scholarly journals Transactions in the digital age: blockchain technology and smart contracts

2019 ◽  
Vol 15 (3) ◽  
pp. 32-38
Author(s):  
Elena B. Zavyalova ◽  
Ekaterina I. Shumskaia ◽  
Alexandra I. Shumskaia
Keyword(s):  
Institutional Environment ◽  
Legal Regulation ◽  
Point Of View ◽  
Business Practices ◽  
Smart Contracts ◽  
Historical Method ◽  
Blockchain Technology ◽  
Healthcare Insurance ◽  
General Scientific ◽  
Analytical Approaches

Introduction. Smart contracts have become demanded agreements in the modern market with the development of crypto-currency due to their ability to provide and guarantee enforcement. To date they are performed automatically using blockchain technology. Smart contracts are the subject of debate in many countries, primarily because issues have arisen in their legal enactment in the field of regulation of digital assets and the legal recognition of blockchain technology itself, which determined the purpose of this scientific research. For the purpose of a deeper understanding of the essence of this type of agreements, a historical method has been applied in the work on the features of the formation of smart contracts. To identify key differences, a formal legal and comparative analysis of smart contracts with classical contracts in electronic form was carried out. The areas of application of smart contracts in the world and in Russia, such as banking, healthcare, insurance and public services, were also studied.Materials and methods. The methodological basis of the study was made up of the following general scientific and special methods of cognition of legal phenomena and processes, including systemic, historical, formal legal, comparative and analytical approaches.Results. An assessment is made of such contracts from the point of view of the existing civil law of the Russian Federation and further directions for study and development are proposed, including the improvement of the regulatory and institutional environment to maintain legal certainty.Discussion and conclusion. The existing legal regulation does not prohibit the use of smart contracts in the business practices of companies and individuals. But the simplicity of the transaction implementation algorithm built on the blockchain still requires some legal support.

scholarly journals Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry

2020 ◽  
Vol 9 (2) ◽  
Author(s):  
Marko Perkušić ◽  
Šime Jozipović ◽  
Damir Piplica
Keyword(s):  
Complex System ◽  
Human Factor ◽  
Legal Regulation ◽  
Smart Contracts ◽  
Shipping Industry ◽  
The European Union ◽  
Existing Problems ◽  
Blockchain Technology ◽  
Potential Impact ◽  
Insight Into

The paper analyzes the potential impact of blockchain technology and smart contracts on the shipping industry. As the shipping industry represents a complex system of various actions that have to be controlled and registered, blockchain technology could serve as a tool to allow the streamlining of numerous processes, whilst at the same time taking the human factor out of multiple elements where trust between involved parties is an issue. The authors therefore first present how blockchain technology works and what smart contracts are, in order to give an  insight into their applicability in the shipping sector. After a general overview of the technological and legal characteristics of blockchain technology and smart contracts, the authors present examples of relevant subjects, relations, and contracts in the shipping industry. Based on the charter party, a key contract in the shipping industry, the authors present the existing problems which could potentially be solved using blockchain technology. Besides the benefits of blockchain technologies, the authors furthermore point out the existing deficiencies that still make blockchain technology hard to apply in legal relations within the shipping industry. Based on these insights, the authors highlight the current developments in this area and present the existing and expected regulatory reforms of blockchain solutions and smart contracts within the European Union.

scholarly journals Smart Contract: The Concept, Legal Nature, Features of Conclusion and Execution

Legal Concept ◽  
2019 ◽  
pp. 54-60
Author(s):  
Nizami Safarli
Keyword(s):  
Russian Federation ◽  
Legal Regulation ◽  
Smart Contracts ◽  
Advantages And Disadvantages ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Legal Nature ◽  
Domestic Legislation ◽  
The Russian Federation ◽  
Statutory Regulation

