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Legal Aspects and Emerging Risks in the Use of Smart Contracts Based on Blockchain

  • Yeray Mezquita
  • Diego Valdeolmillos
  • Alfonso González-BrionesEmail author
  • Javier Prieto
  • Juan Manuel Corchado
Conference paper
Part of the Communications in Computer and Information Science book series (CCIS, volume 1027)

Abstract

Although the majority application of Blockchain Technologies (BT) are in the field of cryptocurrencies, they are gradually spreading to other services where a decentralized, reliable and immutable model makes sense. One of the fields where the use of Blockchain Technologies is spreading the most is in Smart Contracts, computer programs which are executed in the blockchains establishing a collection of clauses between the participating parties that agree to interact with each other and that are executed automatically at the moment in which these clauses are fulfilled. As it is a computer code, both the client and the service provider cannot misinterpret the agreed clauses, facilitating and verifying the agreement of the contract. This article will review existing applications and reviews the main vulnerabilities of Smart Contracts deployed within Blockchain Technologies. It also reviews the legal implications of the use of these technologies.

Keywords

Smart contracts Blockchain Legal aspects Review 

Notes

Acknowledgements

This work is supported by the Salamanca Ciudad de Cultura y Saberes Foundation under the Atracción del Talento programme (CHROMOSOME project). The research of Yeray Mezquita is supported by the pre-doctoral fellowship from the University of Salamanca and Banco Santander.

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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.BISITE Research GroupUniversity of SalamancaSalamancaSpain
  2. 2.Air Institute IoT Digital Innovation Hub (Spain)SalamancaSpain
  3. 3.Department of Electronics, Information and Communication Faculty of EngineeringOsaka Institute of TechnologyOsakaJapan
  4. 4.Pusat Komputeran dan InformatikUniversiti Malaysia KelantanKota BharuMalaysia

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