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Digital Object Identifier
doi.org/10.36475/L.A.W.14
Abbreviated Title
L.A.W.
Issue
Online version
Print version

In This Article

    Abstract - Journal Law and World

    Volume 8, issue 3

    Signing a Smart Contract

    Authors: Salome Tezelashvili

    Salome Tezelashvili

    PhD student of the faculty of law at the Caucasus International University, Specialist of the Department of Law and Administration at the Shota Rustaveli National Science Foundation of Georgia

    Email:



    Affiliation: PhD student of the faculty of law at the Caucasus International University, Specialist of the Department of Law and Administration at the Shota Rustaveli National Science Foundation of Georgia

    Abstract: When we talk about blockchain and smart contracts, it is necessary to consider the parties participating in them, their rights and obligations, as well as the prerequisites for concluding a smart contract, namely, offer and acceptance. We also have to understand how it is used in different fields of law. As we are aware, blockchain is considered as the fourth generation industrial revolution. Its creation is related to a person named Sabo, it is still unknown who he was – it means that we do not have exact information, whether it was one person who created blockchain – part of the fourth industrial revolution or a group of people. At the same time, lets define the meaning of the contract in general, we can formulate the definition of the agreement (contract) as follows, the agreement (contract) is a deal concluded by two parties, which must have legal consequences, i.e. the parties participating in it have rights and obligations. It should also be noted, that thousands of years have passed since the first contracts were signed, however, the most significant change in the development of contracts occurred during the last century. The article will discuss all the issues and problems that are very important in relation to this topic. The role of offer and acceptance in blockchain and smart contracts and how it differs from the usual standard contract will be described, we will also talk about the parties of the smart contract and how we can use it in different fields of law

    Keywords: Smart contract, Cryptocurrency, Algorithm


    Language: GE

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    BIBLIOGRAPHY:

      Georgian language literature:

    1. Clifford chance, (October 2018). Wise Contracts: Legal Framework and Guidelines for Legislators. http://lawlibrary.info/ge/books/2019GIZ-GESmart-Contracts.pdf(In Georgian)
    2. Chanturia, L. (2015). Introduction to the General Part of Civil Law. Tbilisi “Samartali”. (in Georgian)
    3. Chanturia, L. (2019). Commentary on the Civil Code (book three), general part of the law of obligations. Tbilisi. http://lawlibrary.info/ge/books/giz2019gecivil_code_comm_III_book.pdf (In Georgian)
    4. Legislative Herald of Georgia, Civil Code of Georgia, Article 50. [26.06.1997] https://www.matsne.gov.ge/ka/document/view/31702?publication=115(In Georgian) (in Georgian)

