces of criminal law are deterring such a new type of digital crimes as crypto crimes. The author analyzes judicial practice and the evidence base presented within the framework of the capabilities available to Russian law enforcement agencies. The priority directions of improving the process of proving illegal acts are substantiated on the basis of the existing provisions of the law on the sufficiency of evidence.
Subject. The article discusses innovative digital technologies in improving the effectiveness of coordination of economic entities. Objectives. Based on the theory of transaction costs, the new institutional economics and the theory of public choice, the study aims to identify specifics of the impact of distributed ledger technologies on economic institutions, their transparency, and effective coordination in economic systems. Methods. We employed methods of theoretical analysis of literature on the new institutional economics, the theory of public choice, and constitutional economics. Innovative digital technologies are considered from the perspective of transaction cost reduction. Results. The paper shows that innovative digital technologies are not limited to a narrow application in the field of digital currencies and smart contracts, but represent a fundamental institutional mechanism that helps reduce transaction costs, increase transparency of transactions, and form more perfect market orders. Special attention is paid to the role of distributed registry systems in spontaneous and polycentric management according to E. Ostrom, and in "constitutional choice" according to J. Buchanan. Conclusions. The decentralized nature of distributed ledgers, backed by cryptographic methods and economic incentives, has the potential to transform organizational and political institutions, stimulating increased trust and inclusivity in collective decision-making processes.
Background. The rapid advancement of digital technologies has introduced blockchain as a potential tool in public procurement contracts within the public sector. Smart contracts, particularly within civil law frameworks, have gained legislative recognition in jurisdictions such as France and several U.S. states. This development raises important questions about integrating blockchain-based smart contracts into governmental procurement systems, with a view to enhancing procedural transparency and operational efficiency, while acknowledging the limitations and dependencies on institutional frameworks. The central issue lies in clarifying the legal and technical implications of blockchain-based smart procurement contracts. The research examines their potential to streamline public procurement management and improve procedural efficiency, while recognising the need for legal safeguards that maintain administrative law principles and accommodate institutional constraints. Methods. This study adopts a comparative analytical approach, examining relevant legal provisions, technical requirements, and administrative practices across multiple jurisdictions. Various blockchain models—public, private, hybrid, and consortium—are evaluated for their suitability in procurement processes. Legislative experiences regulating smart contracts are analysed to extract best practices and inform a cautious framework for public sector adoption. Results and Conclusions. The analysis indicates that blockchain-based smart procurement contracts may reduce bureaucratic delays and minimise human errors, while providing immutable records that can support accountability. However, successful implementation requires legal and institutional adjustments to address enforceability, liability allocation, interoperability, and data protection. A practical model illustrating each operational step—from drafting to automated execution—is proposed, emphasising feasibility and legal compliance rather than assuming transformative effects. The study highlights the necessity of tailored legislation, standardised protocols, and targeted training for public officials to support the cautious integration of blockchain in public procurement contracting. These measures aim to guide the legally informed and context-sensitive adoption of smart contracts, contributing to sustainable digital transformation in public sector governance.
Hansa Vaghela, Vivek Khirasaria, Rachit Adhvaryu, Krupali Gosai
Blockchain technology has transformed commercial transactions with its decentralized platform, transparency, and security. Self-executing contracts with coded terms are at the foundation of smart contracts, resulting in increased efficiency, lower operating costs, and greater transparency. Smart contracts offer tremendous benefits across businesses, but their immutability raises serious security risks. Contract code faults and vulnerabilities remain unmodifiable or erasable once published. This can pose irreparable problems, especially with financial or sensitive data. Transparency makes these contracts more vulnerable to manipulation by malicious actors. This study examines smart contract vulnerabilities, including reentrancy attacks, overflow and underflow issues, and unauthorized access. Smart contract creation involves specific risks and a full security framework. This framework reduces vulnerabilities with formal verification, automated analysis, and optimal coding practices. This research aims to improve smart contract security, reliability, and integrity. The study improves blockchain technology security and promotes its adoption across businesses, making smart contracts secure, efficient, and trustworthy.
