La aparición de la Inteligencia Artificial (IA) y su cada vez mayor desarrollo conlleva una serie de interrogantes. Al fin y al cabo, las aplicaciones de una IA lo suficientemente avanzada son innumerables, así como las dudas que arroja su uso. Por este motivo, ante un punto de partida en el que se está debatiendo el impacto de tecnologías como el blockchain en el Derecho, cabe cuestionarse qué efectos tendrá una Inteligencia Artificial. Así, en el caso de poder atribuir una independencia jurídica a una IA, cabría cuestionarse la capacidad para participar en la formación de contratos. Por este motivo, dada la importancia de la compraventa internacional en el tráfico mercantil, es necesario preguntarse acerca de la capacidad de participar una Inteligencia Artificial en los contratos de compraventa internacional.
Sara Houshmand, Pejman Piroozi, Hossein Monavari, Alireza Mazloum Rahani
The emergence of smart contracts and the increasing integration of artificial intelligence (AI) have introduced new dimensions to traditional contract law. These advancements have fundamentally transformed the nature of contractual relationships, raising questions about their legal validity, enforceability, and alignment with established legal doctrines. This research article aims to examine the profound impact of smart contracts and AI on the principles and foundations of contract law, particularly within the legal systems of Iran and India. Smart contracts, which operate through blockchain technology and automated execution mechanisms, challenge conventional notions of offer, acceptance, and consideration. The study explores the extent to which these contracts conform to existing legal frameworks and whether legislative adaptations are required to accommodate their unique characteristics. Additionally, the research investigates issues of liability, dispute resolution, and contractual interpretation in the context of AI-driven automation. Given the decentralized nature of blockchain and the self-executing nature of smart contracts, concerns regarding jurisdiction, regulatory oversight, and consumer protection have also emerged. This study employs a comparative legal analysis by examining relevant judicial precedents, academic literature, and statutory provisions from both Iran and India. The findings highlight the need for regulatory frameworks that balance innovation with legal certainty, ensuring that smart contracts function effectively while upholding fundamental legal principles. The article also provides insights into the broader implications of AI in contract law, discussing whether AI-generated contracts challenge traditional notions of contractual autonomy and intent. By addressing the advantages, challenges, and legal implications of smart contracts, this research contributes to the ongoing discourse on legal adaptation in the face of rapid technological change. The study emphasizes the importance of legal reform in facilitating the seamless integration of smart contracts within modern legal systems.
Smart Contracts form a predominant tool for today's operations, and it is existing in practically all felds like health, banking, investments etc. It is an alternative that matches the rapidity, and the easiness required by the new era. But legal adjustments are needed to preserve the rights and confront the challenges that come with it.
Law has been effectually responding to the legal issues raised by technological advancements. It has indeed recognised electronic contracts (or e-contracts), i.e. the formation of contracts in electronic form or by means of exchange of electronic records. Currently, the contract law especially is confronted with unique challenges posed by smart contracts, which have the potential to produce manifold advantages. Smart contracts are computerised programs or ‘transaction protocols’ which automatically execute the terms of agreement upon the fulfilment of conditions recedent agreed upon by the parties. The difference between a smart contract and a traditional paper-based contract appears to be in the manner in which a smart contract is recorded/stored and performed. This difference, however, does not alter the character of a smart contract altogether from being essentially a ‘contract’. As these contracts also manifest the agreement between the parties and are actually entered into and recorded in a specific way, therefore, their validity, enforceability and interpretation will be subject to the contract law. If viewed from a broader perspective, these contracts are essentially special species of e-contracts, with some additional, advanced technology-based striking features. The fast expansion of smart contracts necessitates a legal examination of the extent to which the fundamental principles of contract law, existing provisions of the Indian Contract Act, 1872 and the Information Technology Act, 2000 deal with the contract law issues raised by these contracts. These contracts are increasingly expanding their ambit beyond financial transactions. The four specific research questions which this paper attempts to address are: (a) What is the current legal position of smart contracts in India? (b) To what extent, the established legal principles of contract formation apply to smart contracts? (c) What are the legal challenges posed by this modern form of contracting? (d) Are smart contracts to be enforced and interpreted in the same manner as any other contract? Additionally, the paper also discusses the future of smart contracts in India.
