Research On The Validity Of Blockchain Smart Contracts

A smart contract is a computer protocol designed to disseminate,verify,or execute contracts in the form of information.Smart contracts are composed of a series of codes,and the contracts are open and transparent throughout every node.The concept of smart contract was proposed by American scholar Nick Szabo in 1995.The essence of smart contracts is to ensure the security of execution and reduce transaction costs.The blockchain enables the operation basis of smart contracts to ensure the effective operation of smart contracts.With the continuous improvement and development of blockchain technology,smart contract technology has gradually been applied to various fields of daily life.It not only promotes the transformation of information technology but also presents new challenges to traditional contract law.Blockchain smart contracts are constantly used in daily life,making the law must deal with this phenomenon correctly.In addition,smart contracts are composed of sophisticated technical codes and distributed on the blockchain,so the validity of the contract has a crucial impact on both parties to the transaction.The high-efficiency and fast feature eliminates the interference of many human factors,but its unique advantage is that the validity of the contract becomes the key to the transaction.After the "The DAO" incident in 2016,a large number of articles began to criticize smart contracts questioning his effectiveness.This incident not only did not inhibit the development of smart contracts butaccelerated the development of smart contracts.The smart contract is composed of a series of codes and runs,and the form of expression is different from the traditional form.Therefore,the validity of smart contracts still faces many problems such as vague legal provisions and inconsistent standards.However,with the development of technology and the continuous use of smart contracts in various fields of daily life,the issue of determining the effectiveness of smart contracts has also attracted more and more attention from scholars.The smart contract is built on the basis of the traditional contract,so its validity determination should also be integrated under the traditional legal framework in combination with other relevant laws.The identification of different situations such as the validity and invalidity of the contract should also be based on the judgment of the traditional contract ’s civil capacity and the authenticity of the meaning of the transaction subject in the traditional contract,and then specifically for smart contract digital identity,anonymity and automatic execution The characteristics of sex comprehensively identify smart contracts.Faced with the theory of “code is law” put forward by relevant scholars and many scholars’ doubts about the research on the validity of smart contracts,this article illustrates this through a series of cases and the application of contracts in various fields such as justice.At the same time,the comparative analysis of the legislative measures for the validity of various countries outside the region provides a certain reference for the validity of smart contracts in China.Based on this,the research on the determination of the effectiveness ofsmart contracts can be comprehensively identified from the aspects of relevant contract laws and the criteria for distinguishing between different situations,and consider that the contract is composed of a series of precise codes.Therefore,accurate interpretation of the law,effective codes and The transformation of the law is also essential.Therefore,the validity of smart contracts should be further improved from four aspects.The first is to strengthen the legislation on the validity of smart contracts.The second is to clarify the criteria for distinguishing the validity of smart contracts.The third is to improve the legal interpretation of the validity of smart contracts.The fourth is to improve the technical means of smart contracts.