scholarly journals Smart Contracts and the Principles of the Law of Obligations

Legal Concept ◽  
2021 ◽  
pp. 113-117
Author(s):  
Alexey Churilov ◽  
Keyword(s):  
Public Relations ◽  
Scientific Knowledge ◽  
Smart Contracts ◽  
Methodological Framework ◽  
Smart Contract ◽  
The Law

Introduction: the digitalization of public relations and the emergence of smart contracts have created the need to study what a smart contract is and whether it is subject to the general principles of the law of obligations. Methods: the methodological framework for the research is a set of methods of scientific knowledge, among which the main ones are the methods of historicism, consistency, and analysis. Results: the possibility of extending the principles of the law of obligations to the relations of the parties when they conclude a smart contract is analyzed. Conclusions: the conclusion is made about the extension of the principles of the law of obligations to smart contracts with the features due to the nature of smart contracts.

scholarly journals SMART CONTRACT AND CHALLENGES TO LAW

2020 ◽  
Author(s):  
Gergana Varbanova ◽  
Keyword(s):  
Civil Law ◽  
Smart Contracts ◽  
Program Code ◽  
Advantages And Disadvantages ◽  
Smart Contract ◽  
The Law

Are the technologies advanced enough to replace lawyers and the judiciary in the negotiation and enforcement process? Is it possible for a program code to be a contract that binds the parties named in it? What is a smart contract and what challenges does it pose to the law? The present study aims to clarify and show the advantages and disadvantages of using smart contracts in civil law.

The Legality of Smart Contracts in a Decentralized Autonomous Organization (DAO)

2022 ◽  
pp. 112-131
Author(s):  
Andasmara Rizky Pranata ◽  
Pardis Moslemzadeh Tehrani
Keyword(s):  
Smart Contracts ◽  
Smart Contract ◽  
Legal Contract ◽  
Five Elements ◽  
The Law ◽  
Definition Of

This chapter discuss the legality of smart contract in a decentralized autonomous organization (DAO). The regulation framework of blockchain is developing rapidly with many countries such as Malta and Estonia utilizing and allowing the use of blockchain. While many researchers have discussed the legality of smart contract, its relation to DAO as one of blockchain's applications is rarely discussed. There are three issues discussed in this chapter: the definition of DAO, the definition of smart contract, and the legality of smart contract in DAO. Each country has their own legal threshold of a contract's legality, but there are generally five elements in a legal contract, namely offer and acceptance, consideration, intention, certainty, and completeness. It is possible for the smart contract to fulfil the five legal elements of a contract. As there are different regulations in different countries, there may have been different elements to the law. In conclusion, the legality of smart contracts, like blockchain itself, depends on who uses it, where it is used, and how it is used.

Investigating the concept of mountain forest protection and management as a means for flood protection

2021 ◽  
Author(s):  
Janine Rüegg ◽  
Christine Moos ◽  
Alice Gentile ◽  
Gilles Luisier ◽  
Alexandre Elsig ◽  
...  
Keyword(s):  
Ecosystem Services ◽  
Scientific Knowledge ◽  
Forest Cover ◽  
Flood Protection ◽  
Methodological Framework ◽  
Mountain Forests ◽  
Forest Protection ◽  
Forest Law ◽  
The Law

<div> <p>Environmental policies have the purpose to protect ecosystems in their structure and function to maintain the ecosystem services they provide. They are based on scientific knowledge at the time they are established, and rarely are those assumptions revisited or is the effectiveness of these policies in protecting or promoting a particular ecosystem service tested. In this study, we revisit the first Swiss Federal Forest Law which protects mountain forests as a means of protection from natural hazards. It was established in 1876 following catastrophic flood events to preserve and restore the protective service of mountain forests by prohibiting clear-cutting and an excessive use of forests. Here, we provide a conceptual and methodological framework to explore the effects of the Forest Law on flood occurrence based on insights from preliminary results of a feasibility study. For the conceptual framework, we summarize the current scientific knowledge on i) forest effects on hydrological regimes and their protection service against floods, ii) reasons for reforestation in mountains and how the law may have contributed, and iii) other watershed changes affecting both reforestation and the forest-runoff interaction. We then develop the methodological framework based on insights from a case study on the Upper Rhone catchments, which serves as a prototype of an interdisciplinary methodological approach to answer the question of whether a forest protection law can serve as a means of flood protection. We explore the feasibility of answering this question given data are at different scales and resolutions. We suggest modeling to fill data gaps and discuss collaboration among natural and social sciences. Specifically, we propose that both natural and social scientists need to collaborate, with frequent exchange, to collect the data necessary to evaluate the relationship between legal forest protection and flood occurrence. We found an environmental historian is needed to evaluate if changes in forest cover can be attributed to mandates by the law, or rather cultural and societal developments. Further, a forest scientist or engineer in collaboration with a hydrologist will need to adapt and improve hydrological models that specifically include forest cover and structure. All scientists need to collaborate to find the information on historical and current forest cover (e.g., maps, postcards, orthophotos) and floods (e.g., archival documents, journal, newspapers, hydrological stations). Our case study indicates that data to answer the overarching question may be available and emphasizes the necessity of a true interdisciplinary approach allowing for consideration and combination of a variety of data sources and different temporal and spatial scales. The interdisciplinary framework we developed can serve as example for other ecosystem services, where similar questions on the effects of environmental practices and policies arise.</p> </div>

scholarly journals Synergy of Business, Law and Economy in the Smart-Contract Implementation

