This dissertation was written as a part of the postgraduate master of Laws program:
LLM in transnational and European Commercial Law, Banking Law,
Arbitration/Mediation at the International Hellenic University.
The present dissertation constitutes an analysis on the legal aspects of smart contracts.
Digital technology has introduced efficiencies, new innovative products, and has
made commerce easier and immediate between the involved parties, by utilizing IoT,
social media, with the application of blockchain technology for this purpose. While it
was initially popularized by Bitcoin, distributed ledger technology(DLT) is not only
limited to cryptocurrency mining as it has inserted many innovations in our lives the
past few years, most important of which is the security it provides to transactions and
efficiency to the systems that execute them. Thus, blockchain enables the
implementation of smart contracts since they are set as self- executing programs. Yet
this innovation in the field of technological world and in particular with its
combination the digitalization of contracts has not yet found a functional equivalent in
the legal world.
This thesis will attempt to address the legal dimension of smart contracts and
approach the issues that arise from their application and integration in our everyday
lives. It will review its’ existing definitions and examine the legal questions that arise
by the application of blockchain technology to smart contracts, as a totally new way
of making legally binding agreements. Do smart contracts require the development of
a new additional regulation or are the existing legal instruments adequate enough to
administer their usage?
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