The Legal Nature of Smart Contracts

Abstract

The article discusses about the smart contract, its concept and legal nature, as well as the place of smart contracts in the Technology Law, which means a discussision on the important issues covered by this topic. At the same time, smart contracts are compared to the usual standard contract, where their pros and cons are discussed. The importance and necessity of both types of contractsin relation to the current reality will also be discussed. At the same time, the article discusses about the revolutions – from where they begin and how long the world has passed before today"s reality, why blockchain is considered as the fourth generation revolution and how important it is to develop and implement it. The article also discusses about the types of contracts, which means how a standard contract can be divided, in the other words, we talk about consensual and real contracts. The defi nitions of each of them and their need related to the smart contracts are analysed in the article. Therefore, we use the relevant chapters and articles of civil law to be able to explain what is meant and to what extent it is possible to follow the same norms in the case of the smart contract.