scholarly journals Applying Smart Contract in Indonesian E-Commerce

2021 ◽  
Vol 10 (5) ◽  
pp. 3020-3022
Keyword(s):  
Systematic Review ◽  
Financial Services ◽  
Legal Protection ◽  
Contract Law ◽  
Smart Contracts ◽  
Legal Certainty ◽  
Electronic Contracts ◽  
Smart Contract ◽  
Electronic Contract ◽  
British Research

One of the potentials that can be done by smart contracts is the application of buying and selling business in e- commerce. In a study conducted by the British research institute Merchant Machine as reported in databoks.katadata.co.id states that, out of the 10 list of countries that have the fastest e-commerce growth, Indonesia leads the ranks of these countries with growth reaching 78% in the year 2018. As you know, blockchain not only develops cryptocurrency but also in financial services and smart contract payments. Legal arrangements that apply to smart contracts governed by contract and sale and purchase laws in Indonesia have not yet been found, and need to be explored in order to provide certainty regarding legal protection that can guarantee parties who use smart contracts to guarantee legal certainty and fairness in their application. The research that will be conducted in answering these questions uses a systematic review method, the researcher traces the legislation regarding consumer protection, as well as the principles of electronic contract law that can be applied. The results of the study concluded that with the regulations regarding electronic contracts, smart contracts are legal contracts that can be applied in Indonesia.

scholarly journals THE CONCEPT OF SMART CONTRACTS FROM THE LEGAL PERSPECTIVE

2019 ◽  
Vol 34 (3) ◽  
Author(s):  
Karolina Kasprzyk
Keyword(s):  
Contract Law ◽  
Regulatory Framework ◽  
Legal Issues ◽  
Comparative Perspective ◽  
Smart Contracts ◽  
Legal Definition ◽  
Smart Contract ◽  
Legal Perspective ◽  
Definition Of

The purpose of article hereof is to introduce the significant characters of the smart contracts and certain ideas and proposals de lege ferenda on regulatory framework for smart contracts. Furthermore, present legislation with regard to the legal definition of the smart contract will be discussed from a comparative perspective. Particular note will be devoted to smart contracts in a relation to the contract law. Substantively, legal issues arising from the use of smart contracts, focussing upon actual and potential conflicts with established principles of contract law, will be introduced.

scholarly journals Perlindungan Hukum Bagi Pemilik Kartu Elektronik dalam Transaksi E-Commerceputu

2021 ◽  
Vol 2 (3) ◽  
pp. 525-530
Author(s):  
Widhiatmika Coryka ◽  
I Nyoman Putu Budiartha ◽  
Ni Made Puspasutari Ujianti
Keyword(s):  
Credit Card ◽  
Legal Protection ◽  
Legal Interpretation ◽  
Electronic Contracts ◽  
Deductive Logic ◽  
Electronic Transactions ◽  
Electronic Contract ◽  
Legal Arguments ◽  
Legal Consequences ◽  
Special Protection

Electronic contracts are one of the new forms of contracts that get special protection in Law Number 11 of 2008 concerning Information and Electronic Transactions. In general, electronic contracts are very different from ordinary (conventional) forms of contract, therefore it will be very difficult to directly apply the conditions for the occurrence of conventional contracts to this electronic contract (online contract). The purposes of this study are to reveal the validity of electronic contracts in credit card agreements and legal protection for credit card owners in e-commerce transactions. This research was conducted using normative legal research by applying a statutory approach. The technique of collecting legal materials is carried out by taking inventory of laws and regulations and recording techniques. This study uses primary and secondary legal materials which are then processed using deductive logic with analysis of legal interpretation and legal arguments presented descriptively. The results of the study reveal that in Law Number 8 of 1999 there are regulations that protect the parties who carry out E-Commerce transactions. Electronic contracts are basically the same as written contacts and have legal force and legal consequences as long as they meet statutory requirements. The legal protection provided by Article 26 of Law Number 8 of 1999 provides protection for consumers by requiring business actors who trade services to fulfill the agreed or/or agreed guarantees and/or guarantees.