A TANULMÁNY CÉLJAA tanulmány célja a Bitcoin buborékok kialakulásának vizsgálata, megértése. A buborékok erős hasonlóságot mutatnak a Gartner-féle hype-görbe alakjával, ezért az egyes buborékok és a hype-görbe kapcsolata is ismertetésre kerül. Ezek mellett a Bitcoin-buborékok kialakulását elősegítő tényezők feltárására törekedtünk. ALKALMAZOTT MÓDSZERTAN A Bitcoin árfolyamának historikus adatait elemeztük, melyek alapján a buborékok kirajzolódnak. A buborékok létezésének alátámasztására, illetve a Gartner-féle hype-görbével való azonosítás érdekében kiszámoltuk az egyes buborékok különböző időszakaihoz tartozó kockázatokat, hozamokat is. Illesztettük a hype-görbét a Bitcoin árfolyamának alakulására, illetve a korrelációs kapcsolatot is vizsgáltuk. LEGFONTOSABB EREDMÉNYEK A szórásból számított kockázatok, illetve a relatív szórások is alátámasztották a feltételezést, mely szerint az egyes Bitcoin-buborékok követik a Gartner-féle hype-görbe alakját. A görbék illesztése és a korreláció vizsgálata pedig kimutatta, hogy van kapcsolat a hype és az árfolyam alakulása között. A szabályozás szerepe kritikus lehet a kriptovaluták árfolyamának alakulásában, és a különböző országokban bevezetett szabályozó intézkedések jelentős hatást gyakorolhatnak a befektetői bizalomra és az árfolyamokra. A Bitcoin-bányászat felezése szintén fontos esemény, amely befolyásolhatja a kínálatot és keresletet és ennek megfelelően az árfolyamokat is. Az utánzó magatartás, vagyis a befektetők tendenciája arra, hogy mások viselkedését másolják, szintén jelentős tényező a buborékok kialakulásában. Végül az intézményi szereplők stabilizáló hatását ismertettük. GYAKORLATI JAVASLATOK A tanulmányból kiderül, hogy a fent említett tényezők igen nagy befolyást gyakorolnak a Bitcoin árfolyamának alakulására, melyek közül a bányászatért járó jutalmak felezése a leginkább szembetűnő, illetve számítással alátámasztható. Az új szabályozások megjelenésével nem tudunk számolni, viszont a felezéssel járó árfolyamváltozással igen, melynek fő indikátora az utánzó magatartás, hiszen a befektetők hozamaik maximalizálására törekednek. Ezek alapján a tanulmány rávilágít, hogy egy igen kockázatos befektetési formáról van szó, melynek előrejelzése igen nehéz feladat.
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.
K. Myrzabekkyzy, G. Lukhmanova, B. Dosanov, A. Bolganbayev · 5 authors
This article, within the context of modern financial technology development, analyzes the impact of decentralized finance (hereafter - DeFi) on the traditional financial system and its criminal-risk aspects. The study aims to describe DeFi operating mechanisms (decentralized architecture and smart contracts), systematize the directions of change in banking, lending, insurance, and investment services, and identify the main types of misconduct and fraud while proposing preventive measures. The paper clarifies DeFi’s operational features, the role of smart contracts, and the nature of decentralization, and examines DeFi’s position across traditional financial service segments. Types of offenses and fraudulent schemes occurring on DeFi platforms are identified, and prevention measures are proposed. A comparison between DeFi and traditional finance is provided, highlighting key advantages and disadvantages and offering recommendations to reduce criminal risks.
