08 Feb The Formation of Blockchain-based Smart Contracts in the Light of Contract Law
On February 1st, Dr. Andre Jenssen (Radbound University), Dr.Mateja Durovic (King´s College London) and Dr. Francisco Elizalde (IE University) discussed the future of the Formation of Blockchain-based Smart Contracts in the Light of Contract Law.
“The term smart contract is used to refer to software programmes which are often, but not necessarily, built on blockchain technology as a set of promises, specified in digital form, including protocols within which the parties perform on these promises. It is regularly said that smart contracts are neither legal contracts in the traditional sense nor they are smart and that the term is therefore a misnomer.”
They pointed out the importance to determined whether the traditional common law concept of contract formation is seriously challenged by the rise of smart contracts and if the smart contracts are marking the end of contract formation as we know it.