简介:Smartcontractsareagreementswhoseexecutionisautomatedbycomputercodesthattranslatelegalproseintoanexecutableprogram.Theyaredesignedtoensuretheperformanceofagreementsautomatically,withouthumaninvolvement.Smartcontractshavereceivedtremendousattentionlatelyasitcouldbringabouttheenormousimpacttomanyindustriesthatwillrevolutionizebusinessandredefineeconomics;smartcontractsalsohavecreatedthefearthattheywouldoverturnthelegalindustryanddisplacemillionsoflegaljobs.Therefore,itiscriticaltofirstidentifytheroleofsmartcontractsinthecurrentlegalsystemandexploremechanismsforsmartcontractstobetterservethelegalresearch,legalpractice,andlegalprofessionals,nottodisplacethelegalindustrythoroughly.Inthisarticle,theauthorproposesthatsmartcontractsassumeaninstrumentalroleaimedatservingthecurrentcontractlawsystem,insteadoftryingtobecomeanalternativetothatsystem.Embeddingsmartcontractswithinthecurrentcontractlawsystem,whichtheyfunctionasatool,representsasituationwithconsiderablemorepotentialforsuccess.Thesuccesswouldderivefromsmartcontracts’valueofincreasedefficiency.Withsuchvalue,theauthorfurtherproposesthreeguidelinesforenhancedinstrumentalfunctionalitywithintheexistingcontractlawsystemfromthreeperspectives,includingspecificationofareasofapplication,technologicalimprovement,andlegalsupport.
简介:Combininglaw,computerscienceandfinaneeinunprecedentedways,"smart"contracthasthepotentialtoreshapeourunderstandingofcontractlaw.Basedonblockchaintechnology,a"smart"contractisacontractcapturedincode,whichautomaticallyperformstheobligationsthepartieshavecommittedtointheagreement.Byremovingtheneedfordirecthumaninvolvement,oncea"smart"contracthasbeendeployedontoatrustlesspublicledger(TPL).