Smart contracts and the convention on the use of electronic communications in international contracts : Navigating International Trade Law in the digital age

Abstract

Smart contracts, a novel phenomenon in the legal and commercial landscape, have the potential to revolutionise business practices. Currently, they operate without regulatory oversight, facilitated by their integration with blockchain technology—a realm that governments struggle to control. This paper advocates for global regulation of smart contracts through the United Nations Convention on the Use of Electronic Communications in International Contracts (CUECIC). By aligning with existing convention provisions, which carry binding authority, such regulation aims to address challenges like blockchain immutability. These proposed regulations create a safety net for commercial players venturing into this dynamic and promising technology.