Content summary: Smart contracts use blockchain as the underlying technology and have the characteristics of decentralization, trustlessness, non-tampering, and automatic execution.
Blockchain smart contracts include code layer, text layer, underlying rules and the intelligent property they control, presenting technical, legal and
Two sides of the law. The former is the blockchain smart contract code, and the latter is the legal relationship carried by the code.It is divided into public law categories and
Private law categories: Private law categories are divided into contractual and substantive types according to content. Contractual is the main legal form.Blockchain smart contracts include
The parties' unanimous expression of intention or offer or acceptance can be based on the contract structure or on the basis of a comprehensive and juxtaposed traditional contract, and it can be interpreted and determined in accordance with the contract.
Traditional civil law contract standards should be incorporated into the contract law framework. In order to test its applicability in contract law, we can conduct an in-depth analysis of its validity, modification and performance.
Conduct, breach of contract and remedies, etc.Determination of validity in accordance with the law, focusing on the subject's behavioral capacity, third-party fraud and coercion, unilateral mistakes, contracts
Imperfect mechanisms equate to causes of performance deficiencies.Modifications should be strictly limited to maintain contract characteristics; anonymous contracts may not be modified unless relevant
The other party gains pure benefit. Automated contract performance is integrated physical performance and can be coded to support substantive and partial performance.Reduce defaults
Dispute resolution costs, the contract has an automatic execution mechanism in advance, but the legality of the measures is questionable; ultimately, public relief must be sought and verified
The focus is on the proof method and admissibility of the contract code content.
Keywords: blockchain smart contract code law contract law
Chinese classification number: D913; Document identification code: A; Article number: 1674-4039-(2019)03-0004-17
introduce
With the rise of blockchain technology represented by Bitcoin, smart contracts have begun to be applied to social and economic life, but they have not yet flourished.
Ai. Blockchain and smart contracts are transforming the information Internet into a value Internet, open
Open a new era of sharing economy and lead global technological and industrial changes. In May 2018, the Information Center of the Ministry of Industry and Information Technology released "China in 2018"
The "Blockchain Industry White Paper" points out that my country's blockchain industry has initially taken shape and will be fully implemented in the real economy in the next three years.
The wide range of uses and broad prospects of blockchain smart contracts determine that the law must face it.This structure is built and coded in a computer language
The legal attributes and status structure of blockchain smart contracts are related to the determination of the legal relationship between the parties and the resolution of disputes.
The selection of mechanisms and the generation of national regulatory approaches are of great significance. However, due to the anonymity of the subject, the technical nature of the contract and the characteristics of automatic execution,
Due to many factors such as the nature of the contract, the difficulty of interpreting the contract code, and the misunderstanding of the contract by the parties, whether the blockchain smart contract contains a consistent expression of meaning
How to determine the validity of a statement, offer, or commitment, whether it can be modified, how to protect the rights of the parties under automatic performance, and what are the automatic execution measures?
There are different opinions on a series of issues such as whether it is legal and how to provide public breach of contract relief under decentralization.In the end, you still have to follow the law
Analyzing blockchain smart contracts from an appropriate perspective is mainly to clarify its conceptual structure, operating mechanism, functional attributes and other ontological conditions.
Then determine its contract attributes, and conduct systematic discussions within the framework of contract law, trying to build my country's blockchain smart contract contract law
Doctrine system.
Smart contracts are embedded in the blockchain and are deeply influenced by the blockchain. Compared with traditional paper contracts and electronic contracts, they have unique functions and structures.
Its structure is diverse and has both technical and legal attributes.There are differences in blockchain application scenarios and technical systems, and there are also differences in intelligence on different blockchains.
Contracts vary in their structural status, completeness of content and even specific legal meaning.
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(1) Smart contracts embedded in blockchain
Nick Szabo, the pioneer of smart contract theory, pointed out that a smart contract is a set of commitments defined in digital form, including contractual obligations.
