ماهية العقود الذكية وارتباطها بتقنية البلوكشين" دراسة مقارنة لنصوص التشريع الاردني"

The Nature of Smart Contracts and Their Relation to Blockchain Technology

Abstract

This research aims to explore the nature of smart contracts and their connection to blockchain technology, as well as to identify the differences between electronic contracts and smart contracts. It further seeks to explain blockchain technology, outline the characteristics of smart contracts, and clarify the legal provisions governing smart contracts executed via blockchain.

To achieve the objectives of this study, the descriptive method was adopted as it best serves the subject matter. Among the key findings: smart contracts are digital codes that contain the terms and conditions of a contract, all recorded on the blockchain. These contracts follow a specific digital protocol to be created, and once established, they are executed automatically without third-party intervention. Blockchain, in turn, is a secure and transparent technology for storing and transferring information without a central controlling entity.

The most notable features of smart contracts include trust, transparency, speed of creation and execution, their digital nature, the absence of intermediaries, and the ability to monitor and trace them.

Key recommendations include urging the Jordanian legislator to address smart contracts in future amendments to the Electronic Transactions Law and to provide clearer legal frameworks for their regulation.

Keywords: Smart Contracts, Blockchain Technology