Research On Legal Issues Of Smart Contract

As early as the 1990 s,the smart contract was proposed by Nick Saab,a gifted computer scientist and jurist,based on the vending machine.Due to the backward technology development at that time,there was no technology to support the operation of the smart contract,so the smart contract only stayed at the theoretical level.In recent years,with the continuous progress of science and technology,blockchain technology has gradually entered people’s vision.Its characteristics such as decentralization,distributed accounting mode,anonymity,high encryption,etc.,and building a new trading state with trust provide the soil for the development and application of smart contract.Recently,under the support of policies,xiong’an new area has invested more than 10 billion yuan in the construction of blockchain infrastructure,which involves intelligent medical treatment,and enables the common people to see a doctor before paying.The judicial field includes but is not limited to blockchain electronic deposit certificate and intelligent arbitration.As a core application of blockchain technology,intelligent contract is bound to shine.First of all,the essence of smart contract is contract,because smart contract has the same connotation as ordinary contract,that is to establish,change and eliminate the civil legal relationship between civil subjects through legal acts,so as to create the rights and obligations between the parties.Therefore,the essence of smart contract is legal contract.Secondly,the construction of smart contract is in line with the basic structure of offer acceptance.Only when the acceptance arrives,the contract is automatically performed.This is the biggest difference between smart contract and traditional contract.The conclusion of smart contracts can be roughly divided into two categories: one is the smart contract with clear contracting parties,and the otheris smart contract with only one party,similar to the format contract.Then,the smart contract is divided into dynamic negotiation in the early stage and static transformation in the later stage,and then compared with the traditional contract,so as to better discover the unique features of smart contract.Since the essence of smart contract is legal contract,the validity of smart contract should also comply with the provisions of contract law.Smart contract is an electronic protocol that can be automatically executed on the blockchain.Most smart contracts are executed by computers.Therefore,the relationship between smart contracts and electronic contracts is inseparable.Further research on the relationship between them can help us better understand the characteristics and applications of smart contracts.Finally,although the smart contract can ensure that it is not affected by human factors,it can be irreversibly performed automatically according to the agreement,but no one can guarantee that the computer program is free from risks and loopholes.Once hacked,it will produce huge losses.Moreover,due to the anonymity of smart contracts,the related applications are often reduced to criminal ways and means.The development and change of any technology has both advantages and disadvantages.Therefore,it is more necessary for scholars to explore constantly to find a way that will not hinder the progress of technology,but also enable the safe application of technology...