Transformations of the Contractual System in Light of Self-Executing Contracts
Keywords:
smart contract, self-execution, decentralization, private execution, contract publication, blockchain, chain contractsAbstract
The phenomenon commonly referred to as the smart contract is among the technological developments that have attracted considerable attention in academic and media circles in recent years. The present study, conducted through a descriptive-analytical method with a comparative approach and utilizing library-based and internet-based resources, focuses on identifying and explaining the transformative effects of self-executing contracts. The principal question addressed by this research is the extent to which this innovation is capable of transforming the formal and substantive structure of contracts. The findings indicate that the lack of precision in the application of technical terminology such as artificial intelligence, blockchain, and even the concept of contract itself constitutes one of the major obstacles to an accurate understanding of this phenomenon. Transformations in the linguistic and syntactic structures of contracts, the dominance of conditional logic, the reduction of the adverse effects of human emotions and subjective judgments, and the decreased reliance on public authority in the process of contract enforcement are among the most significant formal and substantive changes brought about by the smart contract paradigm. Nevertheless, despite its substantial capacities and advantages, this paradigm has not achieved widespread public acceptance due to its excessive complexity.
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