Synergy of Business, Law and Economy in the Smart-Contract Implementation

Abstract

The evolution of digital technologies leads to a tectonic transformation of all spheres of society. Law, as a system of regulating public relations, is changing dynamically along with the development of public relations in different spheres. The development of IT led to the emergence of blockchain technology, which, in turn, became the basis for the development of smart contracts. Smart contract technology, as it develops, causes changes not only in the legislation, but also in the model of interaction between the state and business. Due to smart contracts, a significant part of the rules can be algorithmized, and the regulation can become machine-readable. Purpose of the research: Legal research of the current legislation, the synergy of business, law and economy in the implementation of smart contract technology, determination of theoretical concepts in relation to smart contracts, the content and problems of the application of smart contracts, and identification of the most significant proposals for improving legislation. Methods: The authors of the research used general and specific scientific methods. In the study of the technological foundations of the smart contract, the main methods were analysis, synthesis, analogy, and a system-structural approach.