scholarly journals Regulation of the Smart Contract in (Romanian) Civil Law

2021 ◽  
Vol 8 (2) ◽  
pp. 95-111
Author(s):  
Raluca Onufreiciuc ◽  
Lorena-Elena Stănescu
Keyword(s):  
Civil Law ◽  
Computer Code ◽  
Computer Programs ◽  
Legal Regulation ◽  
Contract Law ◽  
Use Case ◽  
Smart Contracts ◽  
Crucial Question ◽  
Smart Contract ◽  
The Subject

The research aims to organize, examine, and analyze the provisions on smart contracts available in Romanian civil law. “Smart contracts” are not smart, and are not necessarily contracts, although they can be. As self-executing computer programs, smart contracts are operational on the blockchain and unlike traditional legal contracts, once the agreement has been concluded and the smart contract is set in motion, no party can intervene and it will be executed without interruption, modification, or breach. The crucial question in the final contract law topic is what happens when the smart contract's outcomes deviate from those required by law. To answer this issue, we must first understand that whether a smart contract becomes legally enforceable is determined by several circumstances, together with the unique use case, the type of smart contract employed, and the existing legislation. The paper addresses the subject of determining and regulating smart contracts under Romanian current laws. Particular emphasis is placed on two ambiguous definitions of smart contracts: as computer code and as a civil-law contract. The authors conclude that the concept of smart contracts requires more legal regulation, particularly in terms of managing their meaning and comprehension.

Wrapped and Stacked: ‘Smart Contracts’ and the Interaction of Natural and Formal Language

2018 ◽  
Vol 14 (4) ◽  
pp. 307-343 ◽  
Author(s):  
J.G. Allen
Keyword(s):  
Speech Acts ◽  
Formal Language ◽  
Contract Law ◽  
Complex Nature ◽  
Smart Contracts ◽  
Human Beings ◽  
Legal Rules ◽  
Contract Formation ◽  
Smart Contract ◽  
Legal Entities

Abstract This article explores ‘smart contracts’ from first principles: What they are, whether they are properly called ‘contracts’, and what issues they raise for national contract law. A ‘smart’ contract purports to record contractual promises in language which is both intelligible to human beings and (ultimately) executable by machines. The formalisation of contracting language that this entails is, I argue, the most important aspect for lawyers—just as important as the automation of contractual performance. Rather than taking a doctrinal approach focused on the presence of traditional indicia of contract formation, I examine the nature of contracts as legal entities created by words and documents. In most cases, smart contracts will be ‘wrapped in paper’ and nested in a national legal system. Borrowing from the idiom of computer science, I introduce the term ‘contract stack’ to highlight the complex nature of contracts as legal entities incorporating different ‘layers’, including speech acts by the parties in both natural and formal languages as well as mandatory legal rules. It is the interactions within this contract stack that will be most important to the development of contract law doctrines appropriate to smart contracts. To illustrate my points, I explore a few issues that smart contracts might raise for English contract law. I touch on the questions of illegality, jurisdiction, and evidence, but my focus in this paper is on exploring issues in contract law proper. This contribution should be helpful not only to lawyers attempting to understand smart contracts, but to those involved in coding smart contracts—and writing the languages used to code them.

scholarly journals Smart Contracts to Support the Advancement of Blockchain Technology in the Security Integrity

2020 ◽  
Vol 2 (11) ◽  
pp. 31-39
Author(s):  
Sulistiawati Wati
Keyword(s):  
Data Security ◽  
Financial Services ◽  
Energy Resources ◽  
Smart Contracts ◽  
Secure Storage ◽  
Blockchain Technology ◽  
Storage Media ◽  
Smart Contract ◽  
Problem Solvers ◽  
Effective Source

