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A Study on the Formation of Smart Contract Based on Blockchain
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Type
Academic journal
Author
SEOK-BEOM CHOI (Jeju National University) KYU-YONG PARK (Jeju National University)
Journal
Institute for the Study of Law Dong-A University Dong-A Journal of International Business Transactions Law Vol.40 KCI Accredited Journals
Published
2023.1
Pages
129 - 152 (24page)
DOI
10.31839/ibt.2023.01.40.129

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A Study on the Formation of Smart Contract Based on Blockchain
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Abstract· Keywords

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A smart contract based on blockchain technology provides a variety of innovative utilities to contracting parties by replacing the traditional contract mechanism such as paper based contract, its effectiveness with automated computer algorithms based blockchain.
However, since even the basic concept of smart contract has not yet been clearly established, there is a problem that the theories and unified interpretations of smart contracts under the existing contract laws are not established.
As a result, it is questionable whether a smart contract using blockchain technology belongs to a legal contract, and as a result, whether the legal principles of the contract law can be applied to a smart contract. In particular, it is a question of whether the legal principles of offer and acceptance applied in the existing legal laws can be applied to smart contracts, and it is necessary to examine whether the meeting of the minds doctrine as one of contract doctrines under traditional contract laws, can be applied to smart contracts.
Thus, this paper aims to provide the understanding of the legal principles of smart contracts by examining the concepts of blockchain and smart contract, analyzing the characteristics and contractual attributes of smart contracts, and examining whether the requirements for offer and acceptance and the meeting of the minds doctrine can be met in smart contracts.
#Blockchain #Contract #Smart Contract #Offer #Acceptance #블록체인 #계약 #스마트계약 #청약 #승낙

Contents

Ⅰ. INTRODUCTION
Ⅱ. BLOCKCHAIN AND SMART CONTRACT
Ⅲ. MAIN ISSUES OF SMART CONTRACT
Ⅳ. FORMATION OF SMART CONTRACT
Ⅴ. CONCLUSION
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Abstract
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