Development and Use of Smart Contracts in International Trade

Galina Aleksandrovna Orlova, Yuri Anatolievich Savinov, Valeriy Alekseevich Oreshkin and Evgenija Vadimovna Taranovskaja
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Galina Aleksandrovna Orlova: Russian Foreign Trade Academy
Yuri Anatolievich Savinov: Russian Foreign Trade Academy
Valeriy Alekseevich Oreshkin: Russian Foreign Trade Academy
Evgenija Vadimovna Taranovskaja: Russian Foreign Trade Academy

Russian Foreign Economic Journal, 2020, issue 11, 47-57

Abstract: The authors consider a new type of contract processing in international business, namely smart contracts. Smart contracts are based on the use of programming codes. The article analyzes the positive and negative aspects of using smart contracts in various business areas – in finance, domestic trade and international trade. The important feature of these contracts is that no involvement of intermediaries in trade is needed. The lack of appropriate legal instruments for regulating the conclusion and execution of smart contracts is noted

Keywords: a new type of writing contracts; international sale of goods; distributed registry technology; smart contracts; international trade (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:alq:rufejo:rfej_2020_11_47-57

DOI: 10.24411/2072-8042-2020-10111

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