Dr. Karwan Dhahir Saber1 and Rebin Ali Mohammed Ameen2, Branda Baha Najeeb3
1,3Business and Management Department
Faculty of Administrative Sciences and Economics
Tishk International University, Erbil, Kurdistan Region of Iraq
2Director-General of Administrative and Financial Affairs,
Ministry of Natural Resources Kurdistan Region
Email: [email protected] – [email protected] – [email protected]
DOI: 10.23918/ICABEP2022p28
Abstract
Smart Contracts are a relatively new notion in legal circles, but they have already produced a wide range of alternatives. While some argue that smart contracts will be fully integrated into existing contract law, others argue that they will signal the end of contract law. This research investigates the role of “smart contracts,” a recently invented technology. What sets them apart is the use of computers to automate the execution of these legal agreements. This article examines how smart contracts differ from traditional contracts from a legal aspect. It also distinguishes between strong and weak smart contracts, as well as how smart contracts work and fit into current contract law based on revocation and modification. Smart contracts are merely a new sort of proactive self-help that politicians and judges should not restrict, according to the article. While some extreme examples of strong smart contracts may require regulation, courts and legislators should foster an environment in which smart contracts are considered separate types of contracts. As a result, a technique has been devised for dealing with any concerns that may arise as a result of the Smart Contract. Researchers distinguish between traditional contracts and smart contracts in terms of their strong and weak smart contracts for legal purposes. The research was based on a review of previously published material and any related documents from public libraries, websites, and data from previously completed surveys, among other sources. Finally, the study came to some plausible conclusions about the legality of Smart Contracts and provided some recommendations based on a comparative analysis.
Keywords: Smart contract, legality, technology, development, traditional contract
ICABEP2022
4th International Conference on Accounting, Business, Economics and Politics
Organized by
Tishk International University, College of Administration and Economics, Salahaddin University-Erbil, and
University of Szczecin, Poland.
