The effects of the Blockchain technology on Contract Law

Abstract

In recent years, blockchain technology has shown to be an object of interest in many different domains (finance, banking, insurance, etc.). However, before it can achieve its full potential, it needs to find an effective framework. The main focus of this work will be the legality of the relationship between contract law and the use of blockchain technology through smart contract programs. We will examine the many challenges related to this specific pairing, as well as give potential solutions to some of them. Moreover, we will see that this relationship is a two-way street, meaning that adapting smart contracts to fit the rules of contract law isn't enough. Adapting the contract law to the functioning of smart contracts is also a necessity for this relationship to work. The subject matter of this thesis is a good example of how for something to work, both tech and legal domains need to be aligned.