Abstract
Purpose: Cryptocurrencies have become a mechanism for providing and guaranteeing the enforcement of smart contracts, which has made popular this type of agreement in the modern market. Today, smart contracts that are automatically executed using blockchain technology are the subject of debate in many countries, primarily because of questions that have arisen about their legal consolidation in the legislation regarding the regulation of digital assets and the legal recognition of the blockchain technology itself, which determined the purpose this scientific paper.
Design/methodology/approach: The historical method was applied in the work on the features of the formation of smart contracts with the aim of a deeper understanding of the nature of this type of agreement.
Findings: An assessment of such contracts is made from the point of view of existing civil law of the Russian Federation and further directions for study and development are proposed, including the improvement of the regulatory and institutional environment to maintain legal certainty.
Originality/value: A formal legal and comparative analysis of smart contracts with classic contracts in electronic form was carried out to identify key differences. The areas of application of smart contracts in the world and in Russia, such as banking, healthcare, insurance and public services, were studied.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Laws and Legal Acts of the Russian Federation
Civil Code of the Russian Federation [Electronic resource]. Access mode. http://www.consultant.ru/document/cons_doc_LAW_5142/. Accessed 20 Aug 2019
Draft Federal Law No. 419059-7 “On Digital Financial Assets” [Electronic resource]. Electronic reference legal system “Consultant Plus”. Accessed 28 Aug 2019
Draft Federal Law No. 424632-7 “On Amendments to Parts One, Two, and Four of the Civil Code of the Russian Federation” [Electronic resource]. Access mode. http://asozd2c.duma.gov.ru/addwork/scans.nsf/ID/B91DEDFBCF19B4E04325825C0032641E/$FILE/424632-7_26032018_424632-7.PDF?OpenElement. Accessed 28 Aug 2019
Federal Law of March 18, 2019 N 34-ФЗ “On Amendments to Parts One, Two and Article 1124 of Part Three of the Civil Code of the Russian Federation”, “Consultant Plus” electronic reference legal system. Accessed 20 Aug 2019
Other Sources
Anderson, L., Holz, R., Ponomarev, A., Rimba, P., Weber, I.: New kids on the block: an analysis of modern blockchains. CoRR abs/1606.06530, pp. 91–96 (2016)
Cassano, J.: What Are Smart Contracts? Cryptocurrency’s Killer App (2014)
Deryugina, T.V., Inshakova, A.O., Sevostyanov, M.V.: Systemic issues of legal regulation for information aggregator operation. In: Popkova, E. (ed.) Ubiquitous Computing and the Internet of Things: Prerequisites for the Development of ICT. Studies in Computational Intelligence, vol. 826, pp. 27–34. Springer, Cham (2019)
Morris, D.: Bitcoin is Not Just Digital Currency. It’s Napster for Finance. FORTUNE (2016)
Kaminska, I.: Decentralised courts and blockchains. FT Alphaville (2016)
Kalinina, A.E., Inshakova, A.O., Goncharov, A.I.: Polysubject jurisdictional blockchain: electronic registration of facts to reduce economic conflicts. In: Popkova, E. (ed.) Ubiquitous Computing and the Internet of Things: Prerequisites for the Development of ICT. Studies in Computational Intelligence, vol. 826, pp. 205–213. Springer, Cham (2019)
Kim, H., Laskowski, M.: Towards an ontology-driven blockchain design for supply chain provenance. In: Proceedings of the Conference Paper for Workshop on Information Technology and Systems, WITS (2016)
Kuo, T., et al.: ModelChain: decentralized privacy-preserving healthcare predictive modelling framework on private blockchain networks. In: ONC/NIST Blockchain in Healthcare and Research Workshop, Gaithersburg, MD (2016)
Mason, S.: Artificial intelligence: oh really? And why judges and lawyers are central to the way we live now – but they don’t know it. Comput. Telecommun. Law Rev. 23(8), 213–225 (2017)
Mendelson, M.: From initial coin offerings to security tokens: a U.S. federal securities law analysis. Stan. Tech. L. Rev. 22, 52 (2019)
Szabo, N.: Formalizing and securing relationships on public networks. First Monday 2 (1997)
Veerpalu, A.: Regulation of Blockchain Technology and its Challenges. Presentation at the ELSA Colloquium of IT LAW for PhD students and researchers. University of Aix-Marseille (2017)
Werbach, K., Cornell, N.: Contracts ex machina. Duke Law J. 67, 313 (2017)
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Zavyalova, E.B., Shumskaia, E.I., Kuzmin, M.D. (2020). Smart Contracts in the Russian Transaction Regulation. In: Popkova, E., Sergi, B. (eds) Scientific and Technical Revolution: Yesterday, Today and Tomorrow. ISC 2019. Lecture Notes in Networks and Systems, vol 129. Springer, Cham. https://doi.org/10.1007/978-3-030-47945-9_22
Download citation
DOI: https://doi.org/10.1007/978-3-030-47945-9_22
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-47944-2
Online ISBN: 978-3-030-47945-9
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)