A Study of the Impact of Smart Contract Technology on the Understanding and Application of Contract Law from the Perspective of the Legal Profession

Abstract

This paper constructs the logical framework of the smart contract model based on the sale and purchase contract transaction, integrating the legal framework and the smart contract. The smart contract model merges blockchain technology’s decentralized features with smart contracts to create a decentralized service mode for sale and purchase transactions. The classification of transaction attributes optimizes and adjusts the matching degree calculation method to meet the needs of both buyers and sellers. The matching degree determines the total satisfaction of both buyers and sellers. The simulation experiment model is designed to analyze the matching results, and the experimental results indicate that the overall utility value range is between 0.1 and 0.5, resulting in a higher level of satisfaction for both parties involved. Applying the model to actual purchase and sale transaction contracts, the expected profit of transaction users after using smart contracts is 26,300 yuan higher than that without using smart contracts. The accuracy and confidence scores of experienced users are 0,8886 and 4.0493, respectively, when evaluating their perceptions of the use of smart contracts. Smart contracts can help participants identify sales and purchase problems and provide innovative perspectives on the application of contract law.

Keywords

• smart contract model
• logical framework
• decentralization
• matching degree calculation
• buy-sell transaction contract
• 97m50