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FEATURES OF LEGAL REGULATION OF THE USE OF SMART CONTRACTS: CLASSIFICATION AND MAIN CHARACTERISTICS
Abstract
Objective: The article is devoted to establishing the main characteristics and classification of smart contracts. The aim of the study is to present a more complete classification of smart contracts according to various criteria.
Methods: The utilized research methods rely on the analysis of a limited number of studies selected according to specific parameters and comprehensively reviewed.
Results: The study reveals that the existing approaches to defining the characteristics and classification of smart contracts fail to fully reflect the civil law essence of smart contracts. As a result of research, it is concluded that the key characteristics of smart contracts include decentralization, peer-to-peer nature, immutability, transparency, automation, fraud protection, security, and cost-effectiveness.
Conclusion: The authors propose a classification of smart contracts by spheres of application, including smart contracts in property relations, smart contracts in finance, smart contracts in credit obligations, smart contracts in social services, and smart contracts in media and reputation management. Additionally, smart contracts are classified by the environment of their execution, the degree of anonymity, the initiation mechanism, the level of automation, and the participation of the parties.
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DOI: http://dx.doi.org/10.26668/revistajur.2316-753X.v4i76.4913
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