In the context of rapid global transformations driven by the digitalization of the economy, politics, and the social sphere, rethinking approaches to constitutional and legal regulation becomes especially relevant. This article examines the challenges faced by modern constitutions due to the spread of digital technologies and analyzes emerging legal gaps in the regulation of new social relations. The author explores the theoretical foundations of the need to adapt constitutional norms to the conditions of digital reality, including virtual spaces, artificial intelligence technologies, distributed ledgers, and other elements of the digital environment. Special attention is given to the correlation between digital innovation and the foundations of constitutional order, the principles of the rule of law, and the protection of human rights under new conditions. In this context, the role of lobbying is analyzed as a mechanism for the legitimate representation of the interests of digital actors – technology corporations, civil society, and the expert community – in the process of legal transformation. Based on an analysis of legal literature and constitutional texts from various countries, the article concludes that targeted amendments to provisions concerning fundamental rights and freedoms, constitutional order, and the organization of public authority are inevitable. The article proposes a range of practical solutions, including the development of conceptual approaches to the legal recognition of digital rights, mechanisms for their implementation, and the institutionalization of lobbying activities as a tool for shaping a sustainable digital legal agenda. Thus, in modern conditions, lobbying acquires new significance as an element of constitutional architecture, reflecting the need for dialogue between the state and digital society—an element that requires constructive analysis and doctrinal study.
This article addresses the complex issues of choosing legal principles in international commercial contracts in the context of globalization and the rapid development of digital commerce. It analyzes the fundamental principle of party autonomy, in particular its explicit (expressly stated in the contract) and implied (determined based on the circumstances) forms. The paper considers the adaptation of traditional legal approaches to modern challenges such as smart contracts, decentralized autonomous organizations (DAOs) and jurisdictional uncertainty. The immutability of smart contracts, while providing commercial certainty, simultaneously gives rise to legal paradoxes and regulatory gaps, as demonstrated in the case of Van Loon v. US Treasury. The need to obtain legal entity status for DAOs creates a market of “legal shells” offered by various jurisdictions (e.g., Wyoming, Switzerland). The emergence of innovative mechanisms such as multi-signature arbitration in dispute resolution leads to the privatization of enforcement proceedings. The aim of the study is to examine the adaptation of traditional legal approaches to modern challenges such as smart contracts, decentralized autonomous organizations, and jurisdictional uncertainty. The paper uses legal analysis and case study methods. The results show that the immutability of smart contracts creates legal paradoxes, while mandatory public law rules limit the voluntary autonomy of the parties.
This article offers a comprehensive analysis of the current state of legal regulation of blockchain technology and smart contracts in Ukraine and examines their underlying legal nature. Written against the backdrop of global innovations and practical applications of distributed-ledger technology, the study addresses the urgent need to harmonise Ukraine’s regulatory framework with that of the European Union. Adopting an interdisciplinary perspective, the author integrates legal, economic, and technological considerations, viewing blockchain not merely as an innovative IT infrastructure but also as a socio- legal phenomenon capable of transforming tax, registration, and corporate processes. The introduction substantiates the relevance of the research: the rapid expansion of the digital economy, the widespread adoption of virtual assets, and the imperative to reduce corruption risks in the public sector all necessitate legislative adaptation and the introduction of new legal concepts. The purpose of the article is to develop a national regulatory model that reconciles technological innovation with the principles of transparency, legal certainty, and protection of market participants’ rights. The core of the study focuses on five potential areas for deploying blockchain in public administration: electronic tax reporting, accounting for electronic invoices, automated tax payments via smart contracts, an open register of taxpayers, and real-time monitoring of goods flows. The author demonstrates that implementing these solutions can reduce operational costs for businesses, significantly decrease errors and fraud, and enhance public trust in state institutions. Special attention is given to the legal status of NFTs and other tokenised assets. Based on an analysis of Ukrainian and international legislation, the article argues that the transfer of economic copyrights via NFTs requires a written (including electronic) agreement bearing a qualified electronic signature, clearly defined licensing terms, and integration with official state registers to verify legal title.
