With the emergence of blockchain technology followed by smart contracts, the question has been raised whether a smart contract is a contract or a program code. The simplest and widespread legal definition of a traditional contract is that it is the agreement between the contracting parties regarding the essential elements of the contract. A potential approach that legislators could apply could be to recognize the legal capacity to the decentralized autonomous organization (DAO) through the DAO's registration in official registers and under the conditions prescribed by law. The DAO, like a legal entity, could have a founding act, but it could be in the form of a smart contract containing a set of predefined rules that the DAO should pursue its purpose autonomously. Like legal entities, the DAO should acquire a legal capacity in the moment of registration and be qualified as a subject of rights and a holder of rights and obligations.
Smart Contract and Traditional Contract
The LegalTech Book ; 165-166
2020-07-20
2 pages
Article/Chapter (Book)
Electronic Resource
English
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