IDEAS home Printed from https://ideas.repec.org/a/vrs/poicbe/v14y2020i1p1206-1210n113.html
   My bibliography  Save this article

Smart contracts - the new form of the legal agreements

Author

Listed:
  • Ene Charlotte

    (Bucharest University of Economic Studies,Bucharest, Romania)

Abstract

Today we are witnesses an explosion of online business, developed on the internet – a special environment that requires own resources and tools and it is governed by specific rules. In this context, a new type of technology has been developed – the distributed ledger system, which allowed the creation of a new form of the agreement - the smart contracts. Smart contract is the next step forward in the process of digitalized contracts, after using the PDF documents with electronic signatures, and it favors the businesses to be carried out completely automatically, without the need for human intervention, and to gain greater efficiency and reduction in costs. This paper will try to provide the answers to several questions, such as: what is a smart contract?; how smart contract will be used?; how smart contract will be enforced?; etc. Moreover, it will be emphasized the advantages of smart contract and the new developments such as “Ricardian” contracts representing more efficient and transparent agreements that can be drafted and enforced on platform. Most important issue of this paper consists in analysis of legal framework of smart contracts using the basic principles of contract law combined with blockchain regulations, taking into account changing the paradigm from “code is law” to “law is code”.

Suggested Citation

  • Ene Charlotte, 2020. "Smart contracts - the new form of the legal agreements," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 14(1), pages 1206-1210, July.
    • Handle: RePEc:vrs:poicbe:v:14:y:2020:i:1:p:1206-1210:n:113
    DOI: 10.2478/picbe-2020-0113
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/picbe-2020-0113
    Download Restriction: no
    File URL: https://libkey.io/10.2478/picbe-2020-0113?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:poicbe:v:14:y:2020:i:1:p:1206-1210:n:113. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.