Open access
Digital Transformation in Law
Legal Studies and Reforms
Legal, Health, Environmental and COVID-19 Challenges
Abstract This study outlines the creation, implementation, and assessment of a Blockchain–AI integrated chain-of-custody (CoC) framework for managing digital forensic evidence. The research sought to improve the integrity of evidence, transparency, and automation, tackling the shortcomings of conventional manual CoC processes. The suggested system was executed utilizing Hyperledger Fabric (6 nodes, PBFT consensus) and Ethereum testnet (10 nodes, PoA consensus), attaining an average block time of 1.2–3.8 seconds and transaction latency of 85–150 milliseconds. Smart contracts, RegisterEvidence(), VerifyCustody(), AccessGrant(), and LogActivity() streamlined the custody procedure, achieving a 99.6% integrity validation rate in blockchain-only mode and a complete 100% validation when paired with AI anomaly detection. The AI subsystem utilized a CNN–LSTM combined model that was trained on 500 labeled transaction logs, achieving 97.2% accuracy, 0.96 precision, 0.97 recall, and an F1-score of 0.965. Correlation analysis indicated a robust positive association (r = 0.94) between AI anomaly detection and blockchain integrity verification. Scalability evaluations over 100–5,000 transactions demonstrated throughput between 135 and 80 transactions per second (TPS), while memory usage rose from 32% to 77%, verifying effective resource utilization. The system exhibited strong alignment with SDG 16 (Peace, Justice, and Strong Institutions) and SDG 9 (Industry, Innovation, and Infrastructure), achieving scores of 0.98 for transparency, 0.95 for accountability, 0.96 for innovation, and 0.94 for digital infrastructure. Comparative benchmarks indicated significant enhancements compared to baseline CoC systems: +13.1% in integrity validation, + 60.7% decrease in latency, + 97.2% increase in accuracy, and + 50% improvement in scalability. These empirical findings confirm that the Blockchain–AI framework provides a secure, transparent, and smart forensic environment, capable of revolutionizing judicial evidence handling and enhancing institutional trust via automated, data-driven processes.
As healthcare ecosystems shift toward digital-first operations, personal health data faces unprecedented security and privacy risks from increasingly sophisticated cyber threats. This paper examines how the integration of Artificial Intelligence (AI), including Agentic AI, blockchain, and cloud computing, can establish an advanced security framework for resilient healthcare data management. Unlike traditional siloed systems, the proposed model leverages AI-driven anomaly detection, multi-agent orchestration, and explainable AI (XAI) for real-time threat prediction and adaptive defense. Blockchain contributes decentralized trust, tamper-proof auditability, and consent-enforcing smart contracts, while cloud platforms deliver elastic scalability, encrypted storage, and hybrid multi-cloud deployment models. The framework also incorporates federated learning, Model-Chaining Protocols (MCPs), and Zero-Knowledge Proofs (ZKPs) to enhance interoperability, preserve privacy, and enable verifiable compliance. Findings highlight significant improvements in confidentiality, integrity, and availability (CIA) of healthcare data, while simultaneously addressing regulatory obligations such as HIPAA and GDPR through embedded governance and risk orchestration layers. Despite challenges around system complexity and policy harmonization, the paper provides a state-of-the-art synthesis and proposes actionable best practices for healthcare practitioners and policymakers, including adopting continuous AI-powered risk monitoring, blockchain-based patient-centric data ownership, and automated compliance verification mechanisms. Overall, the convergence of AI, blockchain, and cloud technologies—augmented by governance-driven orchestration—offers a future-proof, cyber-resilient architecture for safeguarding personal health data in digital-first healthcare ecosystems.
سازمانهای خودگردان غیرمتمرکز (DAO)، به دلیل ویژگیهایی چون فقدان مدیریت انسانی متمرکز و ساختار فراملی، با مفهوم سنتی شخصیت حقوقی در تضاد ماهوی قرار دارند. پژوهش حاضر از توصیف این بنبست شناختهشده عبور کرده و به یک پرسش راهبردی پاسخ میدهد: نظام حقوقی ایران چگونه میتواند با الهام از مبانی فقهی و تحلیل تطبیقی تجارب نوین جهانی (مانند وایومینگ)، مدلی جدید تحت عنوان «شخصیت حقوقی الگوریتمی» را طراحی و شناسایی کند؟ این تحقیق با روش توصیفی-تحلیلی، پس از اثبات ناکارآمدی چارچوبهای فعلی برای حل بحران مسئولیت و صلاحیت قضایی، به عنوان یافته اصلی، ارکان و الزامات یک مدل مفهومی نوین را ارائه میدهد. این مدل، اهلیت و موجودیت نهاد را نه بر ارکان انسانی، بلکه بر شفافیت کد، قابلیت حسابرسی الگوریتم و معرفی یک عامل ثبتشده استوار میسازد. مقاله همچنین با بررسی تطبیقی رویکردهای جهانی و پاسخگویی به انتقادات کلیدی، اعتبار و کارآمدی مدل پیشنهادی را تقویت مینماید. نتیجهگیری پژوهش آن است که مواجهه کارآمد با DAO مستلزم عبور از راهکارهای اصلاحی و حرکت به سمت قانونگذاری جدید و ویژهای است که این شخصیت حقوقی فناورانه را به رسمیت بشناسد و ضمن فراهم آوردن بستر نوآوری اقتصادی، پاسخگویی حقوقی و قضایی این نهادها را در برابر حاکمیت تضمین نماید.
