Remedies to the Irreversibility of Smart Contracts in Colombian Private Law

Correa José David Arenas ()
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Correa José David Arenas: University of Medellín, Faculty of Law Carrera 80 30-65 Medellín 050026, Colombia

TalTech Journal of European Studies, 2022, vol. 12, issue 2, 113-145

Abstract: The application of blockchain technology to contractual activity has led to a decrease in transaction costs, but also an enormous potential cost of judicial solutions that order reversal of the effects of smart contracts. This research addresses solutions, both from the perspective of updating the unforeseen theory and from clauses that are introduced to the legal smart contracts to allow reducing the costs associated with judicial decisions that declare an anomaly in the contracts.

Keywords: blockchain; contracts; digital enclosures; smart contracts (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:bjeust:v:12:y:2022:i:2:p:113-145:n:2

DOI: 10.2478/bjes-2022-0014

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