Publication: Doctrinal challenges for the legality of smart contracts Lex Cryptographia or a New, Smart Way to Contract
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Date
2018
Authors
Agnikhotram, Sai
Advisor
Court
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Publisher
Suffolk University
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DOI
Abstract
Theorized two decades ago, smart contracts had little hope for organizing our private relationships. With the evolution of blockchain, smart contracts emerged as a new way to form digital agreements in the private and possibly in the public law sphere. These ‘coded’ agreements, automate contractual terms disrupting traditional contract law; thus posing new legal challenges. Some postulate that this technology will displace law by replacing court enforcement with enforcement by code and this
displacement would be marked by the emergence of a new, independent from law, set of rules – Lex Cryptographia. Others argue that given current technological capabilities, smart contract legality would only be possible by extension of existing legal doctrines.
This paper addresses the divergent view on this topic and argues that private law can, and is better positioned to be updated for encompassing the new factual patterns offered by this technology. Thus, the first purpose of this paper is to provide a preliminary diligence for evaluating the major doctrinal concerns related to smart contract legality. The second purpose: reconciling these concerns by proposing ways to integrate smart contracts into existing private law concepts.
Unesco subjects
License
Attribution-NonCommercial-NoDerivatives 4.0 International
School
IE Law School
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Citation
Agnikhotram, S., & Kouroutakis, A. (2018). Doctrinal challenges for the legality of smart contracts: Lex Cryptographia or a New, Smart Way to Contract. J. High Tech. L., 19, 300.