The Blockchain is an emerging technology that is used in various applications for data security and trustworthiness. In the case of a public Blockchain, the data cannot be edited or deleted. In the case of a consortium and private Blockchain, the data can be edited or deleted based on the assigned permission, and the data privacy can be maintained. Blockchain's smart contract provides security to stored data, but it is vulnerable to various security threats. Smart contracts still suffer from different variabilities like distributed denial of service attacks (DDoS), 51% vulnerability attacks, double-spending problems, and mining Pool attacks. The smart contract, run on a Blockchain framework, is the logical contract between two or more anonymous people without involving a third party. Hyperledger and Ethereum are two important frameworks that support the development of smart contracts using Blockchain technology. This paper has tried to analyze the security issues of smart contracts developed on the Ethereum framework. An application of class scheduling management and student attendance management has been designed to validate and generate a smart contract. Received: 31 May 2025 | Revised: 4 August 2025 | Accepted: 29 August 2025 Conflicts of Interest The author declares that he has no conflicts of interest to this work. Data Availability Statement The data used in this article are virtual data to implement and to establish the algorithm. It is available in GitHub at https://github.com/ashisgitup/e-learning-Blockchain.git. Author Contribution Statement Ashis Kumar Samanta: Conceptualization, Methodology, Software, Validation, Formal analysis, Investigation, Resources, Data curation, Writing — original draft, Writing — review & editing, Visualization, Project administration.
In this article, we carry out a comprehensive comparative legal analysis of the criminal policy in the field of cryptocurrency confiscation in Russia, the European Union, and the United States. The relevance of this research is determined by the rapid growth of crimes involving crypto assets (money laundering, cybercrimes, and drug trafficking) and the lack of effective mechanisms for their final confiscation and implementation in Russia, which undermines the efforts of law enforcement agencies. We aim to identify effective models of cryptocurrency confiscation based on a comparative analysis of legislation and practice in leading jurisdictions and, on this basis, to develop recommendations for improving the Russian legal framework. The methodology includes a comparative legal analysis of regulatory acts (Russian Criminal Procedure Code, EU Directive 2014/42/EU, US Code), a formal legal method, an analysis of judicial practice (Russia, USA), and doctrinal sources. The key findings can be summarized as follows: (1) the USA enjoys the most advanced system, where the U.S. Marshals Service (USMS) actively uses private exchanges to convert confiscated assets; (2) the EU has established a strong legal framework (5/6AMLD, Directive 2014/42/EU); however, implementation practices here vary among member states, combining government-owned storage and outsourced sales through licensed platforms; (3) in the Russian Federation, despite the practice of seizure and arrest of crypto assets and legislative initiatives, the legal mechanism for their confiscation and sale is lacking, making court decisions unenforceable. In order to overcome this gap in Russia, it is necessary to urgently legislate cryptocurrency as property for the purposes of confiscation in the Criminal Procedure Code of the Russian Federation, grant the Federal Service for Judicial Enforcement of the Russian Federation the authority to sell through licensed platforms, as well as to develop expert potential. Our study extends the current knowledge by detailing the technological aspects of confiscation in the EU and the USA and proposes specific ways to modernize the criminal policy of the Russian Federation.
