A Study Of Blockchain Smart Contract Legislative Path

The Internet has enabled the rapid exchange of information to humans,but it has not been able to guarantee the trust of information.Therefore,in order to secure the trust in information,the electronic transaction party has assigned a trusted third party an intermediary role in the transaction or has maintained the security of the transaction and verified the other party's identity using various information security technologies.However,block chain technology recently developed provides a reliable means of verifying all transactions occurring on the block chain using public encryption techniques.Blockchain refers to cryptographic scheme technology that is recorded in the distributed ledger within the virtual community,that is,the electronic distributed ledger system.Legal problems regarding the use of blockchain are those with the system of the blockchain itself,and there is also one related to the blockchain technology surrounding the service(Ex: smart contract)using the existing platform based on blockchain technology.Furthermore,there is a legal issue that the object or the target system as a demonstration of the resultant blockchain technology applying the blockchain technology.In order to discuss the above legal issues,it is necessary to understand the nature of the blockchain itself,its functionalist concept,and its functional application.A computer program that automatically executes the contract based on the block chain technology has been developed,which is called a smart contract.Smart contracts do not have the feature of traditional contracts because their contract negotiation and implementation is a computer protocol that is automatically executed through the program code.If anyone who wants to participate in the transaction enters the specific condition into the computer program provided by the counter party,the contract is executed automatically.As a result,smart contracts raise many problems not only in contract law but also in various legal fields such as financial law,consumer law,electronic transaction law.Especially,from the aspect of contract law,it is a matter of whether a smart contract can be regarded as a legal contract,how a smart contract is established,what kind of legal effect the smart contract has,and how it is handled in case of default.smart contracts can not be precisely defined since they are not yet in full use in everyday life.Although smart contracts are at the initial stage,it is necessary to examine the their legal issues because they have an infinite development potential with the development of the block chain technology.This paper consists of three parts.First,it is a commentary on a smart contract based on a Blockchain.The second is the issue of specific Contract law and explores whether smart contracts can be regulated by existing laws.The last is to explore the legislative policy and the legislative policy for smart contract technology activation.Specifically,this paper focused on the Contract Law.this paper tried to introduce the latest technology and status as much as possible.