Smart contracts and blockchain: legal issues and implications for Indian contract law

Jaswant, Shilpa Singh and Kale, Prajakta (2021) Smart contracts and blockchain: legal issues and implications for Indian contract law. International Review of Law, Computers and Technology, 36 (3). pp. 312-329. ISSN 13600869

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The nature of contracts has seen transformation with advances in technology. The efficacy of contract law has been put to the test during this transition from paper-based traditional contracts to electronic contracts. A step forward in this changeover is the ‘smart contract’. Although the term ‘smart contract’ has been in use for two decades, there is as yet no consensus on its meaning. For this paper, we refer to smart contracts as those based on blockchain technology, which generates a decentralised tamper-evident ledger shared within a network of entities. The paper is a critical analysis of the efficacy and adequacy of the Indian Contract Act, 1872, and the Information Technology Act, 2000, in the context of smart contracts. It traces how accommodative Indian law has been to electronic contracts and extends this analysis to smart contracts. It probes smart contracts in the context of the general principles of contract formation, viz., meeting of the minds, offer, acceptance, consideration, capacity, performance, and enforceability. The legal and regulatory aspects of cryptocurrencies, which are often used as consideration, are examined in the Indian context. The paper also elucidates upon the synchronisation of law and technology

Item Type: Article
Keywords: Applied Computing | Blockchain Technology | E-Contract | Indian Contract Act | Information Technology Act | Smart Contract
Subjects: Physical, Life and Health Sciences > Computer Science
Social Sciences and humanities > Social Sciences > Law and Legal Studies
JGU School/Centre: Jindal Global Law School
Depositing User: Amees Mohammad
Date Deposited: 09 Feb 2022 11:15
Last Modified: 21 Feb 2023 11:35
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