Research About The Regulation Of Cotract Law On The Smart Contract

American legal scholar,computer expert Nick Szabo invented Smart Contracts are designed to facilitate transactions through contracts formed by computer code.As an important part of Blockchain operation,smart contracts have their own operating mechanism.The emergence and application of smart contract not only changes the way of people trade but also challenges the traditional contract law.The purpose of this paper is to clarify the legal nature of smart contract,and though learn and reflect on foreign legislation of smart contract,then to seek legislative response on smart contract for China.Firstly,this paper analyzes the electronic code,decentralization,automatic enforcement and other characteristics of smart contract,so as to explore the legal nature of smart contract and find its unique legal value and practical value as a new type of contract.Secondly,as a new type of contract,smart contract still has some conflicts with traditional contract law,such as the difference between intelligent contract code and the language meaning of contract law,the inability of smart contract to determine the civil capacity of contracting parties,and the difficulty of smart contract to determine whether the will of contracting parties is real or not.Although there are still some outstanding solutions to these problems,many countries have legislated smart contracts.For example,many states in the United States not only affirmed the legal status of smart contracts,but also standardized them as evidence in litigation cases.Finally,through the exploration and reflection of foreign legislation on smart contact,combined with the response measures of some Chinese local governments to Blockchain.This paper puts forward some suggestions on the legislative of smart contract,including clarifying the legal status,application scope and conditions of use on smart contract,and improving the market legislation of smart contract related platforms.