Consideration for Policy Making of Smart Contracts

Authors

1 Institute of Comparative Law Faculty of Law and Political Sciences University of

2 Candidate for LLM. at Private Law University of Judicial Sciences

Abstract

The development of e-commerce has led to the creation of three generations of electronic contracts from binary signature_oriented contracts to data-oriented contracts and Smart contracts. This paper, based on the documentary methodology, seeks to answer what the concept of Smart contracts is and essentially this Contracts are considered valid or Not? What does the self-Execution feature mean in these contracts and what role it plays in the development of the trading system? And do the general rules governing contracts can meet the needs of this category of these group contracts? Smart contracts are contracts that are contracted in the Blockchain, and the consideration replaces them as smart assets or digital cryptocurrencies. To conclude these agreements, individuals need to obtain a license to own virtual currencies in accordance with the 2017 Convention on the Unification of Business-Trade-Based Circulation of Virtual Currencies, obtaining a license to use digital signatures to sign the contract, and identify their identity and property by the government. These contracts are considered to be correct and valid in accordance with the definition and terms of the contracts in the legal systems. This study, with the comparative study of the Legal system of the United States, seeks to state that these contracts, with regard to having the self-Execution attribute, apply to the implementation of the contract without interference The third person, and the implementation of the guarantee of non-performance of contractual obligations, and this feature is due to having the attribute of increased security, lowering costs and increasing the speed and accuracy of concluding transactions due to the development of the exchange system. This article is set up in two sections. The first part expresses the concept and validity of Smart contracts in the second part to express the self-Execution, it''s role in the development of the exchange system and it''s policy process.

Keywords

References

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Iranian Journal of Public Policy
Volume 4, Issue 2 - Serial Number 2
September 2018
Pages 143-167

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