Contract Legal Regulation Of Smart Contracts On Blockchain

The combination of smart contract and blockchain is a new stage in the development of blockchain technology,which can play an important role in financial services,government services,business transactions and other fields in the future.Compared with traditional contracts,blockchain smart contracts can not only improve efficiency,reduce transaction costs,but also better ensure transaction security,and become an important tool to solve the triangle problem of efficiency,cost and security in contract transactions.Whether the application of blockchain smart contract can meet expectations depends on how the law effectively regulates the blockchain smart contract.The purpose of this paper is to correctly understand the legal properties of blockchain smart contracts,to clarify the connection and difference between the new contract and the existing contract,and to analyze the impact of the differences.On this basis,we can take consideration on the current legal system of contract needs to make adaptive adjustment.The structure of this paper includes the first part of the introduction,the second part,the body and the third part of the conclusion.The body part includes four chapters.The first chapter,mainly around the definition of blockchain smart contract.First of all,in the first section,the two technologies that make up the blockchain smart contract and their relationship are briefly introduced.Combines the examples,the second section mainly observe the blockchain smart contract from the static and dynamic aspects,and points out that it has the characteristics of constraint,automatic,independent,and operating logic of weaken the will and the authority.The second chapter is an important chapter of this paper,which confirms the contractual legal properties of blockchain smart contracts.The first section analyzes whether a smart contract is a contract in the legal sense from four aspects,and draws a positive conclusion.The second section deals with the analysis of the links between these new types of contracts and traditional contracts.On the basis of the second section,section 3 points out what improvements blockchain smart contracts bring to contracts.The third chapter,focusing on the analysis of the impact on the legal system.The first section provides a detailed analysis of how such new types of contracts limit thefree will of the contract formation stage.The second section suggests that the contract effectiveness rules may be overhanged by the blockchain smart contract.The third section points out that the access to relief of blockchain smart contractis is restricted.Section 4 illustrates the technical risks that blockchain smart contracts expose.Chapter four is the most important chapter of this paper,aiming to make suggestions for the correct regulation of blockchain smart contracts.The first section examines the regulatory measures that China and extraterritorial countries have taken to deal with the impact,mainly includes the summary of China's current exploration and reference to american experience.The second section are specific proposals,divided into four aspects: Firstly,we should adhere to the principle of rationality,regulate on the basis of the traditional contract legal system,and do not have to legislate on a large scale.The second should clarify the legal status of blockchain smart contracts in legal norms.Thirdly,we should grasp the key link,increase the special provisions on the time of the establishment of the contract,strengthen the contract publisher's description obligations,limit the presumption of the civil capacity of the subjec of the contracts,increase the liability of contract developers.The last should clarify the adjustment boundary,if difficulties that can be solved by technology,technical solutions should be preferred.