2021 ◽  
Vol 110 ◽  
pp. 01015
Author(s):  
Irina V. Sazonova ◽  
Vladlena S. Mazhaeva ◽  
Alexandr A. Potkin ◽  
Marina A. Kuznetsova
Keyword(s):  
Public Relations ◽  
Smart Contracts ◽  
Business Law ◽  
Theoretical Concepts ◽  
Scientific Methods ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Contract Implementation ◽  
Machine Readable

The evolution of digital technologies leads to a tectonic transformation of all spheres of society. Law, as a system of regulating public relations, is changing dynamically along with the development of public relations in different spheres. The development of IT led to the emergence of blockchain technology, which, in turn, became the basis for the development of smart contracts. Smart contract technology, as it develops, causes changes not only in the legislation, but also in the model of interaction between the state and business. Due to smart contracts, a significant part of the rules can be algorithmized, and the regulation can become machine-readable. Purpose of the research: Legal research of the current legislation, the synergy of business, law and economy in the implementation of smart contract technology, determination of theoretical concepts in relation to smart contracts, the content and problems of the application of smart contracts, and identification of the most significant proposals for improving legislation. Methods: The authors of the research used general and specific scientific methods. In the study of the technological foundations of the smart contract, the main methods were analysis, synthesis, analogy, and a system-structural approach.

Legally Enforceable Smart-Contract Languages

2021 ◽  
Vol 54 (5) ◽  
pp. 1-34
Author(s):  
Vimal Dwivedi ◽  
Vishwajeet Pattanaik ◽  
Vipin Deval ◽  
Abhishek Dixit ◽  
Alex Norta ◽  
...  
Keyword(s):  
Literature Review ◽  
Systematic Literature Review ◽  
State Of The Art ◽  
Grey Literature ◽  
Smart Contracts ◽  
Smart Contract ◽  
Decentralized Autonomous Organizations

Smart contracts are a key component of today’s blockchains. They are critical in controlling decentralized autonomous organizations (DAO). However, smart contracts are not yet legally binding nor enforceable; this makes it difficult for businesses to adopt the DAO paradigm. Therefore, this study reviews existing Smart Contract Languages (SCL) and identifies properties that are critical to any future SCL for drafting legally binding contracts. This is achieved by conducting a Systematic Literature Review (SLR) of white- and grey literature published between 2015 and 2019. Using the SLR methodology, 45 Selected and 28 Supporting Studies detailing 45 state-of-the-art SCLs are selected. Finally, 10 SCL properties that enable legally compliant DAOs are discovered, and specifications for developing SCLs are explored.

Smart Contract: Concept, Financial Essence, World Experience and Opportunities of Practical Use

2021 ◽  
Vol 27 (8) ◽  
pp. 1871-1893
Author(s):  
Vasilii A. DADALKO ◽  
Vladimir V. NIKOLAEVSKII ◽  
Andrei D. NEKRASOV ◽  
Dar’ya S. SHERSTNEVA
Keyword(s):  
Banking Sector ◽  
Systems Approach ◽  
Essential Element ◽  
Utilization Efficiency ◽  
Smart Contracts ◽  
Financial Instruments ◽  
Complex Concept ◽  
Smart Contract ◽  
Fundamental Possibility ◽  
The Moment

Subject. The article considers smart contracts as digital financial instruments, their financial and economic essence, which is defined as digital instruments for the settlement of financial relations. Objectives. The aim is to introduce into scientific use such a system concept as digital financial instruments and mechanisms based on the consideration of their economic, legal and financial essence. Methods. The study rests on systems approach that enables to present a smart contract from a technological, economic, legal and financial position as a set of elements with their specific functions defining its complex concept. Results. We reveal the nature of financial relations, arising at the time when bilateral or multilateral transactions are concluded and smart contracts are presented as ways to automatically settle them. Completion of a smart contract is a confirmation of the completion of the transaction and the moment of termination of financial relationship. The article shows the fundamental possibility of using smart contracts in the system of budget relations as a tool for the settlement of a multilateral transaction. Conclusions. Currently, smart contracts are an essential element of a new stage in the development of financial technologies. Specialists in the financial and banking sector recognize the emerging opportunities for their use in the system of financial relations. The paper shows an example of possible use of smart contracts in the settlement of budget relations and in improving the utilization efficiency of budget funds.