Introduction: the paper is devoted to a new phenomenon in business activity in the conditions of IT development that contribute to the creation of secure contractual relations on the Internet on the basis of transactions executed through smart contracts. The author notes that the need for amendments that could fill the loopholes in the current legislation is obvious. And, first of all, it concerns Blockchain technology – the algorithm that mediates the safe development, conclusion and execution of smart contracts. Blockchain technology is considered in the paper as one of the safest means for concluding and executing smart contracts. The author argues that the study of the concept, legal nature and essence of smart contracts is relevant in the light of spreading their share in the total array of transactions in the world economy in conjunction with the changing domestic legislation governing the relevant sphere, as well as the international integration processes affecting the intensification of foreign economic activity of the Russian Federation. The smart contract concepts formulated by the Russian legislator in the process of upgrading the array of statutory regulation under conditions of economy digitalization are studied and compared. The features of conclusion and protection of the smart contract in the civil legislation of the Russian Federation are analyzed. In order to fully articulate the concept of the smart contract, reflecting its essence, functional purpose and legal nature, it is proposed to create a special law that would focus on the conclusion and implementation of “the smart contract” and the specification of the general norms of the civil code. At the same time, the norms of other special laws would supplement and correct the provisions fixed by this act depending on the sphere of managing and the legal regulation branch. The concept of the smart contract is formulated; its value for economic and contractual activity, and also the advantages and disadvantages of its application are established. The possible classifications of smart contracts are given.

Financial instrument of the new economy or a pyramid scheme: The issues of cryptocurrency security

2021 ◽  
Vol 27 (6) ◽  
pp. 1395-1415
Author(s):  
Lelya G. PASHTOVA ◽  
Vyacheslav A. OSEEV ◽  
Dmitrii A. KLEMENOV
Keyword(s):  
Legal Regulation ◽  
Point Of View ◽  
Financial Instrument ◽  
Blockchain Technology ◽  
Market Formation ◽  
The Us ◽  
Pyramid Scheme ◽  
Critical Problems ◽  
Us Dollar ◽  
Global Financial System

Subject. This article discusses cryptocurrency as a new financial instrument in the global financial system. Objectives. The article aims to consider the current situation of cryptocurrencies and justify the advantages and risks of their use. Methods. For the study of cryptocurrency, Blockchain technology, and Bitcoin and the US dollar relationship, we used a comprehensive approach based on systems, functional and structural, and correlation analyses. Results. Based on the analysis of the trends in the cryptocurrency market formation, the problematic aspects of their legal regulation, the investment aspect, and the changes in the cryptocurrency exchange rate against the US dollar, the article identifies some shortcomings of this financial instrument from the point of view of supervisory bodies. Conclusions. Cryptocurrency really has significant prospects to become a valuable financial tool in the world economy, despite the rather critical problems of their regulation. Cryptocurrency can be a substitute for the US dollar in international settlements due to its advantages in the form of transparency and decentralization, especially given the fact that in 2019–2020, the governments of a number of countries (EU, Russia) began to actively develop legislation to regulate this area.

scholarly journals Certain Aspects of the Analysis of Cryptocurrency Transactions during the Prevention and Investigation of Crimes

2021 ◽  
Vol 80 (1) ◽  
pp. 93-100
Author(s):  
В. В. Носов ◽  
І. А. Манжай
Keyword(s):  
Law Enforcement ◽  
Legal Regulation ◽  
Point Of View ◽  
Law Enforcement Agencies ◽  
Risk Levels ◽  
Advantages And Disadvantages ◽  
Blockchain Technology ◽  
Stage Of Development ◽  
Current State ◽  
Current Stage