The development of technology today is used as a benchmark in the advancement of the industrial world where the development of technology has influenced various aspects in the life of today's society. Smart contracts as one form of blockchain technology that resembles a conventional contract can be used to bind agreements between one party and another. One difference between a smart contract and a conventional contract is the smart contract that is stored in the blockchain. With the presence of smart contracts on the blockchain has become one of the most sought-after technologies, because the number of users is high enough for each transaction within the company. In this case various features of smart contracts applications in various worlds, ranging from financial services, life sciences, energy resources and media voting. Smart contracts still pose a lot of challenges that overwhelm the interaction of some Parties, such as users, developers, and organizations built on smart contracts. Smart contracts are essentially a very effective source of problem solvers, where smart contracts on the blockchain make it easy to maintain data security, and save costs and time. In addition, in the absence of third parties strongly minimizes the fraud that is often done by irresponsible parties, this prevents conflicts between parties. Prone to cases of loss of a document is generated because there is no secure storage media. The advent of smart contracts on the blockchain is expected to be a solution to tackle most of the world's commercial and bureaucratic systems.  

scholarly journals Legal Protection of Donation-based Crowdfunding Zakat on Financial Technology: Digitalization of Zakat under Perspective of Positive Law and Islamic Law

2019 ◽  
Author(s):  
Nurul Ula Ulya
Keyword(s):  
Financial Services ◽  
Islamic Law ◽  
Legal Protection ◽  
The Other ◽  
Legal Certainty ◽  
Digital Form ◽  
Legal Research ◽  
Positive Law ◽  
Specific Regulation ◽  
Financial Technology

The aim of this research is to see the legal protection of Donation-based Crowdfunding zakat on financial technology due to the huge spreading of startup with zakat fund in Indonesia. Meanwhile there is still no specific regulation protecting various risks that will arise especially the risk of unobvious identity, potential disputes, dissimilarity of the zakat purpose and the implementation of zakat distribution, and the other deviations. This type of research is library legal research with conceptual and state approach. The result of the research shows that in positive law there is no legal protection regulation in Zakat based on Donationbased Crowdfunding. The regulation only crowdfunding contains investment element andgenerate profit as described in Act Number 21 Year 2011 regarding Financial Services Authority. While Zakat-based Donation-based Crowdfunding is a nonprofit-oriented type of product. This makes the absence in the elements of justice and legal certainty. The regulation on zakat only described in Law number 23 year 2011 which is not contained that system. In the protection of Islamic law, the certainty of the implementation of the contract is stipulated in the zakat based on sharia agreement that must comply with the various principles and provisions of sharia, whether the arrangement starts from the intention, the process of agreement, transparency, and all aspects relating to Amil, Muzakki and Mustahiq zakat (Who is the mustahiq and what kind and how the implementation). finally, the researcher hopes that this research will bring inputs for government to make more comprehensive regulations on zakat in its digital form.

scholarly journals Legal Issues of Smart Contracts in Contract Law

2021 ◽  
Vol 14 (11) ◽  
pp. 1626-1634
Author(s):  
Elizaveta V. Zainutdinova ◽  
Keyword(s):  
Contract Law ◽  
Legal Issues ◽  
Data Type ◽  
Smart Contracts ◽  
Smart Contract ◽  
Written Form ◽  
And Performance

The research is carried out on some legal issues of smart contracts and their place in Russian and other countries’ contract law. By means of contract law such issues are analysed: 1) conclusion and performance of smart contracts’ obligations; 2) practical issues arising due to smart contracts’ use; 3) contract law provisions that might be applied to smart contracts; 4) issues that are not covered by the legislation but need to be addressed. A smart contract is considered to be a contract with the specific type of performance of obligations (automated performance). Smart contract is a contract concluded with an exchange of data (type of a written form). Smart contracts are performed with the help of automated performance and previously expressed consent of parties. It is proved that smart contracts could be modified and terminated giving a mechanism for that as well as provides for measures of defence and responsibility that could be applied for obligations out of smart contracts. As the result, provisions of smart contracts that reflect smart contracts’ place and peculiarities in contract law are formulated

scholarly journals Legal Protection of Parties in Online Credit Agreement (Peer to Peer Lending) A Case Study of PT Vcard Technology Indonesia

2019 ◽  
Vol 06 (03) ◽  
pp. 511-532
Author(s):  
I Made Darma ◽  
Putu Jadnya
Keyword(s):  
Information Technology ◽  
Financial Services ◽  
Government Regulation ◽  
Personal Data ◽  
Legal Protection ◽  
Peer To Peer ◽  
Legal Certainty ◽  
Peer Lending ◽  
The Government ◽  
Credit Agreement

