Document Type : Research Paper
Authors
1 M. A in private law, Judicial Sciences and Administrative Services University, Tehran, Iran
2 University of Tehran- faculty of entrepreneurship
Abstract
Smart contracts are electronic contracts concluded in public ledgers such as Blockchain, and are supervised by the governing body and artificial intelligence between the time of concluding and final approval. Until the contract is finalized , parties and artificial intelligence, at the time of concluding, may receive any information about the transaction or the parties to the contract by Oracles which are the systems that establish the communication between Blockchain and the foreign world.
These contracts are considered in accordance with any legal system relating to the contract, taking into account the essential conditions of the transactions and the unique features, such as self-execution of the effects of the contract and transparency. Formation of these contracts depends on the existence of digital signatures and license to own virtual currencies. Smart contracts, after being approved by the parties and artificial intelligence, are registered in the public ledger and they are then placed in the space of public ledger to be observed. Rules on international contracts are encountering challenges, and a solution to those challenges will lead to an improvement in the implementation of these contracts in the legal system concerned.
Highlights
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Keywords
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