Blockchain Technologies and Smart Contracts: New Technological Methods to Regulate Transactions and Trade Operations

Abstract

The article presents a study of blockchain technology from the point of view of legal regulation prospects, as well as the possibility of using one of the areas of this technology application – smart contracts as an analog of contracts in civil circulation, taking into account the legal field of the Russian Federation. The purpose of the article is to form recommendations on the possible development of areas of Russian regulation of blockchain technology and the use of smart contracts. The article analyzes international approaches to the regulation of digital technologies, practices, and features of their application, as well as the proposed legal norms of the Russian bill on the use of digital technologies in civil turnover. The article shows the huge possibilities of using blockchain technology, as well as the possible risks of its use in certain areas. The article examines the opinions of scholars on the prospects for the development of legal regulation of blockchain technology in general, and smart contracts, in particular, in the Russian Federation. It is noted that since regulatory regulation and judicial practice on smart contracts in the Russian Federation has not yet developed, at the moment, participants in smart contracts cannot exercise the right to protection. It is indicated that the regulation of smart contracts does not require a separate regulatory design, so with the existing technical innovations, they are subject to classical contract law, which has formed a complete theory of transactions, which can be applied to cases of using smart contracts. In connection with this conclusion, the authors give recommendations on making amendments to the current civil and emerging digital legislation.