A LEGAL PROGNOSIS OF CONTRACT LAW IN THE BLOCKCHAIN ERA

Abstract

The history of law of contract indicates how human relationships change, its impact on trade and technology. The evolution of contract law has brought about implied contracts to written contracts that are enforced in a court of law. Old fashioned contractual commitments have been based on human interpretation and institutional implementation. This type of traditional concept is totally different with the nature of modern blockchain technology and smart contracts. Self-executing contract Smart is a way to make contracts efficient as well as more transparent and less dependent on mediators. Simultaneously with their rigidity and regulatory unpredictability creates complicated legal questions. This paper will critically pursue the migration of contractual jurisprudence in the blockchain age, explore the legal basis and issues and problems facing by smart contracts and scrutinize its repercussions on established principles contract like consent, enforceability, jurisdiction and remedies. It also imply that need to embrace law and hybrid contractual forms that incorporate technological innovation and existing law protection to ensure that it promotes automation as opposed to eroding the human values on which the law of contract is based.