Some Legal Aspects Of The Smart Contract (Blockchain)

Abstract

Smart contracts are among the most promising applications of blockchain technology. Although this concept has existed for several years, the rise of blockchain has given it a new boost. The term "smart" refers to the automatic execution of these digital contracts, whose conditions are defined by the parties at the time of their creation. The potential applications of smart contracts are as varied as the types of contracts people enter into on a daily basis, including the banking, insurance, healthcare, energy, and transportation sectors. More broadly, blockchain could eventually replace many centralized trusted intermediaries, such as brokers, bank advisors, notaries, or property registries, with decentralized computer systems. This potential has generated great enthusiasm but also some concerns. Experts in computer science, economics, and law highlight the innovative and disruptive nature of these applications, considering them a true digital revolution.