The analysis of separate tools for the visualization of movement of cryptocurrency values, and also identification of users who carried out the corresponding transactions has been carried out. The advantages and disadvantages of cryptocurrency from the point of view of offenders and law enforcement agencies have been studied. The main directions of using cryptocurrency in a criminal environment have been determined. The current state and perspectives of normative and legal regulation of cryptocurrency in Ukraine have been analyzed. Theoretical principles of cryptocurrency functioning have been studied. The basic concepts used in this area have been revealed. The properties of cryptocurrency have been described. The mechanism of its issuance of guaranteeing pseudo-anonymity while working with cryptocurrency has been outlined. Some features of blockchain technology and formation of cryptocurrency addresses have been revealed. It has been noted that one of the first and most well-known cryptocurrency is bitcoin. The format of bitcoin address presentation has been described. It has been emphasized that bitcoin wallet software can operate with any number of addresses or each address can be served by a separate wallet. The technology of mixing transactions and the method of increasing the anonymity of CoinJoin have been described. The authors have revealed the possibilities of separate services intended for the analysis of cryptocurrency transactions (Maltego, Bitconeview, Bitiodine, OpReturnTool, Blockchain.info, Anyblockanalytics.com, Chainalysis, Elliptic, Ciphertrace, Blockchain Inspector). The process of risk assessment and construction of visual chains of cryptocurrency transactions has been demonstrated on the example of the “Crystal Expert” service. Different types of bitcoin addresses’ holders and risk levels have been described. The main and additional investigation tools used on the “Crystal Expert” platform have been revealed. Based on the conducted analysis, the authors have defined the main tasks for law enforcement agencies at the current stage of development of cryptocurrency. The basic requirements for tools designed for cryptocurrency analysis have been outlined. The authors have suggested some measures of law enforcement agencies’ respond to threats related to cryptocurrency.

scholarly journals GENESIS OF LEGAL INFORMATIZATION IN THE REPUBLIC OF BELARUS

2020 ◽  
Vol 16 (4-1) ◽  
pp. 185-198
Author(s):  
Марина Андрияшко
Keyword(s):  
Information Society ◽  
System Analysis ◽  
Legal Regulation ◽  
Point Of View ◽  
Scientific Methods ◽  
Special Scientific ◽  
General Scientific ◽  
Legal Restrictions ◽  
The Republic ◽  
Restrictive Measures

The announcement in 2020 of the COVID-19 pandemic raised the problems linked to the access to information and approaches to organizing informatization to an unprecedented level. In the context of full and partial quarantine measures, social distancing and other restrictive measures, subjects continue to participate in most of the usual legal relations: educational, medical, trade, services, voting, etc. Relations in the field of organizing legal informatization occupy a special place among other types of legal relations; moreover, their predetermining status is preserved when establishing legal restrictions. Considering the above, the study of the genesis of legal informatization on the example of the Republic of Belarus is of certain interest. Purpose: to carry out a historical and chronological analysis of the legal regulation of relations in the field of the formation and development of legal informatization in the Republic of Belarus. Methods: the author uses general scientific methods (system analysis, definitions, system-structural, functional and methods of argumentation theory) and special scientific methods (formal legal, comparative legal, comparative historical). Results: from the point of view of the chronology of adopting of normative legal acts on the development of the information society, the study develops the periodization of the formation and development of legal informatization in the Republic of Belarus.

scholarly journals SMART CONTRACT AS A FORM OF CIVIL CONTRACT

2019 ◽  
pp. 15-20
Author(s):  
V. Varavka
Keyword(s):  
Information Technologies ◽  
Legal Status ◽  
Legal Regulation ◽  
Smart Contracts ◽  
Electronic Signature ◽  
Mathematical Algorithm ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Civil Contract ◽  
Legal Force

Development of information technologies, cryptocurrencies and technology of distributed networks has caused the appearance of smart con- tracts as new types of civil contract. They have been widely used in recent years in such areas as initial coins offering (ICO), financial sector, inter- national trade and public services. At the same time the legal status and legal regulation of smart contracts are uncertain. These uncertainties cause many legal risks of smart-contractsutilization. The purpose of this article is to find out the conception of smart contract as a form of civil contract, to research its legal status and legal regula- tion issues and to develop proposals for the improvement of legal regulation of smart contracts and cryptocurrencies in Ukraine. By its legal nature a smart contract is a digital form of a civil contract realized in programming code automatically executed in a distributed network. Like a civil contract, smart contract has such elements as parties, subject and essential terms of the contract. The legal force of a smart contract depends on whether it includes the fundamental features of a civil contact, such as evidence that parties have intention to create legal relations, understandabil- ity of contract conditions and possibility to perform the terms of the contract under duress. The main advantages of a smart contract are its ability to significantly accelerate and reduce costs of the transaction and guarantee the fulfillment of contract terms regardless of the contractual parties' and third parties' will. The main risks of a smart contract are uncertainty of legal status of a smart contract and cryptocurrencies as a means of payment, complexity of expressing the contact terms in a mathematical algorithm, risk of software bugs and hacking attack. To solve the problems of legal regulation of smart contracts in Ukraine it is necessary to change the legislation in order to settle the legal status of cryptocurrencies and recognize a smart contract as a form of a civil contract. It is necessary to identify parties of the smart contract, confirm their agreement on the terms of the smart contract by using digital electronic signature. A smart contract should be supplemented by text application containing the es- sential terms of the contract which will have legal force in trail. It is necessary to implement blockchain technology in the state registers and pro- vide legal ability to make adjustments in the registers automatically for the performance of smartcontracts.

