The mechanism of concluding the Smart contracts and it’s role in consolidating the property rights

Document Type : Original Article

Authors

1 assitnte of law

2 student

10.22034/jlr.2019.122103.1142

Abstract

The e-commerce industry has embraced a new generation of electronic contracts since 2017, called Smart Contracts. These contracts have a broad role in consolidating the ownership rights of individuals in the blockchain. The application of these contracts in the legal system of the countries in various ways, including the expansion of exchange security, scalability, invariance, transparency and exchange efficiency, leads to the consolidation of the property rights of individuals. The mechanism for concluding these contracts is also in the allocation of licenses for the use of digital signatures and the acquisition of virtual currencies, traded assets as "smart assets," and the prediction of specific mechanisms for breach of contract terms, contractual clauses, contractual barriers and online disputes resolution, including reasons for the consolidation of property rights of people. These contracts require some infrastructures to face the challenges of the implementation of the legal system of the countries. The study, by studying the latest internationally published sources, seeks to analyze how individuals' ownership rights are established in concluding transactions in the form of intelligent contracts.

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Legal Research Quarterly
Volume 24, Issue 95 - Serial Number 95
November 2021
Pages 259-282

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History

  • Receive Date: 10 March 2018
  • Revise Date: 07 July 2019
  • Accept Date: 23 July 2019

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