An agreement whereby both parties can enforce these commitments. [1] According to Saab, smart contracts exist in digital form, and contracts
Contract terms can be coded and automatically executed based on preset conditions and triggering mechanisms. Once executed, they are irrevocable. And take the vending machine as an example,
Explain the smart contract mechanism. Scholars disagree on this example.Max Ruskin agreed, saying that vending machines embody
Although human input (coins) is required, smart contracts perform functions automatically. [2] Alexander Savizhayev ( ) believes that human trafficking
Vending machines can only be automatically fulfilled by one party and require at least manual intervention from the other party, such as inserting coins or inserting a card.Only both parties can execute automatically
At this time, a new form of contract was born. [3] The essence of the debate is what exactly a smart contract is.The most popular and simple
The definition is that a smart contract is an agreement that can be executed automatically.In fact, determining smart contracts is inseparable from an understanding of blockchain technology
And grasp it.
Blockchain is actually a distributed shared ledger technology (DLT) and peer-to-peer value transfer.
Lost technology. Blockchain is based on P2P network. Computers at each node of the network have the same network permissions and can share software and resources.
Source or information, there is no central server.Data is stored in blocks, and different blocks are connected to form a chain structure, sometimes
Timestamped, verifiable traceability. Each node can participate in the verification of data blocks and receive economic incentives.At the same time, using asymmetric
The encryption algorithm uses public keys and private keys to encrypt and decrypt data, and with the help of consensus algorithms and powerful computing power, each node stores
A consistent transaction ledger across the entire network ensures that data cannot be forged or tampered with. It can be seen that the blockchain has the characteristics of decentralization and shared ledger across the entire network.
Blockchain was originally used only for transfers and accounting of digital currencies such as Bitcoin, but it is now widely used.
In various fields of society, various decentralized applications (tion, DAPP) and decentralized autonomy have been produced.
Organizations (DAO) and others have entered the block represented by smart contracts
. Based on blockchain technology, the concept of smart contracts was realized, and blockchain smart contracts were born.In fact, the Bitcoin space
Bitcoin transactions on the blockchain are the simplest form of smart contracts: signatures and transfers. 〔4〕
Blockchain reshapes smart contracts. The two have a symbiotic relationship. Smart contracts are both technology and exist based on technology.
The relationship or commitment between the parties. In a technical sense, smart contracts are the contract layer in the blockchain architecture and are themselves attached to the blockchain.
Many features. “A smart contract is a piece of code stored in the blockchain, triggered by blockchain transactions, reading and writing blocks
Chain data in database. ”〔5〕The blockchain smart contract layer includes virtual machines, script codes, etc., through flexible development languages
Language and program coding can diversify blockchain application scenarios. Many agreements between parties can be codified and assets can be programmably controlled.
It is controlled, intelligent, and deployed on the blockchain in the form of smart contracts.When the agreed state occurs, the smart contract will automatically execute or
Execution mainly involves the transfer and physical control of smart asset rights, without the need for a centralized execution agency or judicial authority.
As an “event-driven computer program that has state and runs on a replicable shared blockchain data ledger, it
It can actively or passively process data, receive, store and send value, as well as control and manage various smart assets on the chain, etc.
"Function". [6] Application scenarios are not limited to commercial transactions, but also include regulatory enforcement, judicial activities and other national activities.
The rights, obligations or rights and responsibilities between entities are arranged in the blockchain in the form of contract codes, using the characteristics of the blockchain to achieve specific purposes.
The relationship between the parties in a smart contract and their payloads is not completely mapped. The relationship between the parties can be represented by the blockchain smart contract body.
Now, multiple smart contracts may be required, or even complete relationships must be built alongside traditional contracts.In practice, parties often use
DAPP is a medium of exchange. DAPP includes user interfaces, digital assets such as various cryptocurrencies, and multiple smart contracts.User use
You need to agree to and abide by the relevant application rules when using it. Sometimes, special blockchain smart contracts are used to record the relationship between parties and their intentions.
Ideas are encoded into smart contracts. These data are broadcast throughout the network, verified by each node, and recorded in specific blocks.smart contract
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Built-in automatic state machine to determine the status of the smart contract based on the preset status.Once the corresponding state is reached, the specified conditions are met
When a relevant event occurs or is in a specific situation, the smart contract will be triggered, automatically executing or executing the smart property.
The state is actually the embodiment of the relationship between the parties and the coded form of rights (powers), obligations and responsibilities.
