SMART CONTRACT: INNOVATION OF CONTRACT LAW OR FICTION OF THE DIGITAL ENVIRONMENT

Authors

  • Iryna Slobodska National Aviation University
  • Veronika Tkachenko National Aviation University

DOI:

https://doi.org/10.18372/2307-9061.61.16361

Keywords:

smart contract, blockchain technology in contract law, transition of a civil agreement to a digital environment

Abstract

Purpose: identification of areas of application, limits of opportunities and advantages on the way to implementation and improvement of the use of smart contracts as an alternative to civil law agreement. Methods of research: dialectical, deduction, induction, comparative - legal research, system - structural, formal-dogmatic, method of analogy, functional, comparative-legal, legal modeling. Results: defining the scope, scope and benefits on the way to implementing and improving the use of smart contracts as an alternative to civil law agreement. Discussion: modern civil law relations, which have moved to the digital environment, as the development of technology and the development of appropriate legal support has allowed contract law to obtain an updated form of contract, called «smart contract». Smart contract is cost-effective and simpler in terms of concluding and fulfilling obligations. The innovation combines the interaction of advanced technologies based on blockchain and civil law relations, which have begun to change due to the development of the digital environment. Comparing a reasonable agreement with a traditional written agreement shows an increase in the use and implementation of blockachain technologies and reasonable agreements that work on the above technology instead of concluding a standard written agreement. Therefore, it is necessary to consider in detail the innovation and identify ways to implement and improve the use of smart contracts as an alternative to civil law.

Author Biographies

Iryna Slobodska, National Aviation University

senior lecturer at the Department of Civil Law and Procedure

Veronika Tkachenko, National Aviation University

graduate of the second (master's) level

References

Bashir I. Mastering blockchain. Birmingham: Packt, 2017. 537 p.

Ream J. et al. Upgrading blockchains: Smart contract use cases in industry. Deloltte University papers. 2016. No 2. Pp. 1-11.

Gatteschi V. et al. Blockchain and Smart Contracts for Insurance: is the Technology Mature Enough? Future Internet. 2018. No 2. Pp. 1-16.

Grigg I. The Ricardian Contract. WEC ’04: Proceedings of the First IEEE International Workshop on Electronic Contracting. July 2004. Pp. 25-32.

Navarro N. et al. Inteligencia artificial. Va-lencia: Tirant, 2017, 293 p.

Wattenhofer R. The science of the block-chain. Create Space Independent Publishing Plat-form. 2016. 123 p.

Published

2021-12-30

How to Cite

Slobodska І., & Tkachenko В. (2021). SMART CONTRACT: INNOVATION OF CONTRACT LAW OR FICTION OF THE DIGITAL ENVIRONMENT. Scientific Works of National Aviation University. Series: Law Journal "Air and Space Law&Quot;, 4(61), 137–143. https://doi.org/10.18372/2307-9061.61.16361

Issue

Section

CIVIL LAW