Solidity : Smart Contract Language or Legal Contract Language

2021 ◽  
Author(s):  
Hilal Umucu
Keyword(s):  
Smart Contract ◽  
Legal Contract ◽  
Contract Language

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.

scholarly journals A Formal Specification Smart-Contract Language For Legally Binding Decentralized Autonomous Organizations

IEEE Access ◽  
2021 ◽  
pp. 1-1
Author(s):  
Vimal Dwivedi ◽  
Alex Norta ◽  
Alexander Wulf ◽  
Benjamin Leiding ◽  
Sandeep Saxena ◽  
...  
Keyword(s):  
Formal Specification ◽  
Smart Contract ◽  
Decentralized Autonomous Organizations ◽  
Contract Language

scholarly journals Bridging the Gap between Denotational Semantics of Traditional Contract And Smart Contract

2018 ◽  
Vol 2 (1) ◽  
pp. 55-58
Author(s):  
Wai Wai Wong ◽  
Chin Lay Gan
Keyword(s):  
Denotational Semantics ◽  
Computer Code ◽  
Software Developers ◽  
Legal Rules ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Legal Contract ◽  
Commercial World ◽  
Computer Scientists ◽  
Rules And Principles

In this era of increasing cyber dependency in business dealings there is huge potential in the adoption of Distributed Ledger Technologies (DLT) particularly in the context of smart contract in the commercial world. The phenomenon of smart contract operates independently without the cumbersome need to engage any intermediary and is capable of executing specific task.(Thake, 2018) People relates it more to a piece of code (known as a software agent) that is designed to execute certain tasks if pre-defined conditions are met. Such tasks are often embedded within, and performed on a distributed ledger.”(Stark, 2016) However, if one accepts the contention that smart contract is not merely as a set of computer code but a smart legal contract which contains obligations and legal terms that are enforceable, hence, in programming or writing smart contract, one must ensure that the software developers who design smart contract take note of the legal rules and principles behind the specific type of contract in question. It has been argued that there is too much dependency on the programming aspect in the creation of smart contracts by programmers and computer scientists. (Khalil et al., 2017)

scholarly journals Smart Contract Data Feed Framework for Privacy-Preserving Oracle System on Blockchain

Computers ◽  
2020 ◽  
Vol 10 (1) ◽  
pp. 7
Author(s):  
Junhoo Park ◽  
Hyekjin Kim ◽  
Geunyoung Kim ◽  
Jaecheol Ryou
Keyword(s):  
Privacy Protection ◽  
Web Server ◽  
External Source ◽  
Privacy Preserving ◽  
Data Verification ◽  
Internet Infrastructure ◽  
External Data ◽  
Smart Contract ◽  
Contract Language ◽  
The Web

As blockchain-based applications and research such as cryptocurrency increase, an oracle problem to bring external data in the blockchain is emerging. Among the methods to solve the oracle problem, a method of configuring oracle based on TLS, an existing internet infrastructure, has been proposed. However, these methods currently have the disadvantage of not supporting privacy protection for external data, and there are limitations in configuring the process of a smart contract based on external data verification for automation. To solve this problem, we propose a framework consisting of middleware of external source server, data prover, and verification contract. The framework converts the data signed in the web server into a proof that the owner can prove with zk-SNARKs and provides a smart contract that can verify this. Through these procedures, data owners not only protect their privacy by proving themselves, but they can also automate on-chain processing through smart contract verification. For the proposed framework, we create a proof using libsnark for server data and show the performance and cost to verify with Solidity the smart contract language of the Ethereum platform.

The Potential Of Blockchain Technology To Change International Mobile Roaming Business Model

2019 ◽  
Vol 5 (1) ◽  
pp. 15-22
Author(s):  
Ardian Thresnantia Atmaja
Keyword(s):  
Business Model ◽  
Current Situation ◽  
Business Value ◽  
Third Party ◽  
Fundamental Aspect ◽  
Clearing House ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Target Architecture ◽  
Architecture Development

The key objectives of this paper is to propose a design implementation of blockchain based on smart contract which have potential to change international mobile roaming business model by eliminating third-party data clearing house (DCH). The analysis method used comparative analysis between current situation and target architecture of international mobile roaming business that commonly used by TOGAF Architecture Development Method. The purposed design of implementation has validated the business value by using Total Cost of Ownership (TCO) calculation. This paper applies the TOGAF approach in order to address architecture gap to evaluate by the enhancement capability that required from these three fundamental aspect which are Business, Technology and Information. With the blockchain smart contract solution able to eliminate the intermediaries Data Clearing House system, which impacted to the business model of international mobile roaming with no more intermediaries fee for call data record (CDR) processing and open up for online billing and settlement among parties. In conclusion the business value of blockchain implementation in the international mobile roaming has been measured using TCO comparison between current situation and target architecture that impacted cost reduction of operational platform is 19%. With this information and understanding the blockchain technology has significant benefit in the international mobile roaming business.

Intentions and their Effects on the Legality of Dispositions and Contracts

2002 ◽  
Vol 4 (1) ◽  
pp. 130-141
Author(s):  
Abdullah Muhammad al-Shami
Keyword(s):  
Basic Principle ◽  
Islamic Law ◽  
Human Action ◽  
Basic Principles ◽  
Human Actions ◽  
Special Place ◽  
Legal Contract ◽  
Islamic Jurisprudence ◽  
Legal Opinions ◽  
The Right

In Islamic law judgements on any human action are usually evaluated in terms of the intention involved. Accordingly, the rules of substantive issues have to be accommodated under the basic principles of Islamic jurisprudence. The understanding of these principles by the juristic scholar is highly rewarding because it will lead the muftī to the right path in deriving legal opinions from the original sources. The basic principle of Islamic jurisprudence, which stipulates that ‘all actions depend on intentions,’ has played an important role in the construction of Islamic jurisprudence. Moreover, this rule has a special place in the theory of Islamic legal contract. So what is the effect of intention in the validity of human actions and legal contracts? It is known that pure intention has significant effects on spiritual worship and legal contracts of transaction. It also gives guidance for earning rewards from Almighty Allah. This article concentrates on the effect of intention in perpetual worship, the concept of action and intention in Islamic legal works, the kind of contract with all its components, and the jurists' views on the effects of intention in human action and legal contract along with their discussion and counter-arguments.

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