Private law interpretation of smart contracts

Wu Ye

Chapter 9 in Renmin Chinese Law Review, 2023, pp 227-249 from Edward Elgar Publishing

Abstract: A smart contract is computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of contract. Smart contract allows the performance of credible transaction without any third party. Smart contracts are designed to provide safeguards against traditional contract law and reduce the transaction costs associated with the performance of contracts. From the perspective of private law, considering the reliance relationship between the members of smart contracts, the nature of smart contracts is similar to the relational contracts. Smart contracts have become a new transaction type which is a combination of contract conclusions and contract performances. That is why smart contracts caused the huge impact on the traditional contract law theories, but this is still not enough to deny the legitimacy of private law remedies for smart contracts. By constructing the framework of private law remedies which is focused on the reliance interest protection, the synchronous development of law and technology will be promoted.

Keywords: Asian Studies; Law - Academic (search for similar items in EconPapers)
Date: 2023
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