(2) Basic structure of blockchain smart contract
Blockchain smart contracts are a new stage of contract development. As far as external carriers are concerned, contracts can be divided into paper contracts and electronic contracts.
Or digital contracts, etc. Paper contracts are a paradigm of the pre-information age, while electronic contracts are a product of information technology.Except for the form, both
The formulas are different, but there is no real difference. However, with the development of information technology and computer technology, electronic contracts have been surpassed and "digitized"
"Directed contract" and "calculable contract". In a data-oriented contract, "the parties proceed in a predetermined manner that can be processed by a computer system."
Express the terms or conditions of their agreement. [7] The primary readers are machines rather than people.Computable contracts enable computer systems to
Data-Driven Contracting A capability that enables automated preliminary assessment of contract compliance or performance.Demonstrating the trend of machine autonomy
As a result, machines are gradually replacing humans in contract negotiation, signing, fulfillment and execution. [8] Blockchain smart contracts at a higher level
In the version, as long as the predetermined state is reached or a preset event occurs, it can be automatically fulfilled and executed without manual intervention.The above contract
This type still leaves room for interference by human interpretation, especially when the transfer of property rights and the transfer of value depend on one party.
Although there are many differences, blockchain smart contracts are still based on other contracts: such as paper contracts and electronic contracts, which are available to the parties.
Reading comprehension; such as data-oriented contracts and computable contracts, which can be read and executed by computer systems. Therefore, its architecture takes into account both humans and machines.
The tool builds a two-tier structure based on contracts. One is the contract text layer suitable for humans, and the other is the contract code layer suitable for machines.
Contract text is presented in human natural language and can be divided into concise text and complete text. The former only records the main terms or provisions of the contract.
Then, if you need to fully understand the contract, you can load the complete text.Contract code is written in a computer language, unlike computers
computer program, but “a mode of communication between computer programs, often described as allowing parties to exchange information accurately and efficiently
"Methods, Data Structures and Algorithms". [9] Contract code is the data basis of blockchain smart contracts, recording contract terms or
Rules can be read and executed by computer systems. Blockchain smart contracts are expressed through code and stored in block data structures.
structure. As far as contract text and contract code are concerned, there is a corresponding, complementary, and independent relationship between the two.The so-called correspondence is the contract text
Reflect and explain the contract code and its meaning; supplementary means that the contract text does not directly describe the meaning of the code, but focuses on supplementing and explaining the code to the user.
The code has no operating rules or instructions; independence mainly means that there is no text, only contractual code expressing rules of conduct and local conditions.
relationship between people. Many contract clauses can be written in programming languages that can interact with machines, [10] but natural language can be converted into machine-interactive languages.
Reading codes limit the scope of subjects and activities that can be easily and accurately defined,[11] and there are still many clauses or contracts.
The content cannot be described in machine language. Some people have proposed embedding legal clauses in the contract text to make smart contracts match legal contracts.
“Legal terms consist of strings of computer code that have been cryptographically hashed, ensuring a one-to-one correspondence between the legal code and the relevant smart contract.
tie. Likewise, the smart contract text also includes the cryptographic hash string of the legal contract. Therefore, there must be some connection between the two.
If there is a problem with a smart contract, a legal contract can be used to resolve the problem. ”〔12〕
In addition, all parties using a third-party smart contract platform to sign a blockchain smart contract must comply with the platform’s technical model, business
Logic and basic rules; Some people build their own smart contract platforms or DAPPs, but the counterparty of the transaction, platform members or users
Accounts remain subject to existing rules. To determine the legal relationship between the above parties, one must refer to the basic rules of blockchain smart contracts.
Comprehensively grasp the behavioral procedures that affect the relationship between the parties, and then clarify their rights (powers) and obligations.It can be said that blockchain smart contracts
The underlying rules are components of a contract in a broad sense and can be regarded as the infrastructure of blockchain smart contracts.Blockchain smart contract
How many party commitments can be included is limited by the application support functions of the underlying technology of the blockchain.Additionally, blockchain smart contracts “pass
标签： #Blockchain #Contract Management #Technology Contracts #Legal #Smart Contracts
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