Administrative risks challenging the adoption of smart contracts in construction projects

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asli Pelin Gurgun ◽  
Kerim Koc
Keyword(s):  
Construction Projects ◽  
Risk Mitigation ◽  
Research Question ◽  
Group Discussion ◽  
Mitigation Strategies ◽  
Risk Category ◽  
Smart Contracts ◽  
Content Type ◽  
Smart Contract ◽  
Criteria Weights

PurposeAs a remedy to usually voluminous, complicated and not easily readable construction contracts, smart contracts can be considered as an effective and alternative solution. However, the construction industry is merely known as a frontrunner for fast adoption of recent technological advancements. Numerous administrative risks challenge construction companies to implement smart contracts. To highlight this issue, this study aims to assess the administrative risks of smart contract adoption in construction projects.Design/methodology/approachA literature survey is conducted to specify administrative risks of smart contracts followed by a pilot study to ensure that the framework is suitable to the research question. The criteria weights are calculated through the fuzzy analytical hierarchy process method, followed by a sensitivity analysis based on degree of fuzziness, which supports the robustness of the developed hierarchy and stability of the results. Then, a focus group discussion (FGD) is performed to discuss the mitigation strategies for the top-level risks in each risk category.FindingsThe final framework consists of 27 sub-criteria, which are categorized under five main criteria, namely, contractual, cultural, managerial, planning and relational. The findings show that (1) regulation change, (2) lack of a driving force, (3) works not accounted in planning, (4) shortcomings of current legal arrangements and (5) lack of dispute resolution mechanism are the top five risks challenging the adoption of smart contracts in construction projects. Risk mitigation strategies based on FGD show that improvements for the semi-automated smart contract drafting are considered more practicable compared to full automation.Originality/valueThe literature is limited in terms of the adoption of smart contracts, while the topic is receiving more attention recently. To support easy prevalence of smart contracts, this study attempts the most challenging aspects of smart contract adoption.

Zur Frage der doktrinellen Auslegung des Artikels 61 Pkt. 3 der Verfassung der Republik Kasachstan

2021 ◽  
Vol 67 (2) ◽  
pp. 133-144
Author(s):  
Ermek B. Abdrasulov
Keyword(s):  
Public Relations ◽  
Social Relations ◽  
Legal Regulation ◽  
Legislative Process ◽  
Legal Norms ◽  
The Law ◽  
The Republic ◽  
Definition Of ◽  
The Relationship ◽  
National Business

This article examines the issues of differentiation of legislative and subordinate regulation of public relations. It is noted that in the process of law-making activities, including the legislative process, practical questions often arise about the competence of various state bodies to establish various legal norms and rules. These issues are related to the need to establish a clear legal meaning of the constitutional norms devoted to the definition of the subject of regulation of laws. In particular, there is a need to clarify the provisions of paragraph 3 of Article 61 of the Constitution of the Republic of Kazakhstan in terms of the concepts "the most important public relations", "all other relations", "subsidiary legislation", as well as to establish the relationship between these concepts. Interpretation is also required by the provisions of p. 4 of Article 61 of the Constitution in terms of clarifying the question of whether the conclusion follows from mentioned provisions that all possible social relations in the Republic of Kazakhstan are subject to legal regulation, including those that are subject to other social and technical regulators (morality, national, business and professional traditions and customs, religion, standards, technical regulations, etc.). Answering the questions raised, the author emphasizes that the law and bylaws, as a rule, constitute a single system of legislation, performing the functions of primary and secondary acts. However, the secondary nature of subsidiary legislation does not mean that they regulate "unimportant" public relations. The law is essentially aimed at regulating all important social relations.

Trust but Verify: The Oracle Paradox of Blockchain Smart Contracts

2021 ◽  
Author(s):  
Abdullah Albizri ◽  
Deniz Appelbaum
Keyword(s):  
Internal Control ◽  
Process Management ◽  
Weak Link ◽  
Design Science ◽  
Science Research ◽  
Third Party ◽  
Smart Contracts ◽  
Independent Verification ◽  
Smart Contract ◽  
Control Application

Although research shows that blockchain provides fairly immutable virtual provenance workflows, proof that the Blockchain accurately represents physical events lacks truly independent verification. This dilemma, the Oracle Paradox, challenges blockchain architecture and is perhaps one reason why businesses have hesitated to adopt smart contracts. Blockchain proponents claim that people can serve as trusted Oracles in a smart contract. However, auditing research shows that people are the weak link in almost every internal control application, including those pertaining to blockchain. People are susceptible to collusion, bribery, error, and fraud and these tendencies are not entirely mitigated by blockchain technologies (Balagurusamy et al. 2019; Nakamoto 2008). This research proposes a framework to mitigate the paradox of the Oracle: A Business Process Management (BPM) model of a Blockchain Smart Contract-enabled Supply Chain with IoT as the sole "third-party" Oracle participant, utilizing Design Science research.

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