SMART CONTRACT OF CRYPTOASSETS IN THE CIVIL LAW OF UKRAINE
DOI:
https://doi.org/10.17721/1728-2195/2024/1.127-7Keywords:
Smart contracts , crypto assets, Decentralized database , computer codeAbstract
Background. The article covers the analysis of the smart contract of cryptoassets in the civil law of Ukraine. Attention is argued that the essence of a smart contract of cryptoassets is that it is a self-executing contract, that is represented and executed by a computer program, the terms of which are included in the internal functions of a decentralized database that is not under the control of the databases of the parties to the contract or third parties . It is noted that a smart contract of cryptoassets, like any contract, can be declared invalid if the will to conclude it does not meet the conditions of validity of this transaction, regardless of the form in which this transaction is concluded, as in this case in the form of computer code. It is also stated that the terms of the smart contract of cryptoassets must be specific (clear, unambiguous), feasible (objective), valid, capable of automation (evaluative terms such as "reasonable term" cannot be used); it must exist within the blockchain platform (on which crypto-asset transactions are currently carried out) and not provide for the receipt and confirmation of information from the outside (in this regard, the terms of force majeure are not specified in the smart contract).
Methods. The research uses dialectical, comparative-legal, formal-logical and other methods of scientific knowledge.
Results. It is proved that a smart contract is an agreement represented and executed by a computer program containing all its terms and conditions, which are stored in an electronic registry system, where the result of this program execution is recorded.
Conclusions. The determination of the person on whom legal liability is imposed when a smart contract does not perform the programmed function depends on the terms of the smart contract, and in their absence, the provisions of applicable law regarding the legal consequences of non-performance of the contract and liability for such non-performance should be used.
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