Research On The Legal Regulation Of Smart Contract

Blockchain as a technological innovation,is very important in the digital industry reform,and has been vigorously promoted by countries around the world.As a representative application of blockchain "2.0",smart contracts have entered people’s vision in the promotion of the blockchain industry.Compared with traditional contracts,the smart contracts run by the blockchain platform solve the problems such as the time cost requiring repeated negotiation,the intermediary fees of third parties providing guarantee,and the low efficiency of contract performance in commercial transactions.In its performance,it does not rely on the participation of people.After the computer recognizes the advance conditions,it will operate in accordance with the set terms of the contract to achieve the purpose of the parties concluding the contract,which makes the performance cost of the contract reduced and the transaction efficient and convenient.However,the lag of laws under the rapid development of smart contracts leads to the lack of legal norms.At the same time,the debate about the nature of intelligent law makes it difficult for the application of smart contracts in the existing legal system.This paper first analyzes the basic theory of smart contract,and believes that the technical innovation of smart contract does not affect its contract attributes,but is still a form of contract,not separated from the framework of traditional contract theory.Secondly,based on its own characteristics,there are technical risks in the application,and challenges to the basic principles and specific systems in the contract system,and the existing legal system cannot guarantee the healthy development of smart contracts.Then,after analyzing the standardization of smart contracts in the United States,Russia and the United Kingdom,the experience of foreign countries in the legal regulation is summarized,and put forward the construction of legal system and industry norms in the construction of legal regulation in China.Finally,the measures of the legal regulation of smart contract in China are discussed.By establishing the legal principles of smart contract,improving the legal system of smart contract,and establishing the standard measures of smart contract industry,the application of smart contract is systematically standardized.