This article addresses the issue related to the potential harms and the abuses arising from the application of the latest and disruptive decentralized ledger technologies (DLTs) to self-executing software, commonly known as smart contracts. To this end, the article identifies and describes the main features of the DLT– namely the blockchain – most frequently underlying smart contracts, showing their innovative yet challenging profiles. As a matter of fact, these same features may lead to mishandlings and distorted uses when applied to smart contracts, as it happened in the case study presented. Notwithstanding these undeniable ‘dark sides’ then, this paper suggests that it is still possible to balance the need for regulation and the development and encouragement of an (informed) implementation of the new information technologies, through a law by design approach.
Rigazio (2023). Lost In The Web: The Dark Sides Of Smart Contracts. Except There Is Still Hope. OPINIO JURIS IN COMPARATIONE, 1, 600-620.
Lost In The Web: The Dark Sides Of Smart Contracts. Except There Is Still Hope
Rigazio
2023-12-23
Abstract
This article addresses the issue related to the potential harms and the abuses arising from the application of the latest and disruptive decentralized ledger technologies (DLTs) to self-executing software, commonly known as smart contracts. To this end, the article identifies and describes the main features of the DLT– namely the blockchain – most frequently underlying smart contracts, showing their innovative yet challenging profiles. As a matter of fact, these same features may lead to mishandlings and distorted uses when applied to smart contracts, as it happened in the case study presented. Notwithstanding these undeniable ‘dark sides’ then, this paper suggests that it is still possible to balance the need for regulation and the development and encouragement of an (informed) implementation of the new information technologies, through a law by design approach.
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