Research On The Legal Application Of Smart Contracts

Blockchain smart contract is a kind of contract based on blockchain technology.The terms and rules of contract are expressed by computer code.Its working principle is to put the contract in an open distributed database,make use of blockchain technology,and make itself have a safe and efficient operating environment.Computer code is used for data storage and transmission,and the influence of human factors is eliminated,and the computer program code directly intervenes to realize the automatic execution of the contract.Simultaneously,it adopts asymmetric encryption technology,which makes it enormous disparity from traditional contract.It shows the following three aspects of peculiarity: identity concealment of contracting subject,open storage of data and automatic execution of content.Blockchain smart contract is a new thing with the particularity mentioned above,which can be used the definition of the legal nature of blockchain smart contract controversial in academic circles.Classify the types of smart contract,it is clear that the contract-type smart contract has contracting subjects,and the manifestation of intention is the stage of offer and commitment.In essence,it does not exclude the law enforcement,thus affirming the nature of the contract.In the application of substantive law,priority should be given the contract part of Civil Code of the People's Republic of China and the relevant laws.But smart contract has a strong particularity,which leads to many difficulties in the application of contract law.Specifically,it is difficult to judge the time and place of the establishment of the contract,to judge the validity of the contract,to break through the tradition of performance and change,and to judge the identity and jurisdiction of the subject responsible for breach of contract and relief.In the found of smart contract,by understanding the advantages of blockchain system,the time and place of the arrival of offer and acceptance in the context of smart contract can be determined,so as to determined the establishment time and place of smart contract inlaw.The validity of smart contract should be analyzed in different situations.By comprehensively considering the spirit of smart contract and the spirit advocated by law,we can interpret the applicable laws in the field of e-commerce and infer the subject's capacity for conduct.On the performance and modification of smart contract,due to its automaticity in execution,arbitrary change of the contract content will destroy the characteristics of smart contract and make its reason of existence questioned.Therefore,changing the content of smart contract should not be allowed in general.As for the default and remedy procedure of smart contract,it is necessary to analyze different situations of default to determine the subject of liability,establish a special dispute resolution institution for blockchain smart contract,and use both technical and legal means to solve the issues of subject identity and jurisdiction.Blockchain smart contract has a broad application prospect,but the legal provisions that can regulate it are not clear.The development of technology cannot be separated from the supervision of the law,and the law should also be adjusted appropriately with the innovation of technology.The power of law should be used to help the wings of smart contract,so that smart contract can be better developed and applied under the supervision of the law.