The enforceability of smart contracts

Abstract

The development of new technologies has different effects on the existing law. Smart contracts are one of the forms of the new technologies that questions the application of the traditional contract law on commercial transactions using smart contracts. In that context, the enforceability of contractual transactions concluded in the form of smart contracts represent one of the major legal questions. Moreover, the question is whether the existing English contract law needs to be modified in order to secure the enforceability of smart contracts. These issues will be, accordingly examined in this paper with the aim to understand better the relationship of the traditional contract law, on the one side, and, smart contracts, on the other side.