من انعكاسات استخدام التقنيات والتكنولوجيا الحديثة ظهور ما يسمى بالعقود الذكية، حيث ثارت الكثير من الأسئلة حول ماهية هذه العقود، وكيف نشأة، وماهي العناصر المكونة لها، والخصائص الفريدة التي تميزها، خصوصاً في ظل احتواء هذه التقنية على العديد من المصطلحات والرموز التي لم يسبق للكثير التعرف عليها، ويكاد ينحصر نطاقها المعرفي على علماء الحاسب الآلي والبرمجيات. تقوم العقود الذكية على فكرة تلقائية إعداد وتنفيذ المعاملات التي تدمج في منصة سلسلة الكتل، دون الحاجة إلى العنصر البشري، حيث ارتبط ظهور هذه العقود في بداية الأمر بظهور العملات الرقمية المشفرة.وتعتبر العقود الذكية من العقود المستحدثة التي لم يستقر على تحديد ماهيتها، حيث تتعدد مفاهيمها، وتتشعب مصطلحاتها، لذا جاء هذا البحث لتسليط الضوء على تلك العقود وتطورها، وتحديد مفهومها، وبيان خصائصها، حيث خلص إلى العديد من النتائج، منها أن العقد الذكي يتمتع بخصائص فريدة، كالتحقق الذاتي، والتنفيذ التلقائي، والتوثيق الآلي.لذا.. يجب الاهتمام بالمزيد من البحث حول تلك العقود لتلافي قصور المعرفة القانونية بمجال التكنولوجيا الحديثة، والاستفادة من هذه الثورة التقنية في جميع المجالات.One of the implications of the use of modern techniques and technology is the emergence of so-called smart contracts, as many questions have arisen about what these contracts are, how they were created, what are their constituent elements, and the unique characteristics that distinguish them, especially in light of this technology containing many terms and symbols that have not been known to many before. Learn about it, and its scope of knowledge is almost limited to computer and software scientists.Smart contracts are based on the idea of automatically preparing and executing transactions that are integrated into the block chain platform, without the need for the human element, as the emergence of these contracts was initially linked to the emergence of encrypted digital currencies.Smart Contracts are considered innovative agreements with an undefined nature, featuring diverse concepts and branching terminologies.This study aims to illuminate these contracts, exploring their development, defining their concept, and outlining their characteristics. The study concludes that Smart Contracts possess unique attributes such as self-verification, automatic execution, and automated documentation.Therefore.. further study is essential to address legal knowledge gaps in the field of modern technology, ensuring the utilization of this technological revolution across various domains.
Smart contracts are becoming increasingly more part of our society and there is a definite rise in the acknowledgement of a smart contract as a contract. One of the aspects to consider when a contract is entered into, is the issue of jurisdiction. This can be problematic when dealing with smart contracts. There seems to be a conflict between the specific rules of law which govern jurisdiction and the emerging technology that a smart contract uses. When dealing with contract interpretation, jurisdiction is one of the first aspects that is analysed, discussed and applied. Interpretation of so-called traditional contracts have well-established rules and principles with regard to jurisdiction, but there seems to be a number of grey areas when it comes to this same aspect when dealing with smart contracts.
The aim of this diploma thesis is to analyse the individual legal aspects of Non-Fungible Tokens (NFT) phenomenon in terms of current and upcoming legislation. The diploma thesis documents the technological aspects of this phenomenon and its legal specifics and then identifies and interprets the application of legal frameworks that currently affect its use. These include the legal qualification of NFT, aspects of consumer protection and aspects of copyright law. The text of the diploma thesis contains a theoretical assessment to the extent necessary for the purposes of further analysis of the phenomenon.
