Research On Legal Regulation Of Smart Contract

With the development of block chain technology and the construction of block chain platform such as Ethernet,the block chain has shifted from the digital currency stage to the smart convergence area.Compared with the traditional paper contracts and electronic contracts,the block chain technology has been widely concerned.Smart contract relies on the centralization,transparency and non tampering of block chain technology.Instead of human arbitration and execution contracts,computer programs can effectively save transaction costs and improve transaction efficiency.Therefore,the application prospect of intelligent contracts has been extensive.At present,many countries have already recognized their economic value.However,due to the technical complexity of intelligent contracts,It also brings many legal challenges.In order to mitigate its negative effects and promote its development in the commercial field,the law must respond to it.First,this article explains the definition,characteristics and advantages of smart contracts.Secondly,combined with the theory of contract law,it analyzes its legal attributes and demonstrates its contract attributes.On this basis,it analyzes the main legal issues that exist,specifically including the determination of contract legal validity and the risk allocation of contract implementation,The application of relief rules after the contract is invalid,and user privacy and security issues.Finally,through research and reflection on the relevant legal provisions of smart contracts abroad,combined with China’s actual situation,put forward relevant suggestions on the legal regulation of smart contracts.Specifically,it is necessary to establish pre-prevention and technology-neutral regulatory concepts,build a legal regulation system for smart contracts,increase legal restriction procedures to ensure the legality of smart contracts,and improve the market mechanism of smart contract related platforms.