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Code is Law: A Legal Justification of Irreversible Execution of Smart Contracts through Consideration

Article scientifique 2023 Anglais

Résumé

The legal standing of smart contracts, specifically with regard to their irreversible execution on distributed ledgers, remains a subject of ongoing debate in the realm of jurisprudence. The 'code is law' principle introduces significant questions about legal validity. This paper ventures to provide a novel perspective by situating 'code is law' within the framework of contract law, specifically through the lens of contractual consideration. I propose that the irreversible execution of smart contracts furnishes symmetrical added value for the parties involved by potentially minimizing transaction costs. I argue that this could serve as a valid form of consideration, thereby providing a possible legal grounding for the 'code is law' principle.

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Sundell, V. (2023). Code is Law: A Legal Justification of Irreversible Execution of Smart Contracts through Consideration. https://doi.org/10.31219/osf.io/z9gma

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Auteur(s)

Ville Sundell

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