scholarly journals Smart-Contracts in the digital economy: Contractual regulation and dispute resolution

2021 ◽  
Vol 2 (4) ◽  
pp. 40-50
Author(s):  
S. A. Sinitsyn ◽  
M. O. Diakonova ◽  
T. I. Chursina
Keyword(s):  
Legal Regulation ◽  
Self Control ◽  
Third Party ◽  
Physical Contact ◽  
Smart Contracts ◽  
Digital Platforms ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Materials Used ◽  
Automatic Code

This article has been prepared for the research purpose of identifying, disclosing, and justifying certain trends in the development of civil law and procedures in the context of the spread of smart contract practices and the expansion of their spheres of application. At the moment, there is no uniform approach to choosing an optimal form for the legal regulation of smart contracts within the system of contract law in modern legal systems or international law; meanwhile, globalization and the digitalization of the economy imply the growth of cross-border transactions. The emergence of smart contracts is due to the development of e-commerce, in which the parties’ interactions are carried out electronically instead of in physical exchanges or direct physical contact. Smart contracts gaining popularity in circulation are based on two interrelated elements: firstly, they eliminate a person’s direct participation in some or all cases of executing the agreement using an automated code designed for execution without reference to the intentions of the contracting parties after publication; secondly, they make use of decentralized blockchain technology, and also provide automatic code execution without any party’s potential intervention, so as to eliminate or reduce the self-control and third-party control of the commitment.This study examines the content, conclusion, validity, protection of rights and legitimate interests of the parties, interpretation, and legal nature of smart contracts. The research materials used foreign experience in resolving disputes from smart contracts on digital platforms (Kleros, JUR, Aragon Network Justice, OpenCourt, OpenBazaar), as well as domestic and foreign literature on smart contracts. This research has been prepared based on general (deduction, dialectical analysis, intersectoral relations of objects) and specialized (comparative-legal, economic-legal) methods of scientific experimentation.The authors conclude that there are no grounds for considering a smart contract as a new classification element of the system of contractual regulation (type or kind of contract). In addition, the analysis shows that the resolution of smart contract disputes through digital platforms remains radically uncertain, and currently is not creating obvious advantages in comparison with traditional judicial proceedings.

RESEARCH OF THEORETICAL ISSUES OF IMPLEMENTATION OF NETWORK CONTRACTS (SMART CONTRACTS) ON THE EXAMPLE OF RUSSIA AND FOREIGN COUNTRIES

2020 ◽  
Vol 10 (5) ◽  
pp. 95-105
Author(s):  
KSENIA BELIKOVA ◽  
Keyword(s):  
Legal Regulation ◽  
Information Storage ◽  
Practical Significance ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Foreign Countries ◽  
Starting Point ◽  
The Russian Federation ◽  
Theoretical Issues ◽  
Excellent Tool

This article is aimed at studying of theoretical issues of implementing network contracts (smart contracts) on the example of Russia and foreign countries, based on the fact that its knowledge allowed and allows to successfully solve current problems of legal regulation in our country. The starting point of the research is network communication as a non-market type of communication. The article analyzes the provisions of approaches to the legal regulation of network contracts (smart contracts) developed in the new technological reality, taking into account the experience of foreign countries and the Russian Federation that determine the acceptability of the use of blockchain in the field of legal regulation of such a type of interaction between the parties to the contract that is updated according to present technological era. The relevance, theoretical and practical significance of this research is due to the emergence of new tools for interaction between the parties to the contract in the context of using blockchain technology. The author's results, among other things, are presented in the idea that the ability to compile codes by software tools that ensure the fulfillment of obligations under contracts (smart contracts) that are used in the blockchain network not only expands the latter's utilities from simple information storage to participation in the system of economic transactions, but also is an excellent tool for automatic fulfillment of the obligations stated in them.

