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Published in:
2020 | OriginalPaper | Chapter
Application of the Blockchain Technology in Smart Contracts: Legal Analysis
Author : Chunhsien Sung
Published in: Wireless Internet
Publisher: Springer International Publishing
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Abstract
Smart contracts have recently been considered one of the two columns of blockchain applications. The first column is the cryptocurrency funded by the decentralized system, and the second column is the smart contracts, which are an automatic self-execution contractual program. This article provides a legal analysis of smart contracts and concludes that the application of the blockchain technology in smart contracts should be considered a guarantee to the contractual performance. Furthermore, the regulations that apply to smart contracts should focus on the codes inserted in, rather than the performance.