      5. Foreign language literature:

    5. Treichl, L., Fritz, G. (February 5 2018). What's in a Smart Contract? Lexology. https://www.lexology.com/library/detail.aspx?g=bac0889f-b321- 444b-8227-7d3a904a83d2 [Last seen: 10 March, 2022]. (In English)
    6. KOVALCHUK, D. (2020). BENEFITS OF SMART CONTRACT ADOPTION. Blaize.tech. https://blaize.tech/article-type/smart-contracts-with-blockchain-how-it-can-help-startups-be-more-costefficient/#What-Is-a-Smart-Contract [Last seen: 25 March, 2022]. (In English)
    7. Solarte-Vásquez, M. C., Metcalf. K. N., (2017). Smart Contracting: A Multidisciplinary and Proactive Approach for the EU Digital Single Market, Journal of European Studies Vol. 7, No. 2 (23). https://www.researchgate.net/publication/320243095_Smart_Contracting_A_Multidisciplinary_and_Proactive_Approach_for_the_EU_Digital_Single_Market [Last seen: 25 March, 2022]. (In English)
    8. Egorov, R How Do Smart Contracts Affect Offer and Acceptance? https://corpgov.law.harvard.edu/2018/05/26/an-introduction-to-smart-contracts-and-their-potential-and-inherent-limitations/ (In English)
    9. Engage – Legal insight and analusis, (24 October 2017). Hogan lovells Europe: Blockchain – How “smart” are Smart Contracts? https://www.engage.hoganlovells.com/knowledgeservices/news/europe-blockchain-how-smart-aresmart-contracts (In English)
    10. Maren, K. Woebbeking. The Impact of Smart Contracts on Traditional Concepts of Contract Law https://www.jipitec.eu/issues/jipitec-10-1-2019/4880/JIPITEC_10_1_2019_106_Woebbeking (In English)
    11. Treichl, L., Fritz, G. (February 5 2018). What's in a Smart Contract?https://www.lexology.com/ library/detail.aspx?g=bac0889f-b321-444b-8227- 7d3a904a83d2 (In English)
    12. Lounds, M., (July 2020). Blockchain and its Implications for the Insurance Industry. Munich RE. https://www.munichre.com/us-life/en/perspectives/underwriting/blockchain-implications-insurance-industry.html ( In English)
    13. Chang, C. D., Friedman, S. (2016). Blockchain in health and life insurance. Deloitte. https://www2.deloitte.com/us/en/pages/life-sciencesand-health-care/articles/blockchain-in-insurance.html (In English)
    14. Kot, I., (1 December, 2020). Smart Contracts in Insurance. Insurance ThoughtLeadership https://www.insurancethoughtleadership.com/smart-contracts-in-insurance (In English)
    15. Gräther, W., Kolvenbach, S., Ruland, R., Schütte, J., Torres, C., & Wendland, F. (2018). Blockchain for Education: Lifelong Learning Passport. Reports of the European Society for Socially Embedded Technologies: vol. 2, no. 10. https://dl.eusset.eu/handle/20.500.12015/3163 (In English)
    16. Cedeño, J., (23 February, 2020). How Blockchain Could Impact Education in 2020 and Beyond? Getting Smart https://www.gettingsmart.com/2020/02/23/how-blockchain-could-impact-education-in-2020-and-beyond/ (In English)
    17. Newell, C. K., Stern, A. W., (February 13, 2022). Delaware Supreme Court Affirms Termination of $5.8 Billion Transaction. Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2022/02/13/delaware-supreme-court-affirms-termination-of-5-8-billion-transaction/ (In English)
    18. Solarte-Vásquez, M. C., Metcalf. K. N., (2017). Smart Contracting: A Multidisciplinary and Proactive Approach for the EU Digital Single Market, Journal of European Studies Vol. 7, No. 2 (23). https://www.researchgate.net/publication/320243095_Smart_Contracting_A_Multidisciplinary_and_Proactive_Approach_for_the_EU_Digital_Single_Market (In English)
    19. Hogan lovells Europe: Blockchain – How “smart” are Smart Contracts? (24 October, 2017) https://www.engage.hoganlovells.com/knowledgeservices/news/europe-blockchain-how-smart-aresmart-contracts (In English)
    20. Shaw, G. Blockchain in health and life insurance https://www2.deloitte.com/us/en/pages/ life-sciences-and-health-care/articles/blockchain-in-insurance.html (In English)

    Notes:

    1. Treichl, L., Fritz, G. (February 5 2018). What's in a Smart Contract? Lexology https://www. lexology.com/library/detail.aspx?g=bac0889f-b321-444b-8227-7d3a904a83d2 [Last seen: 10 March, 2022]
    2. Clifford chance, (October 2018). Wise Contracts: Legal Framework and Guidelines for Legislators, p. 9 http://lawlibrary.info/ge/books/2019GIZ-GE-Smart-Contracts.pdf [Last seen: 20 March, 2022]
    3. Newell, C. K., Stern, A. W., (February 13, 2022). Delaware Supreme Court Affirms Termination of $5.8 Billion Transaction. Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2022/02/13/delaware-supreme-court-affirms-termination-of-5-8-billion-transaction/ [Last seen: 25 July, 2022]
    4. Clifford chance, (October 2018). Wise Contracts: Legal Framework and Guidelines for Legislators, pp. 15-16 http://lawlibrary.info/ge/books/2019GIZ-GE-Smart-Contracts.pdf [Last seen: 25 March, 2022]
    5. KOVALCHUK, D. (2020). BENEFITS OF SMART CONTRACT ADOPTION. Blaize.tech https:// blaize.tech/article-type/smart-contracts-with-blockchain-how-it-can-help-startups-bemore-cost-efficient/#What-Is-a-Smart-Contract [Last seen: 25 March, 2022]
    6. Solarte-Vásquez, M. C., Metcalf. K. N., (2017). Smart Contracting: A Multidisciplinary and Proactive Approach for the EU Digital Single Market, Journal of European Studies Vol. 7, No. 2 (23). https://www.researchgate.net/publication/320243095_Smart_Contracting_A_ Multidisciplinary_and_Proactive_Approach_for_the_EU_Digital_Single_Market [Last seen: 25 March, 2022]
    7. Legislative Herald of Georgia, Civil Code of Georgia, Article 50. [26.06.1997]. https://www.matsne.gov.ge/ka/document/view/31702?publication=115 [Last seen: 25 March, 2022]
    8. Chanturia, L. (2015). Introduction to the General Part of Civil Law. Tbilisi “Samartali”. p. 312
    9. Chanturia, L. (2015). Introduction to the General Part of Civil Law. Tbilisi “Samartali”. pp. 315-316.
    10. Chanturia, L. (2019). Commentary on the Civil Code (book three), general part of the law of obligations. Tbilisi. pp. 108-109 http://lawlibrary.info/ge/books/giz2019-ge-civil_code_comm_III_book.pdf [Last seen: 30 August, 2022]
    11. Egorov, R. How Do Smart Contracts Affect Offer and Acceptance? https://corpgov.law.harvard.edu/2018/05/26/an-introduction-to-smart-contracts-and-their-potential-and-inherent-limitations [Last seen: 25 March, 2022]
    12. Engage – Legal insight and analusis, (24 October 2017). Hogan lovells Europe: Blockchain – How “smart” are Smart Contracts? https://www.engage.hoganlovells.com/knowledgeservices/news/europe-blockchain-how-smart-are-smart-contracts> [Last seen: 25 March, 2022]
    13. Maren K. Woebbeking* The Impact of Smart Contracts on Traditional Concepts of Contract Law https://www.jipitec.eu/issues/jipitec-10-1-2019/4880/JIPITEC_10_1_2019_106_Woebbeking [Last seen: 25 March, 2022]
    14. Treichl, L., & Fritz, G. (February 5 2018). What's in a Smart Contract? https://www.lexology.com/library/detail.aspx?g=bac0889f-b321-444b-8227-7d3a904a83d2 [Last seen: 25 March, 2022]
    15. KOVALCHUK, D. (2020). BENEFITS OF SMART CONTRACT ADOPTION. Blaize.tech https://blaize.tech/article-type/smart-contracts-with-blockchain-how-it-can-help-startups-bemore-cost-efficient/#What-Is-a-Smart-Contract> [Last seen: 25 March, 2022]
    16. Lounds, M., (July, 2020) Blockchain and its Implications for the Insurance Industry. Munich RE https://www.munichre.com/us-life/en/perspectives/underwriting/blockchain-implications-insurance-industry.html [Last seen: 25 March, 2022]
    17. Chang, C. D., Friedman, S. (2016). Blockchain in health and life insurance. Deloitte. https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html [Last seen: 22 January, 2022]
    18. Kot, I., (1 December, 2020). Smart Contracts in Insurance. Insurance Thought Leadership. https://www.insurancethoughtleadership.com/smart-contracts-in-insurance/ [Last seen: 29 April, 2022]
    19. Lounds, M., (July 2020). Blockchain and its Implications for the Insurance Industry, Munich RE https://www.munichre.com/us-life/en/perspectives/underwriting/blockchain-implications-insurance-industry.html [Last seen: 29 April, 2022]
    20. Gräther, W., Kolvenbach, S., Ruland, R., Schütte, J., Torres, C., & Wendland, F. (2018). Blockchain for Education: Lifelong Learning Passport. Reports of the European Society for Socially Embedded Technologies: vol. 2, no. 10 https://dl.eusset.eu/handle/20.500.12015/3163 [Last seen: 29 April, 2022]
    21. Cedeño, J., (23 February, 2020). How Blockchain Could Impact Education in 2020 and Beyond. Getting Smart. https://www.gettingsmart.com/2020/02/23/how-blockchaincould-impact-education-in-2020-and-beyond [Last seen: 29 April, 2022]
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