Legal Tech: Smart Contracts in Terms of Contemporary Private Law
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Legal Studies

Legal Tech: Smart Contracts in Terms of Contemporary Private Law
Lukoianov Nikita Viktorovich

Lecturer at the Department of International Private and Civil Law of MGIMO

119602, Russia, g. Moscow, ul. Prospekt Vernadskogo, 76
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The subject of the research is the smart contracts, i.e. the systems of automated performance of contractual obligations as part of distributed ledgers. The author examines the phenomenon of smart contracts in terms of their historical development, conceptual description and comparison of smart contracts to generalized definitions of the contract existing in contintental and Anglo-Saxon legal systems. Lukoyanov pays special attention to current restrictions of smart contracts, their possible classifications, peculiarities of the parties' statuses, content and interpretation of the term. The author also touche upon the question about the relationship between the programming code, legal regulation and regulation on the basis of developing lex electronica. The methodological basis of the research includes general, private and special research methods such as dialectical analysis, methods of categorical, logical analysis, comparative law method, etc. The use of new technological solutions used in the legal practice becomes very important in the process of development of the modern digital economy in Russia. At the end of the article the author concludes that being the combination of protocols, user interfaces and obligations expressed in the form of a programming code, smart contracts are meant for formalisation and guarantee of reliability of digital legal relations. Smart contracts are more functional than their paper analogies. The novelty of the research is caused by the fact that the author gives a legal qualification of smart contracts. 

Keywords: lex electronica, lex mercatoria, Blockchain, Contract interpretation, Contract performance, Obligation, Contract, Smart Contract, Legal tech, Internet
This article written in Russian. You can find full text of article in Russian here .

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