The genesis of the revolution in Contract Law: Smart Legal Contracts

Abstract

Smart Contracts, which derive from Blockchain technology, are one of the most peremptory applications of this. However, as it is a very recent technology, investors' uncertainty and fear makes their development slowly and cautiously. There are, therefore, a number of questions and legal problems that arise. The paper identifies what revolution Blockchain adds to the contractual processes, exploring its potential and analysing the main legal difficulties it is facing. It seeks the analysis of the pros and cons of this new technology, specially the questions about enforcement, nature and form, consent and (in) flexibility. The purpose of this investigation is to recognize the nature of this technology and its impact on the Contract Law. And because of this, the impact and challenges that it brings to the Governance of a nation as well as on private companies and individuals. Therefore this study is based mostly in the review of already existing embryonic laws about Blockchain technology or similar, authors that wrote about Smart Contracts and also some recent news to show the social and economic impact in the world. In short, the subject that this paper presents is the beginning of a true technological, social and economic revolution that must be anticipated and prepared by the law and those who work with it.