The Contract Law Of Blockchain Smart Contract Applies

With the continuous popularity of Bitcoin and other virtual currencies,the blockchain technology which provides the technical support for Bitcoin has also attracted much attention.All countries in the world have begun to research on the technology of Blockchain,and our country has put the technology of blockchain as the core of independent innovation.With the continuous development of blockchain technology,the smart contract has moved from conception to reality,and has gradually been applied in the fields of banking,insurance,securities and even in social governance,has tremendous potential for growth.The essence of the block chain smart contract is a piece of program code attached to the contract layer in the block chain system,which represents the contract content in digital form.There are great differences between the block chain smart contract and the traditional contract in the aspects of concluding,fulfilling and relieving.Therefore,there is a great dispute on the contract attribute of blockchain smart contract in the theoretical circle.Blockchain smart contract is a new thing,but its legal nature should be based on the provisions of the existing law to judge.According to the current law of our country,it can be concluded that the blockchain smart contract belongs to the expression of will in the form of data message,whether it is made or not,is a legal act.At the same time,the blockchain smart contract has the legal structure of offer commitment: On the one hand,publishing the smart contract in the blockchain system is the meaning that the smart contract issuer wishes to make a contract with others,the contract content is specified,and the issuer is bound by the contents of the contract and may be deemed to be an offer.On the other hand,if the account subject signs the private key and broadcasts it to the whole system,it can be considered as a promise,whether the promise way of blockchain smart contract is expression of intention or realization of intention.Therefore,the blockchain smart contract has the structure of acceptance offer,which is in accordance with the relevant provisions of the contract law and can be regarded as a legal contract.In the framework of blockchain technology,smart contract has shown its trading advantages in the Internet era of big data.Compared with traditional contract,automatic execution and non-tamper can effectively improve the trading efficiency and reduce the contract cost.The blockchain smart contract not only contains the parties' unanimous declaration of intention,but also conforms to the structure ofacceptance offer stipulated in the contract law,which can be regarded as a legal contract and should be adjusted in the framework of the contract law.However,as the blockchain smart contract is a new technology in recent years,the law of it is a little blank,so we should examine the applicability and flexibility of the contract law.At the same time,technology can not exist without legal supervision,so it should be viewed from a legal perspective to promote the improvement of emerging technology to adapt to the existing legislative norms without detracting from the inherent characteristics of blockchain smart contracts.According to the technical characteristics of blockchain smart contract,the applicability of contract law can be analyzed in the aspects of formation,effectiveness,modification,performance and relief.In the context of contract formation,the time when the offeree's consent to the offer is expressed in the form of electronic data sent or an undertaking made through performance is recorded on a block of other nodes in the blockchain system,this time should be regarded as the arrival of the smart contract commitment,but also the blockchain smart contract set up time.In the aspect of validity of contract,we can analyze the situation that the validity has the flaw and the solution.At this stage in the field of change,the parties should not allow the modification of the blockchain smart contract unless the parties agree to the modification by mutual agreement or the modification is in the net benefit of the other party,increase the adaptability of blockchain smart contract to the real situation.The performance aspect can analyze the code the flaw and the flaw related question.In the aspect of relief,the location of information equipment such as computers belonging to the blockchain platform can be regarded as the place where the contract is signed in order to determine jurisdiction for public relief.