On legal contracts, imperative and declarative smart contracts, and blockchain systems

Governatori, Guido; Idelberger, Florian; Milošević, Zoran; Riveret, Régis; Sartor, Giovanni; Xu, Xiwei

doi:10.1007/s10506-018-9223-3

Cited by 160 publications

(72 citation statements)

References 32 publications

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“…Regarding the legal perspective, [23] analyzed the legal validity, interpretation, and lifecycle of contracts in either imperative or declarative smart contracts. Imperative language is most commonly used in smart contracts, which "the programmer writes an explicit sequence of steps to be executed to produce the intended result.…”

Section: R Lucianomentioning

confidence: 99%

“…Imperative language is most commonly used in smart contracts, which "the programmer writes an explicit sequence of steps to be executed to produce the intended result. The programmer has to write what has to be done and how to perform it" [23]. On the other hand, the authors present the alternative declarative language, arguing that it is a more feasible representation of natural language which "the programmer does not have to write explicitly the sequence of steps to specify what has to be done.…”

Section: R Lucianomentioning

confidence: 99%

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The Hazards of Misusing the Smart Contract: An AHP Approach to Its Risk

Luciano¹

2019

JIS

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This article explores four critical groups of systematic risk embedded in smart contract employment using the analytic hierarchy process (AHP). The four principal risk analysis groups include: 1) transparency in the light of corporate governance 2) IT security 3) contract management automation and 4) legality. The AHP assists both decision-makers and stakeholders alike in the evaluation process essential for identifying potential technological constraints posed within a permissioned blockchain environment using peer-to-peer format in the absence of digital currency. Based upon critical assessment, the AHP methodology enables pairwise comparisons among different features and consequently increases the knowledge regarding these attributes in light of the software's risk assessment.

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Section: R Lucianomentioning

confidence: 99%

Section: R Lucianomentioning

confidence: 99%

The Hazards of Misusing the Smart Contract: An AHP Approach to Its Risk

Luciano¹

2019

JIS

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“…32 The underlying rule is declared to be of cardinal importance for the whole framework of the civil law system. 33 Accordingly, a contract entails not only the effects expressed therein but also those that follow from a normative act, principles of social coexistence and established customs. 34 Thus, in terms of determining the content of obligation, encompassing the rights and duties of the parties, the content of contract ascertained adequately within the process of its interpretation 35 constitutes but one among a number of factors to be considered.…”

Section: Conceptualisation Of Contract Under Polish Law: An Outlinementioning

confidence: 99%

Juridical Status of So-called Smart Contracts against the Background of the Polish Legal Framework

Kaczorowska

2019

MUJLT

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Among substantial advancements challenging contemporary contract law special attention is given to autonomous, cryptographic solutions based on decentralised infrastructure provided by blockchain technology, intended to execute transactions automatically, designated as smart contracts. The need for comprehensive research on legal implications of practical implementation of this technological innovation is triggered particularly by the prognostications declaring it a valid alternative to hitherto contract law framework that is expected to be ultimately replaced by algorithmic mechanisms underpinning smart contracts.A relevant assessment of the impact smart contracts are presumed to have on the contract law domain requires a thorough analysis of their juridical status. The specificity of the category of smart contracts raises doubts whether they comply with the definition criteria inherent to contract law terminology. Additionally, it is of material importance to determine the function smart contracts can perform in the sphere of contractual practice and to confront it with the role and axiology of contract law.The article aims at analysing the peculiarities of smart contracts from the perspective of the Polish private law system with account being also taken of current development tendencies concerning the concept of contract.

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“…The escape hatch can be sued to allow for the modification of the contract terms, to cater for the real-life contracts which are characterised by vast dynamics. Nevertheless, implementing such in the smart contracts may compromise the security apparatus, and hence may require further tightening of the transaction controls in order to ensure that the escape hatch is not used to initiate invalid transaction or transactions that are aimed at unauthorised manipulation of records This is as well noted by Governatori et al (2018), who explained that, owing to the complexity of the smart contract and blockchain technology in general , ensuring that the right permission is granted to the right node, and that all the nodes are able to monitor the amendment of the contract may be quite tricky but necessary.…”

Section: Immutabilitymentioning

confidence: 99%

On Smart Contracts and Organisational Performance: A Review of Smart Contracts through the Blockchain Technology

Allam

2018

Review of Economic and Business Studies

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As the Blockchain technology is gaining momentum in popular culture through Cryptocurrencies, its full implication and application to businesses, on a concrete and factual level, is still seen to be in its infancy stage. While the technology provides numerous advantages regarding stability, trust, speed and others, the robustness of the technology is not widely disseminated. This is further coupled by the common notion of resistance to change in business management processes. This paper explores the concept of Smart Contracts through the blockchain technology and its relevance to the business sector and further outlines the advantages and limitations of its applicability as of date.

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On legal contracts, imperative and declarative smart contracts, and blockchain systems

Cited by 160 publications

References 32 publications

The Hazards of Misusing the Smart Contract: An AHP Approach to Its Risk

The Hazards of Misusing the Smart Contract: An AHP Approach to Its Risk

Juridical Status of So-called Smart Contracts against the Background of the Polish Legal Framework

On Smart Contracts and Organisational Performance: A Review of Smart Contracts through the Blockchain Technology

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