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- W4387603558 abstract "The legal standing of smart contracts, specifically with regard to their irreversible execution on distributed ledgers, remains a subject of ongoing debate in the realm of jurisprudence. The 'code is law' principle introduces significant questions about legal validity. This paper ventures to provide a novel perspective by situating 'code is law' within the framework of contract law, specifically through the lens of contractual consideration. I propose that the irreversible execution of smart contracts furnishes symmetrical added value for the parties involved by potentially minimizing transaction costs. I argue that this could serve as a valid form of consideration, thereby providing a possible legal grounding for the 'code is law' principle." @default.
- W4387603558 created "2023-10-14" @default.
- W4387603558 creator A5093057845 @default.
- W4387603558 date "2023-10-12" @default.
- W4387603558 modified "2023-10-15" @default.
- W4387603558 title "Code is Law: A Legal Justification of Irreversible Execution of Smart Contracts through Consideration" @default.
- W4387603558 doi "https://doi.org/10.31219/osf.io/z9gma" @default.
- W4387603558 hasPublicationYear "2023" @default.
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