René Dávila, Everardo Bárcenas, Rocío Aldeco-Pérez
Formal verification entails testing software to ensure it operates as specified. Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. They run on blockchain platforms and automatically enforce and execute the terms of an agreement when meeting predefined conditions. However, Smart Contracts, as software models, often contain notable errors in their operation or specifications. This observation prompts us to conduct a focused study examining related works published across various sources. These publications detail specifications, verification tools, and relevant experiments. Subsequently, this survey proposes an alternative formal verification based on description logic.
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.
Статья рассматривает смарт-контракты как основу цифровой трансформации бизнес-процессов, раскрываются архитектурные принципы, роль в автоматическом исполнении договорных обязательств и повышении прозрачности, а также перспективы интеграции с Интернетом вещей, децентрализованными финансами и цифровыми валютами центральных банков. The article examines smart contracts as a cornerstone of digital business-process transformation, detailing their architectural principles, their role in automating contractual obligations and enhancing transparency, and the prospects for integration with the Internet of Things, decentralized finance, and central-bank digital currencies.
B. Jeyaprabha, Anthony L. Rose, Rachit Jain, Animesh Pratap Singh · 6 authors
The paper discusses the use of smart contracts based on blockchain in the insurance sector in terms of improving transparency, security, and efficiency in the process of policy management. In the case of the automated claims processing through the application of smart contracts, the study shows how blockchain technology can simplify the claims verification and approval procedure with the involvement of humans and mistakes minimized. The presence of smart contracts with set conditions makes smart contract transparent as everyone can be able to access unchangeable terms of the contract and the blockchain is decentralized, preventing fraud and data integrity. The study utilizes the Ethereum smart contracts, which are created with the help of Solidity program language, as the main instrument of automatizing and insuring processes. It is this example of a combination of blockchain technology and automated processes that will result in faster claims processing, reduced administrative expenses, and increased customer satisfaction. Generally, and throughout the paper, the challenges that blockchain-based solutions can address have the capacity to enhance the insurance industry in the context of enhancing the efficiency of the operations, as well as increasing trust due to transparency and security of the processes involved.
The emergence of blockchain technology has led to the development of smart contracts, which are considered the most significant due to their ability to support automated agreements within the system without the need for third parties. Although it might have its advantages, smart contracts do not address all the issues as they face various security vulnerabilities and legal issues and regulatory conditions. The study explores the current role of smart contracts by examining the vulnerability that threaten the integrity of these contracts like programming errors along with reentrancy hacking and architectural flaws of the blockchain systems. In this paper, the relationship between enforceability and jurisdictional issues and fault-based issues that pose legal challenges to smart contracts will be examined. The paper explores system regulations which arise out of these systems through evaluation of legal frameworks which are aimed at providing blockchain security within the existing legal economic frameworks. Studies on comprehensive smart contract risk have made researchers come up with recommendations that enhance security by way of blockchain system controls.
This study examines the philosophical-legal foundations of smart contracts through the lens of transforming concepts of autonomy and determinism. The semantic gap between the natural language of law and the formal language of programming is investigated. The ontological status of smart contracts as hybrid sociotechnical phenomena is analyzed. A conceptual vision of "executable law" is proposed for understanding new forms of algorithmic normativity in the digital era.
Smart contracts have emerged as a transformative force in contract law, leveraging blockchain technology to automate transactions and reduce reliance on human intermediaries. However, their widespread adoption is hindered by significant legal challenges, particularly in determining liability for transaction failures. This Note examines the accountability problems inherent in smart contracts, focusing on the critical role of oracles—third-party entities that feed external data into blockchain-based agreements. While existing scholarship explores the theoretical foundations and potential applications of smart contracts, this Note shifts focus to liability allocation and proposes a novel framework: default oracle liability. Under this proposal, oracles bear primary responsibility for transaction errors arising from inaccurate data sourcing or validation failures. If oracles demonstrate that they functioned correctly, liability shifts to smart contract developers, who are responsible for ensuring secure and error-free code. By clarifying accountability, this framework incentivizes higher standards for data accuracy and software integrity, ultimately fostering a more reliable and legally-viable environment for smart contracts to operate.