Oleksandr Letychevskyi, Volodymyr Peschanenko, Maksym Poltoratskyi, Olga Konnova
Blockchain and smart contracts have transformed the modern world.They help ensure security and trust in transactions, revolutionize finance, logistics, healthcare, and many other industries.Smart contracts are based on software code, so they can contain errors that lead to incorrect execution of the contract.Since the area of use of smart contracts is often related to finance, the cost of such errors can be quite high.Also, errors in smart contracts that have already been sent to the network cannot be corrected due to the immutable nature of the blockchain.This problem can be solved through smart contract code analysis, which allows developers to check the correctness of their code and protect it from possible errors and vulnerabilities. This article proposes the use of insertional modeling to analyze smart contract code for the Algorand blockchain. This blockchain is one of the fastest, low-cost, carbon-negative blockchains that has advanced smart contract capabilities with low transaction fees. The language used to create smart contracts in Algorand is called Transaction Execution Approval Language (TEAL).In this work, we review existing tools for TEAL code verification and describe the capabilities that each of them provides.Among these tools are Graviton, Tealer, Algo Builder/runtime.In this paper we describe the features of the TEAL language, as well as give examples of writing a smart contract using it.We offer our method for verification created smart contract.It consists in using the algebraic approach, which is implemented in the scope of the insertion modeling system to verify the smart contract code.This approach will allow us to check the smart contract code for some state reachability and deadlocks.
The paper explores the growing integration of blockchain technology in the legal field, specifically focusing on the emergence of smart contracts with their automated execution of contractual obligations. Technology experts believe that the use of smart contracts contributes to the eradication of disputes. However, the author challenges this claim while analyzing the disputes that may arise in this area, including classic contract law disputes and new issues specific to smart contracts. The paper focuses on whether arbitration is the optimal forum for resolving these disputes. The relationship between traditional and blockchain arbitration is explored, examining disputes that would be resolved using established methods and those suitable for the newly created mechanism. The interests of traditional arbitration do not coincide with those of blockchain arbitration. Both should cooperate and take advantage of each other. The author asserts that the flexibility and adaptability of arbitration will be its dominant advantage in addressing these disputes.
Dominik Skauradszun, Jeremias Kümpel, Selina Schweizer, Vincent Gramlich
Zusammenfassung Für die Vertrauenswürdigkeit von Finanzdienstleistungsinstituten, die das Kryptoverwahrgeschäft nach § 1 Abs. 1a Satz 2 Nr. 6 KWG betreiben, ist es essenziell, dass die Kunden ihre verwahrten Kryptowerte in der Insolvenz des Instituts aussondern können. Wäre dies nicht der Fall und würde den Kunden im Fall der Insolvenz des Instituts womöglich ein Totalverlust drohen, würde dies die Attraktivität des Geschäftsmodells der Kryptoverwahrer erheblich beeinträchtigen und voraussichtlich Kunden dazu bewegen, die Verwahrung der eigenen Kryptowerte bzw. kryptographischen Schlüssel ohne Rückgriff auf ein solches Institut selbst zu übernehmen. Demgegenüber löst die Aussicht auf eine Rendite durch das sog. Staking für die Kunden einen Reiz aus. Im Rahmen des Stakings werden die Kryptowerte durch den Inhaber selbst oder seinen Kryptoverwahrer für den Proof-of-Stake-Konsensmechanismus einer Blockchain hinterlegt, wodurch sich fortlaufend weitere Kryptowerte verdienen lassen (sog. Rewards). Von einem einzelnen Kunden lässt sich dies in aller Regel nicht effizient durchführen, sodass diese Aussicht auf ein passives Einkommen für eine Verwahrung durch entsprechende Institute spricht. Es könnte insofern ein Zielkonflikt zwischen Insolvenzschutz und Renditechancen bestehen, d. h. die Aussichten auf eine Rendite könnten sich negativ auf den Schutz der Kunden in der Insolvenz des Kryptoverwahrers auswirken. Der Beitrag untersucht daher, ob und wann ein solcher Einsatz von sammelverwahrten Kryptowerten für den Proof-of-Stake-Konsensmechanismus (Staking) Aussonderungsrechte kraft fremdnütziger Treuhand oder kraft unwiderleglicher Vermutung nach § 46i KWG n. F. tangiert. Die Autoren schlagen eine aus dem BGB abgeleitete „Früchtelösung“ vor, mit der das Staking bei vollem Schutz der Kunden in der Insolvenz des Kryptoverwahrers ermöglicht wird.