The book analyzes the most relevant developments in the relation between contracts and technology, from automatically concluded contracts to today's revolutionary "smart contracts" developed through blockchain, which are beginning to and will increasingly disrupt many economic and social relations. First of all, the author offers a broad analysis of the peculiarities and evolution of the relation between contracts and technology. The main features and elements of electronic contracts are then examined in depth to highlight the specific rules applicable to them in the international comparative legal framework. In turn, the book provides a detailed explanation of the technology, economic and social dynamics, and legal issues concerning blockchain and smart contracts. The analysis focuses on the question of the legal nature of smart contracts, the issues posed by their development and the first legal solutions adopted in some countries. The comparative approach pursued makes it possible to focus attention on the first solutions adopted until now in various systems, with particular regard to the circulation of models and ideas and to the specificities of their local variations, in terms of e.g. applicable law and jurisdiction. In reviewing the characteristics of distributed ledger technologies, and in particular of the blockchain technology on which smart contracts are based, above all the peculiarities of the latter are taken into consideration, especially automatic execution and resistance to tampering, which simultaneously present significant opportunities and complex legal issues. A comprehensive framework is then provided to reconcile smart contracts with comparative contract law, in order to define the scope and specificities of their binding force, legal effectiveness and regulation in various legal systems. Lastly, with specific reference to the elements, pathologies and contractual remedies for smart contracts, the book examines the peculiarities of their application and the main issues that emerge in comparative contract law in order to promote their harmonized use, in keeping with the transnational nature of such a revolutionary tool.

The book analyzes the most relevant developments in the relation between contracts and technology, from automatically concluded contracts to today's revolutionary "smart contracts" developed through blockchain, which are beginning to and will increasingly disrupt many economic and social relations. First of all, the author offers a broad analysis of the peculiarities and evolution of the relation between contracts and technology. The main features and elements of electronic contracts are then examined in depth to highlight the specific rules applicable to them in the international comparative legal framework. In turn, the book provides a detailed explanation of the technology, economic and social dynamics, and legal issues concerning blockchain and smart contracts. The analysis focuses on the question of the legal nature of smart contracts, the issues posed by their development and the first legal solutions adopted in some countries. The comparative approach pursued makes it possible to focus attention on the first solutions adopted until now in various systems, with particular regard to the circulation of models and ideas and to the specificities of their local variations, in terms of e.g. applicable law and jurisdiction. In reviewing the characteristics of distributed ledger technologies, and in particular of the blockchain technology on which smart contracts are based, above all the peculiarities of the latter are taken into consideration, especially automatic execution and resistance to tampering, which simultaneously present significant opportunities and complex legal issues. A comprehensive framework is then provided to reconcile smart contracts with comparative contract law, in order to define the scope and specificities of their binding force, legal effectiveness and regulation in various legal systems. Lastly, with specific reference to the elements, pathologies and contractual remedies for smart contracts, the book examines the peculiarities of their application and the main issues that emerge in comparative contract law in order to promote their harmonized use, in keeping with the transnational nature of such a revolutionary tool.

The product of a unique collaboration between academic scholars, legal practitioners, and technology experts, this Handbook is the first of its kind to analyze the ongoing evolution of smart contracts, based upon blockchain technology, from the perspective of existing legal frameworks - namely, contract law. The book's coverage ranges across many areas of smart contracts and electronic or digital platforms to illuminate the impact of new, and often disruptive, technologies on the law. With a mix of scholarly commentary and practical application, chapter authors provide expert insights on the core issues involving the use of smart contracts, concluding that smart contracts cannot supplant contract law and the courts, but leaving open the question of whether there is a need for specialized regulations to prevent abuse. This book should be read by anyone interested in the disruptive effect of new technologies on the law generally, and contract law in particular.

This book brings together a series of contributions by leading scholars and practitioners to examine the main features of smart contracts, as well as the response of key stakeholders in technology, business, government and the law. It explores how this new technology interfaces with the goals and content of contract law, introducing and evaluating several mechanisms to improve the 'observability' and reduce the costs of verifying contractual obligations and performance. It also outlines various 'design patterns' that ensure that end users are protected from themselves, prevent cognitive accidents, and translate expectations and values into more user-oriented agreements. Furthermore, the chapters map the new risks associated with smart contracts, particularly for consumers, and consider how they might be alleviated. The book also discusses the challenge of integrating data protection and privacy concerns into the design of these agreements and the broad range of legal knowledge and skills required. The case for using smart contracts goes beyond 'contracts' narrowly defined, and they are increasingly used to disrupt traditional models of business organisation. The book discusses so-called decentralised autonomous organisations and decentralised finance as illustrations of this trend. This book is designed for those interested in looking to deepen their understanding of this game-changing new legal technology.

There is a broad consensus amongst law firms and in-house legal departments that next generation “Legal Tech” – particularly in the form of Blockchain-based technologies and Smart Contracts – will have a profound impact on the future operations of all legal service providers. Legal Tech startups are already revolutionizing the legal industry by increasing the speed and efficiency of traditional legal services or replacing them altogether with new technologies. This on-going process of disruption within the legal profession offers significant opportunities for all business. However, it also poses a number of challenges for practitioners, trade associations, technology vendors, and regulators who often struggle to keep up with the technologies, resulting in a widening regulatory “gap.” Many uncertainties remain regarding the scope, direction, and effects of these new technologies and their integration with existing practices and legacy systems. Adding to the challenges is the growing need for easy-to-use contracting solutions, on the one hand, and for protecting the users of such solutions, on the other. To respond to the challenges and to provide better legal communications, systems, and services Legal Tech scholars and practitioners have found allies in the emerging field of Legal Design. This collection brings together leading scholars and practitioners working on these issues from diverse jurisdictions. The aim is to introduce Blockchain and Smart Contract technologies, and to examine their on-going impact on the legal profession, business and regulators.

Blockchain Technology and the Law: Opportunities and Risks is one of the first texts to offer a critical analysis of Blockchain and the legal and economic challenges faced by this new technology. This book will offer those who are unfamiliar with Blockchain an introduction as to how the technology works and will demonstrate how a legal framework that governs it can be used to ensure that it can be successfully deployed. Discussions included in this book: - an introduction to smart contracts, and their potential, from a commercial and consumer law perspective, to change the nature of transactions between parties; - the impact that Blockchain has already had on financial services, and the possible consumer risks and macro-economic issues that may arise in the future; - the challenges that are facing global securities regulators with the development of Initial Coin Offerings and the ongoing risks that they pose to the investing public; - the risk of significant privacy breaches due to the online public nature of Blockchain; and - the future of Blockchain technology. Of interest to academics, policy-makers, technology developers and legal practitioners, this book will provide a thorough examination of Blockchain technology in relation to the law from a comparative perspective with a focus on the United Kingdom, Canada and the United States.