Smart Contracts: Reducing Risks in Economic Exchange with No-Party Trust?

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 enforc...

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Published in:European journal of risk regulation 2019-06, Vol.10 (2), p.245-262
Main Authors: EENMAA-DIMITRIEVA, Helen, SCHMIDT-KESSEN, Maria José
Format: Article
Language:English
Subjects:
Autonomy
Blockchain
Consumers
Contracts
Democratization
Enforcement
Information technology
Markets
Privacy
SYMPOSIUM ON BLOCKCHAIN REGULATION AND GOVERNANCE
Technology
Trust
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cited_by cdi_FETCH-LOGICAL-c358t-c67a14559e7410cf6d19e7fb47849d2b6ce4d02f66a35f098a0a9b02809f6a4d3
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container_title European journal of risk regulation
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creator EENMAA-DIMITRIEVA, Helen
SCHMIDT-KESSEN, Maria José
description 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.
doi_str_mv 10.1017/err.2019.37
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identifier ISSN: 1867-299X
ispartof European journal of risk regulation, 2019-06, Vol.10 (2), p.245-262
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source International Bibliography of the Social Sciences (IBSS); Cambridge Journals Online
subjects Autonomy
Blockchain
Consumers
Contracts
Democratization
Enforcement
Information technology
Markets
Privacy
SYMPOSIUM ON BLOCKCHAIN REGULATION AND GOVERNANCE
Technology
Trust
title Smart Contracts: Reducing Risks in Economic Exchange with No-Party Trust?
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