The Legal Attributes Of Smart Contrsts And Their Regulation

In the era of blockchain,smart contracts have become the blade of solving the crisis of social trust.The characteristics of automatic execution make it effectively reduce the risk of default among contract parties while improving the utilization of social resources.The multi-winning economic model and broad application scenarios form the basis for the rapid development of smart contracts,but at the same time they also bring about the discussion of legal attributes and system protection issues.Conceptually,a smart contract is an event-driven,state-of-the-art,multi-recognized program that runs on a blockchain and automatically processes assets based on pre-defined conditions.It has the attributes of a traditional contract,but It has its special features.Compared with traditional paper contracts and electronic contracts in the Internet age,smart contracts rely on the decentralization,transparency,autonomy,non-destructive modification and anonymity of blockchain to obtain a large number of application-level explorations,but the largest The advantage lies in the use of procedures to replace human arbitration and execution of contracts.The technical complexity of smart contracts also has an impact and challenge on existing contract law theory.For example,the judgment of the civil behavior ability of the anonymous subject,the judgment of the establishment condition of the smart contract,the judgment of the effectiveness of the smart contract clause,and the performance of the smart contract are all subject to theoretical discussion.In the regulation of smart contracts,the United States is the first country in the world to try to legally recognize smart contracts.It has established the concept of “smart contract” and regards the records or contracts of blockchain technical guarantees as electronic records,which will pass the blockchain.The signature identifies the electronic signature.Other countries have gradually begun to explore institutional components,and China is still in a blank state.When the traditional contract law cannot adapt to the development needs of smart contracts,the contract system should be properly improved or the relevant one-line law should be formulated.At the same time,we should also rely on the strength of government agencies and the industry itself to establish and improve the intelligent contract supervision system,encourage the blockchain industry to establish industry self-regulation norms,and combine boxing to promote the smooth integration of the contract system and smart contracts.