Prospects and Issues of Legal Regulation and Application of Blockchain Technology in the Civil Law Transactions of the Russian Federation
The article is dedicated to the assessment of blockchain technology from the point of view of the prospects of legal regulation and the possibility of using it in business and other activities, considering the legal field of the Russian Federation. The methodological basis of the study is a set of methods of scientific knowledge, among which the main place is occupied by the methods of historicism, systematicity, and analysis. The paper considers such technical features of blockchain systems that have a direct impact on both current and future legal regulation of relations emerging in connection with the use of blockchain systems.
Results: the blockchain technology is examined from the point of view of performing the functions of the payment system and other methods of application, such as using distributed information storage, decentralized decision-making, as a replacement for traditional contracts. The article presents a study of the views on the legal nature of a smart contract, considering changes in civil law. The author examines in detail the nature of a smart contract as an agreement at the three stages of its dynamics: conclusion, execution, and violation. The article discusses the features of blockchain technology that predetermine the features of smart contracts and the specifics of their application.
Conclusions: the definition of the place of a smart contract in the system of civil law agreements is proposed. A smart contract, taking into account its features, is a contractual design, and not a contract form, which has the following characteristics: conclusion and existence in exclusively electronic form in the blockchain system; automatic execution of an emerging counter contractual obligation without the need for a separate expression of the will of the parties to the contract; the impossibility of changing the smart contract after it was posted on the blockchain network, even by agreement of the parties. The classification of named civil contracts in terms of the possibility of their existence in the form of a smart contract design was carried out.
The submitter hereby warrants that the Work (collectively, the “Materials”) is original and that he/she is the author of the Materials. To the extent the Materials incorporate text passages, figures, data or other material from the works of others, the undersigned has obtained any necessary permissions. Where necessary, the undersigned has obtained all third party permissions and consents to grant the license above and has all copies of such permissions and consents.
The submitter represents that he/she has the power and authority to make and execute this assignment. The submitter agrees to indemnify and hold harmless the COMPUSOFT from any damage or expense that may arise in the event of a breach of any of the warranties set forth above. For authenticity, validity and originality of the research paper the author/authors will be totally responsible.