Smart Contracts: A Legal Revolution in the Contractual System

Abstract

Smart contracts are considered a legal revolution in the contractual system, as they represent one of the revolutionary innovations that reshape the concept of contracts. This is achieved through their legal contribution to the development of contractual standards, which is reflected in their impact on changing the parties to the contractual relationship and the possibility of replacing them with intelligent agents and smart robots, as well as their impact on the manner in which the contract is concluded and executed. This leads to considering the contract as self-concluding, as it is capable of moving from the negotiation stage to the formation of a binding obligation automatically, without direct human intervention at the moment of contract formation, and as self-executing, by virtue of the feature of execution inevitability.