Towards Legally Enforceable Smart Contracts

摘要

A smart contract is a computer program that is stored and executed on a decentralized system such as a Blockchain. At present, smart contracts have a unique value proposition but cannot be enforced in some of the existing judicial frameworks. In this paper, we propose a framework to create and execute legally binding smart contracts. We experimented with a Distributed Outsourcing Developer Marketplace aka Freelancer application use case deployed on Ethereum Blockchain. Our findings are useful in the sense that as per respective national legal frameworks, smart contracts can be made legally enforceable by incorporating crypto primitive like digital signature.