Legal status of smart contracts: features, role, significance

Authors

DOI:

https://doi.org/10.17981/juridcuc.15.1.2019.11

Keywords:

digital environment, intermediaries, legal relationship, legally relevant messages, smart contract, blockchain technology

Abstract

This article using critical analysis discusses the legal status of smart contracts, their features and characteristics, and the possibility of introducing this category into the legal field. The main goal of the study is to determine the legal status of smart contracts. The study concludes that a smart contract is a program code based on blockchain technology, which, by legal characteristics, is a legally significant message recorded in a language (artificial language) and sealed with an electronic digital signature of each of the parties (or certified with a special key). It is proved that the multilateral interactions implemented through smart contracts can reduce the costs of operations and control them, increase the speed of operations and reduce the risks associated with dishonest actions of the parties, minimize or completely exclude intermediaries from the transaction; therefore, legislation should provide for the possibility of using smart contracts along with existing contracts.

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Author Biographies

Elena Anatolyevna Kirillova, Southwest State University, Kursk (Russian Federation)

Doctor of Law, Associate Professor of Civil Law at Southwest State University, Kursk, Russian Federation. https://orcid.org/0000-0001-7137-901X

Varvara Vladimirovna Bogdan, Southwest State University, Kursk (Russian Federation)

Head of the Department of Civil Law of Southwest State University, Kursk, Russian Federation. Doctor of Law, Associate Professor. https://orcid.org/0000-0001-9686-4687

Igor B. Lagutin, Southwest State University, Kursk (Russian Federation)

Doctor of Law, Associate Professor of the Department of Financial Law (Southwest State University, Kursk, Russian Federation), constitutional, civil and administrative proceedings Deputy Chairman of the Committee of Education and Science of Kursk region. https://orcid.org/0000-0002-0195-2041

Evgeniy Dmitrievich Gorevoy, Southwest State University, Kursk (Russian Federation)

Doctor of Law, Associate Professor of Civil Law (Southwest State University, Kursk, Russian Federation). https://orcid.org/0000-0003-3602-981X

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Published

2019-10-11

How to Cite

Kirillova, E. A., Bogdan, V. V., Lagutin, I. B., & Gorevoy, E. D. (2019). Legal status of smart contracts: features, role, significance. JURIDICAS CUC, 15(1), 285–300. https://doi.org/10.17981/juridcuc.15.1.2019.11

Issue

Vol. 15 No. 1 (2019): Jurídicas CUC 2019

Section

Articles

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