The development of digital economy has led people to adapt to the use of services in information-technology-based loan or peer-to-peer lending. In early 2019, the V-loan case attracted attention of many people. The case has made debtors depressed, removed from their own houses, etc. Some debtors even were fired from works. In a case, the loan provider misused debtors’ personal data in debtors’ cell phones. The loan provider created WhatsApp groups containing all debtors’ contacts, including the debtors. Then, they uploaded pornographic content. Their objective was to defame debtors. Parties involved in loan agreement should adhere rules and arrange for reasonable loan. To discuss this matter, it is necessary to review agreement based on the Law on Electronic Information and Transaction and the Regulation of Financial Services Authority number 77 of 2016. The study focused on legal protection of parties involving in P2P lending activities. The credit agreement of peer-to-peer lending is considered valid if it is based on Article 47 of the Government Regulation number 82 of 2016. Standard contract must be based on Article 20 of the Regulation of Financial Services Authority number 77 of 2016. Electronic signature is also required based on Article 41 of the Regulation. In addition, the application of information technology and electronic transactions must be carried out based on the principles of legal certainty, benefits, good faith, and the freedom of choice of technology based on Article 3 of Law Number 19 of 2016. Principles and objectives are fundamental elements of legal certainty. Therefore, organizer and the government must protect user of peer-to-peer lending.

scholarly journals The Machine-to-Everything (M2X) Economy: Business Enactments, Collaborations, and e-Governance

2021 ◽  
Vol 13 (12) ◽  
pp. 319
Author(s):  
Benjamin Leiding ◽  
Priyanka Sharma ◽  
Alexander Norta
Keyword(s):  
Position Paper ◽  
Smart Devices ◽  
Smart Contracts ◽  
Business Transactions ◽  
Smart Contract ◽  
Governance Model ◽  
Electronic Contract ◽  
Digital Equivalent ◽  
Multi Stakeholder

Nowadays, business enactments almost exclusively focus on human-to-human business transactions. However, the ubiquitousness of smart devices enables business enactments among autonomously acting machines, thereby providing the foundation for the machine-driven Machine-to-Everything (M2X) Economy. Human-to-human business is governed by enforceable contracts either in the form of oral, or written agreements. Still, a machine-driven ecosystem requires a digital equivalent that is accessible to all stakeholders. Additionally, an electronic contract platform enables fact-tracking, non-repudiation, auditability and tamper-resistant storage of information in a distributed multi-stakeholder setting. A suitable approach for M2X enactments are electronic smart contracts that allow to govern business transactions using a computerized transaction protocol such as a blockchain. In this position paper, we argue in favor of an open, decentralized and distributed smart contract-based M2X Economy that supports the corresponding multi-stakeholder ecosystem and facilitates M2X value exchange, collaborations, and business enactments. Finally, it allows for a distributed e-governance model that fosters open platforms and interoperability. Thus, serving as a foundation for the ubiquitous M2X Economy and its ecosystem.

scholarly journals Smart contracts as an innovation in insurance law

2020 ◽  
Vol 58 (3) ◽  
pp. 305-317
Author(s):  
Andrea Đurović
Keyword(s):  
Contract Law ◽  
Regulatory Framework ◽  
Legal Issues ◽  
Insurance Contract ◽  
Smart Contracts ◽  
Insurance Law ◽  
Smart Contract ◽  
Significant Step

One of the major current topics and one of the major innovations in the contract law, as well as in insurance law is the invention of the smart contracts. The author is basing her research on use of smart contract in insurance law and what are the main legal issues arising from the use of smart contract. In her paper, the author points out that the implementation of the smart contract in insurance law will greatly affect all participants in insurance contract and a significant step forward in improving the level of protection of insurance users (consumers), although it takes time and readiness of European and domestic legislators to create a special regulatory framework so that smart contract can reach its potential.

Sign in / Sign up

Export Citation Format

Share Document