The Normative Role of Smart Contracts

• 作者: JIANG,Jiaying
• 来源期刊: 美中法律评论:英文版
• 学科: 政治法律
• 关键词: smart CONTRACTS NORMATIVE ROLE value of INCREASED efficiency GUIDELINES for improvement
• 年，卷（期）: 2018,（3）
• 页码范围: 139-149
• 页数: 11页
• 分类号: D

摘要

Smart contracts are agreements whose execution is automated by computer codes that translate legal prose into an executable program.They are designed to ensure the performance of agreements automatically,without human involvement.Smart contracts have received tremendous attention lately as it could bring about the enormous impact to many industries that will revolutionize business and redefine economics;smart contracts also have created the fear that they would overturn the legal industry and displace millions of legal jobs.Therefore,it is critical to first identify the role of smart contracts in the current legal system and explore mechanisms for smart contracts to better serve the legal research,legal practice,and legal professionals,not to displace the legal industry thoroughly.In this article,the author proposes that smart contracts assume an instrumental role aimed at serving the current contract law system,instead of trying to become an alternative to that system.Embedding smart contracts within the current contract law system,which they function as a tool,represents a situation with considerable more potential for success.The success would derive from smart contracts’value of increased efficiency.With such value,the author further proposes three guidelines for enhanced instrumental functionality within the existing contract law system from three perspectives,including specification of areas of application,technological improvement,and legal support.