Research questions:

  1. What are the features of smart contracts? How do they differ from traditional contracts and to what extent can they replace traditional contracts? – the paper examines legal analysis of the elements of smart contracts such as self-verification, self-enforceability, automatability
  2. Is the current regulatory framework sufficient to address issues of liability in the formation of smart contracts? In other words, how has the current regulatory framework addressed issues of liability in the formation of smart contracts? – considering not all users of smart contracts have the capability to develop these contracts, they contract 3rd parties to develop these contracts for them. So, it is imperative to assess the liability of smart contract developers, especially when the smart contracts are employed for illegal gains.
  3. To what extent can smart contracts influence regulatory reporting in financial compliance and risk? – this question will investigate how smart contracts could facilitate the automated regulation of the financial sector.
  4. What challenges may occur in terms of enforceability smart contracts in relation to consumer data protection? – this question will focus on key features of GDPR: international data transfer, consent, right to access, right to data erasure, Privacy by Design and Default (PBD). This question will then examine how each of these legal provisions is obliged to affect smart contracts. In addition, this question will examine smart contracts from a business to consumer point of view in consideration of GDPRs protection of the right to information

 

 

 

 

 

Legal and Regulatroy Environment of Smart Contracts