Application of smart contracts from the perspective of Brazilian contract law Marcelo Casagrande Filho, Verônica Scriptore Freire e Almeida

Abstract

Smart Contracts are a new type of contract that emerged with Digital Law. This paper aims to provide a historical overview of the evolution of contractual relations, the social function for which they are intended, comparing definitions and principles provided by the main institutes of the Civil Code and doctrine. Also to introduce the institute of Smart Contracts, a figure that represents a technological, legal and interpersonal advance, bringing with it new forms of socio-contractual interaction, it is essential to understand the new institute some basic knowledge of Blockchain. It is important to emphasize that this work aims to analyze and develop the topic focused on the legal world, without delving into the technical nature of writing computer codes. Furthermore, the work compares the definitions and principles provided by the main institutes of the Civil Code and doctrine. We will outline a perspective of the principles that will apply to smart contracts when they have greater use and applicability in our daily lives. Likewise, we will analyze in detail what “smart contracts” are, how they differ from mere digital contracts, such as those signed through tokens and digital certificates, and how they can be used for other applications besides transactions linked to Bitcoin and other cryptocurrencies. Finally, we will draw up a comparative scheme between various laws spread across the globe that will provide concepts and bases for the current and future application of smart contracts in our environment, without limiting ourselves to analyzing how they will be regulated and monitored.