Blockchain, Smart Contracts, and the Future of Law

Document Type : Research Paper

Author

Planing and Economic Development Department, Faculty of Economics, Allameh Tabataba'i University, Tehran, Iran

Abstract

Blockchain transforms many aspects of governance. By employing this technology transparency, fraud detection, contract enforcement will be secured and the role of intermediary agents will diminish. If this is a real effect of above-mentioned technology, which roles can be assigned to law and legal science which has been evolved to perform similar role in organizing society. It seems to me that legal science will transform fundamentally. It is not that societies do not need laws any more, but some branches of legal science such as property right law, contract law, commercial law and so forth will change profoundly and computer based codes will replace them. Then, code governance must be taken seriously because it has deep effects of legal science. In comparison, other branches of legal science will evolve to accommodate to new technologies and new emergent conflicts of interest.

Keywords

References

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Law Quarterly
Volume 50, Issue 3
October 2020
Pages 609-625

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