Smart contract – revolution in the contractual law of the 21st century?

Vol.8,No.15(2017)

Petra Krupičková

https://doi.org/10.5817/RPT2017-1-2

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Abstract

This article deals with the possibility of conclusion of contract, which exists in  the form of code (algorithm) and are stored in a blockchain. These contracts are  called smart contracts, although the term “smart contract” was used for the first  time in 1997, at the dawn of the internet age and before blockchain, and designated  self-executive contract through software or hardware. Today, the block-   chain resolves some issue related to the previous software and hardware contract  processing, and it is intended to be applied at mass scale, as way of contract  concluding in the form of code. The purpose of this article is to answer  whether it is legally possible to conclude smart contract under Czech law, and  tackle possible challenges to smart contracting from the Czech perspective.This article deals with the possibility of conclusion of contract, which exists in  the form of code (algorithm) and are stored in a blockchain. These contracts are  called smart contracts, although the term “smart contract” was used for the first  time in 1997, at the dawn of the internet age and before blockchain, and designated  self-executive contract through software or hardware. Today, the block-   chain resolves some issue related to the previous software and hardware contract  processing, and it is intended to be applied at mass scale, as way of contract  concluding in the form of code. The purpose of this article is to answer  whether it is legally possible to conclude smart contract under Czech law, and  tackle possible challenges to smart contracting from the Czech perspective.


Keywords:
Smart Contract; Contract Law; Contract; Blockchain

Pages:
s. 19–31
References

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PRÁVNÍ PŘEDPISY

  1. Důvodová zpráva k zákonuč. 297/2016 Sb., o službách vytvářejících důvěru pro elektronické transakce.

  2. Nařízení Evropského parlamentu a Rady (EU)č. 910/2014ze dne 23. července 2014 o elektronické identifikaci a službách vytvářejících důvěru pro elektronické transakce na vnitřním trhu a o zrušení směrnice1999/93/ES.

  3. Zákon č. 216/1994 Sb., o rozhodčím řízení a o výkonu rozhodčích nálezů, ve znění pozdějších předpisů.

  4. Zákon č. 297/2016 Sb., o službách vytvářejících důvěru pro elektronické transakce.

  5. Zákon č. 89/2012 Sb., občanský zákoník, ve znění pozdějších předpisů.

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