Smart contracts accepted.pdf (486.33 kB)
All watched over by machines of loving grace: a critical look at smart contracts
Smart contracts are coded parameters written into an immutable distributed ledger called a blockchain. There has been increasing legal interest in the application of these self-executing programs to conduct transactions. Most of the scholarly and practical analysis so far has been taken the claims of this technology being akin to a contract at face value, with legal analysis of contract formation, performance, and enforcement at the forefront of the debate. This article discusses that while smart contracts may pose some interesting legal questions, most of these are irrelevant, and smart contracts should be understood almost strictly from a technical perspective, and that any legal response is entirely dependent on the technical capabilities of the smart contract. The article proposes that smart contracts are not contracts for all practical purposes.
History
Publication status
- Published
File Version
- Accepted version
Journal
Computer Law and Security ReviewISSN
0267-3649Publisher
ElsevierExternal DOI
Issue
6Volume
35Page range
1-29Article number
a105338Department affiliated with
- Law Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2019-07-22First Open Access (FOA) Date
2020-08-11First Compliant Deposit (FCD) Date
2019-07-20Usage metrics
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