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The digital revolution caused the emergence of the new means of the legal relations formalization. In particular, such means emerged in the field of contract law. These include smart contracts as an alternative to traditional contracts. The importance of smart contract research is inseparable from one of the main trajectories of modern civilization’s growth: digital information transfer. This paper addresses the issue of defining smart contracts’ legal status and legislative regulation. The study aims to clarify whether smart contracts can now serve as a full-fledged substitute for traditional contracts and what challenges this paradigm brings to the subject of contract law. The research considers the legal and technical aspects of smart contracts. Herewith, the main part of the study is devoted to the problems and prospects of institutionalizing the legal status of smart contracts at the level of national legal regulation. The paper uses the example of particular countries belonging to different legal systems (including the experience of the European Union, United States of America, and United Arab Emirates). Despite the smart contracts’ exceptional potential, the study indicates that the latter will not replace regular commercial, civil, and other contracts soon. Some issues are associated with the choice of law relevant to transnational smart contracts. There remain a number of issues for modern jurisprudence regarding the legal formalization of the smart contracts status, regulatory aspects, as well as issues of terminological unification. In general, the subject of smart contracts raises a more extensive research question regarding the potential replacement of traditional contract law with artificial intelligence. Contract law economists and attorneys will find this study helpful in their practices.
Alqodsi et al. (Wed,) studied this question.