THE LEGAL STATUS OF SMART CONTRACTS

Аннотация

This article examines the legal status of smart contracts within contemporary legal systems and digital economies. It analyzes the conceptual foundations of smart contracts as self-executing agreements deployed on distributed ledger technologies, evaluates their qualification under traditional contract law doctrines, and explores jurisdictional and regulatory challenges arising from their decentralized and cross-border nature. The study further addresses issues of enforceability, liability, consumer protection, and dispute resolution mechanisms. By comparing approaches adopted in different jurisdictions and assessing emerging regulatory frameworks, the article identifies key doctrinal tensions between code-based automation and established legal principles. The research concludes that while smart contracts can, in many cases, satisfy the essential elements of legally binding agreements, their autonomous execution and technological architecture require adaptive legal interpretation and regulatory clarification.