Please use this identifier to cite or link to this item: http://hdl.handle.net/10739/4762
Title: Smart contracts: The way forward
Authors: Shrivastava, Anujay
Khamroi, Anubhav
O. P. Jindal Global University
Keywords: Cryptocurrency
Blockchain
Contractual Law
International Commercial Law
Issue Date: 30-Jul-2017
Publisher: International Journal for Research in Law
Citation: Shrivastava, Anujay and Khamroi, Anubhav (2017). Smart contracts: The way forward. International Journal for Research in Law, 2(4)(1), 15-36.
Abstract: Smart contracts are contracts essentially in form of Computer Codes, where the terms of the contract are enforced by the logic of the program’s execution. They do not require judgement or skill of any specialist. This allows us to form a vastly strong system of checks-and-balances, in a trust-less and decentralised manner. Smart contracts also gain the benefit of global transferability, without sacrificing any local knowledge. It’s both cost and time effective. Smart Contracts would dramatically reduce the costs of developing, maintain and securing our relationships. It’s very similar to an online Chessboard game, where the players would design the rules of the game before they are willing to play. And once the rules are agreed on, the Contract would act as a board manager, this allows the parties to move freely but within the rules of the game. Although, enforceability is a challenge to proper working of Smart Contracts, many international conventions can be used to govern the working of such contracts. There exists a clear lack of theoretical framework in this respect. This paper tries to draw out such a theoretical framework by identifying the different modes for regulating and enforcing smart contracts in multiple jurisdictions. Establishment of a legal framework regulating Smart Contracts would be a giant leap in the field of Contractual Laws.
URI: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3846176
http://hdl.handle.net/10739/4762
ISSN: 2454-8715
Appears in Collections:JGU Student Research Publications

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