Smart contracts allow for automated compliance with contractual rules. They derive their “smartness” from an execution software that catches the most typical defaults and responds by mechanically triggering a compensation payment or another prearranged consequence. Through this self-enforcement mode, smart contracts are able to save time and effort that is associated with more customary rights enforcement mechanisms. Now, whereas compliance with in-house rules or corporate governance standards is common today, compliance with contract law only occurs on a voluntary basis. This might, however, change if businesses should be obliged to automatically meet customer claims through smart contracts. On the basis of a sample case, this article examines the pros and cons of smart consumer contracts and carves out the most suitable applications of smart contracts as a means to ensure private law compliance.
Identifer | oai:union.ndltd.org:DRESDEN/oai:qucosa:de:qucosa:21214 |
Date | 14 May 2018 |
Creators | Fries, Martin |
Publisher | Universität Leipzig, University of Miami |
Source Sets | Hochschulschriftenserver (HSSS) der SLUB Dresden |
Language | English |
Detected Language | English |
Type | info:eu-repo/semantics/acceptedVersion, doc-type:article, info:eu-repo/semantics/article, doc-type:Text |
Rights | info:eu-repo/semantics/openAccess |
Relation | urn:nbn:de:bsz:15-qucosa2-212110, qucosa:21211 |
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