Concept of Smart Contracts – A Legal Perspective1
Abstract
Technological advances pave the way for new legal concepts with increasingly high importance. Contracts are the most conducted legal transactions in daily life. Thus, technological advances have a great and fast effect in field of Contract Law. Concept of smart contract is one of the latest developments of Contract Law that is introduced by technological advances. Smart contract is not a type of contract, contrary to the impression based on term, but it is a new concept bringing important solutions to legal enforcement of contractual obligations. In our article, a definition of smart contract concept is given at first, then basic information about technical infrastructure of smart contracts shall be discussed briefly, while transactions carried out in process of smart contracts along with advantages and disadvantages brought by smart contracts are analyzed. Furthermore, legal advantages that will be brought by smart contracts and possible legal problems are also discussed.
Keywords
References
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Details
Primary Language
English
Subjects
-
Journal Section
Research Article
Authors
Argun Karamanlıoğlu
This is me
Publication Date
July 1, 2018
Submission Date
February 9, 2018
Acceptance Date
March 1, 2018
Published in Issue
Year 2018 Number: 35