scholarly journals Prospects of legal regulation of contractual relations in the sphere of lobbying management as a counteraction to corruption at the municipal level

2021 ◽  
Vol 10 (44) ◽  
pp. 38-47
Author(s):  
Oleksandr Bryhinets ◽  
Olena Нalus ◽  
Iryna Ryzhuk
Keyword(s):  
Legal Regulation ◽  
Public Law ◽  
Point Of View ◽  
The Body ◽  
Scientific Methods ◽  
Scientific Analysis ◽  
Subjective Factor ◽  
General Scientific ◽  
Contractual Relations ◽  
Municipal Level

The objective of the article is a comprehensive analysis of the problem of interpretation of contractual relations and their management into the legal field of the national legislation to achieve the significant reduction of corruption at the municipal level on the territory of our country. To achieve this objective, a set of philosophical-worldview, general scientific (analysis, synthesis) and special-scientific methods (systemic, structural-functional, comparative-legal) have been used. It is proved that lobbying is a subjective factor that affects the process of municipal legal regulation. Emphasis is placed on the expediency of introducing the contractual form of regulation of relations on lobbying management decisions at the municipal level. The contract on lobbying at the municipal level is defined as a multilateral agreement between the customer, lobbyist and the body of local government, which has a public-law character, establishes contractual rules of law on lobbying to influence the process of adopting normative municipal-legal acts. It is concluded that it is extremely important to organize and regulate lobbying in any country in the world, because if this phenomenon cannot be completely eradicated, it must be regulated from the legal point of view, which, in the end, will significantly reduce the level of corruption in the society.

scholarly journals Entrepreneurial activity and family business in the period of reformation of the Russian legislation

2021 ◽  
Vol 108 ◽  
pp. 01010
Author(s):  
Olga Yuryevna Ilyina ◽  
Marina Sergeevna Ruzhentseva ◽  
Svetlana Andreevna Safronova ◽  
Aleksandr Vasilyevich Tyulin ◽  
Aryuvseit Arabidinovna Artemyeva
Keyword(s):  
Family Business ◽  
Business Processes ◽  
Legal Regulation ◽  
Entrepreneurial Activity ◽  
Scientific Methods ◽  
Historical Method ◽  
The Family ◽  
Real Phenomenon ◽  
General Scientific ◽  
Medium Businesses

Many sciences meet in the study of family business as a real phenomenon. Despite the fact that in most countries of the world, family business is a rather widespread and highly demanded legal phenomenon, in Russia family business is realized not so often and for the most part, remains strange for an ordinary entrepreneur. Family business in Russia seems to be a phenomenon that is not studied completely but requires special attention. Objective of the research: determination of the essence and main tendencies of the development of legal regulation of the entrepreneurial activity and family business in the period of reformation of the Russian legislation. This scientific research applied a dialectical method of cognition of legal processes and phenomena, used the general scientific methods of scientific cognition of the legal essence of entrepreneurial activity and family business, in particular, a historical method, a method of synthesis, analogy, formal logics, and also specific scientific methods of research of family business and business processes in the post-reform period. Results and novelty: Family business shall be a systemic element that connects the state with small and medium businesses. The introduction of such a form of business activity (family business) shall eliminate the problems and defects of legal regulation of issues arising when business is carried out by family members. It seems necessary to consider the entrepreneurial activity and family business as individual economic and legal phenomena and a grounding of family business as an independent complex legal institution. It is offered to specify the family (spouse) business as a legal entity in the law. Such changes are directed to the efficient legal regulation and establishment of economic conditions for strengthening of family business and development of the family as a social and economic community. The features of the special legal regime of the entrepreneurial activity of spouses are revealed.

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