The Influence Of Smart Contract On Civil Law System And Its Regulation

In the era of Blockchain 2.0,smart contracts have greatly boosted the digital economy by combining law,computer encryption and finance in an unprecedented way.Smart contracts represent the contents of contracts through computer codes,fulfill contractual obligations in a closed automatic execution mechanism,and make contractual relations more secure,economic and efficient.They are widely used in the fields of stocks,creditor’s rights,insurance and so on.With the continuous development of technology,there are more possibilities for the application of smart contracts.Applications related to smart contracts are being developed in many fields such as intellectual property,will making,transportation and warehousing.In the future,smart contracts will also have a broader space for development.However,the practical application of smart contract also gradually shows the drawbacks.As an important place for value exchange in the era of digital economy,excessive pursuit of value will also touch the legal bottom line.While smart contracts bring important opportunities to the financial sector,they also pose challenges to traditional civil legal systems.The unique technical structure of smart contract makes it different from the current legal system.If it is not regulated,smart contract will become a "gray area" of transaction and restrict its further development.Therefore,this paper studies the impact of smart contract on the traditional civil legal system and explores the path to bring smart contract into the scope of civil law protection.In the first part of this paper,the concept,characteristics and application of smart contract in civil field are elaborated.It is precisely because of the decentralization and automatic execution of smart contract that smart contract can automatically realize the judgment and execution of the contract content,which leads to its inconformity with the current legal system.The second part of this paper is to confirm the civil legal attribute of smart contract.There is a great controversy on the property of smart contract among different disciplines.This chapter first chooses three representative viewpoints of non-contract theory to analyze,and then demonstrates whether smart contract belongs to contract and confirms that smart contract belongs to contract.The third part is the focus of this paper,that is,the influence of smart contract on the civil legal system.On the one hand,smart contracts affect the traditional principles of autonomy of will and good faith.On the other hand,smart contract also has a certain impact on the provisions of the change of real right in the civil legal system,the judgment rules of the contract effectiveness,the performance of the contract and the relief for breach of contract.In the fourth chapter,in view of the impact of smart contract,the corresponding countermeasures are proposed,that is,the existing civil legal system is slightly adjusted to adapt to the development of smart contract.