Research On The Legal Regulation Of Smart Contract

Smart contract is a computer code and a protocol.It has the characteristics of automaticity,transparency,tamper free and anonymity,which makes it more efficient,lower default rate and less transaction cost in the process of communication,verification and execution of contract.It can be said that its appearance and development have a great influence on people’s trade and trade transaction mode unconsciously.However,while enjoying the convenience it brings,we must not ignore the technical risk,social risk and financial risk brought by it.Therefore,in the process of applying intelligent contract,we must keep the bottom line of law,and let technology benefit human beings to the greatest extent under the restriction and coordination of law.However,in the process of regulating the intelligent contract,we find that the current legal system often appears regulation failure in front of it.It is obviously impractical to adjust the current legal system to adapt to the development of intelligent contract by a large margin.Therefore,it is necessary to make some minor adjustments to the current legal system according to the characteristics of intelligent contract,strengthen the government supervision,guide the industry autonomy,and promote the common development of science and technology and law.The purpose of this paper is to clarify the legal nature of intelligent contract,analyze the risks brought by intelligent contract,and explore a legal regulation road of intelligent contract which is in line with the national conditions of our country by drawing on the foreign regulation methods of intelligent contract and combining with the actual situation of China.In addition to the introduction and conclusion,this paper is divided into four parts.The first part starts with the core characteristics of intelligent contract,and combines its technical framework,operation mechanism and characteristics,and analyzes and discusses it from the perspective of traditional contract law,and determines that in most cases,intelligent contract has legal attribute.When regulating the law,it can refer to the regulation methods of written contract and identity contract.The second part analyzes the risks brought by intelligent contract from three aspects:technical loopholes,social application and legal regulation,combining with several security events in the history of intelligent contract development.The third part analyzes the legal relationship and the types of responsibilities involved in the security events of smart contracts.The fourth part is based on the types of responsibility involved in the intelligent contract and the legal relationship between the parties.Through the improvement of technology,adjustment of law,the construction of multi governance system,and multi management,the paper puts forward suggestions for the legal regulation of intelligent contract.