TY - JOUR
T1 - Smart Contracts
T2 - Reducing Risks in Economic Exchange with No-Party Trust?
AU - Eenmaa-Dimitrieva, Helen
AU - Schmidt-Kessen, Maria José
N1 - Publisher Copyright:
© Cambridge University Press 2019.
PY - 2019/6/1
Y1 - 2019/6/1
N2 - Our study on smart contracts, self-executing agreements based on blockchain technology, can be placed in the field of inquiry within law and economics of contracts which explores new modes of contract enforcement as sources of market creation. We lay the foundations by characterising contract enforcement and trust mechanisms underlying contracts. Considering that trust reduces risks in economic exchange, we explain how the particular trust mechanism underlying smart contracts' enforcement (no-party trust) provides opportunities for creating new markets and changing existing ones. We explore, among other things, whether using smart contracts could be a path to increasing the autonomy of consumers and offering a solution for democratising trade.
AB - Our study on smart contracts, self-executing agreements based on blockchain technology, can be placed in the field of inquiry within law and economics of contracts which explores new modes of contract enforcement as sources of market creation. We lay the foundations by characterising contract enforcement and trust mechanisms underlying contracts. Considering that trust reduces risks in economic exchange, we explain how the particular trust mechanism underlying smart contracts' enforcement (no-party trust) provides opportunities for creating new markets and changing existing ones. We explore, among other things, whether using smart contracts could be a path to increasing the autonomy of consumers and offering a solution for democratising trade.
UR - http://www.scopus.com/inward/record.url?scp=85072623599&partnerID=8YFLogxK
U2 - 10.1017/err.2019.37
DO - 10.1017/err.2019.37
M3 - Article
AN - SCOPUS:85072623599
SN - 1867-299X
VL - 10
SP - 245
EP - 262
JO - European Journal of Risk Regulation
JF - European Journal of Risk Regulation
IS - 2
ER -