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Smart Contracts as Execution Instead of Expression by Eric Tjong Tjin Tai is a book available to read on EtoBox.

What is Smart Contracts as Execution Instead of Expression about?

This chapter elucidates the position of smart contracts from the perspective of contracts as a means of connecting execution to human intentions, and draws several conclusions with regards to the consequences and limitations of the use of smart contracts. Contracts presume a human execution chain: humans interpret the contractual rules to realize the contract through actions. Interpretation functions as a means of making execution conform to party expectations, with the help of contractual terms in human-readable form, corrected by contract law. Smart contracts offer an alternative, an automated execution chain. This does not remove the need for translating party expectations into a specification of actions (the contract). It does imply that the specification is liberated from the need to be readable by humans. Consequentially, this chapter argues that the smart contract has no expressive force as to its actions: the impression given by the code to a human reader has no intrinsic connection to what the smart contract will do. As a result, smart contracts can execute contracts without exactly following contract law doctrines, although parties probably expect smart contracts to broad

Author

Eric Tjong Tjin Tai

Publisher

Oxford University Press

Published

2022

Language

EN