Smart contract: concept, ecosystem and the main questions of private law
DOI:
https://doi.org/10.18316/redes.v7i3.6120Keywords:
Smart Contract, Blockchain, Self-Protection, Remedies.Abstract
Smart Contracts are, in general terms, computer protocols that allow a device to execute autonomously the provision of a contract, thus, without the need for human intervention. The replacement of human action by a process – a set of protocols – which allows (a) the operations automation, (b) the automatic materialization of transaction provisions and (c) other use of distinct technologies that allow the verification of clauses and subjects’ identity linked to the transaction, which result in high economy of costs. Besides, the parties’ expectations of satisfying their business interests, as is established by contract, ends to be broadly protected. Rapidity, predictability, and automation pervade the exercise of private autonomy and facilitate effective self-protection. Despite these evident advantages, this figure presents some restrictions and disadvantages that brings possible problems with it. This work briefly explores the Smart Contracts phenomenon, reflects about his particular ecosystem and, hereafter, proposes important legal questions evoked by Smart Contracts.
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