Smart contracts – the way forward

Shrivastava, Anujay and Khamroi, Anubhav (2017) Smart contracts – the way forward. International Journal for Research in Law, 2 (4). pp. 15-36. ISSN 2454-8715

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Smart contracts are contracts essentially in form of Computer Codes, where the terms of the contract are enforced by the logic of the program’s execution. They do not require judgement or skill of any specialist. This allows us to form a vastly strong system of checks-and-balances, in a trust-less and decentralised manner. Smart contracts also gain the benefit of global transferability, without sacrificing any local knowledge. It’s both cost and time effective. Smart Contracts would dramatically reduce the costs of developing, maintain and securing our relationships. It’s very similar to an online Chessboard game, where the players would design the rules of the game before they are willing to play. And once the rules are agreed on, the Contract would act as a board manager, this allows the parties to move freely but within the rules of the game. Although, enforceability is a challenge to proper working of Smart Contracts, many international conventions can be used to govern the working of such contracts. There exists a clear lack of theoretical framework in this respect. This paper tries to draw out such a theoretical framework by identifying the different modes for regulating and enforcing smart contracts in multiple jurisdictions. Establishment of a legal framework regulating Smart Contracts would be a giant leap in the field of Contractual Laws.

Item Type: Article
Keywords: Contract | Smart Contract | Cryptocurrency | Blockchain, Law | Contractual Law | Enforceability | International Commercial Law | USA | Europe | Japan | Singapore | India | Bitcoin | Ethereum | Bitgold
Subjects: Social Sciences and humanities > Social Sciences > Law and Legal Studies
JGU School/Centre: Jindal Global Law School
Depositing User: Arjun Dinesh
Date Deposited: 15 May 2022 15:32
Last Modified: 15 May 2022 15:32


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