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DOI :10.26650/mecmua.2022.80.4.0001   IUP :10.26650/mecmua.2022.80.4.0001    Full Text (PDF)

Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation

Mükerrem Onur Başar

Smart contracts have emerged as an important technological development, when considering the fast pace with which technology is developing. Nowadays the digital architecture of smart contracts automates the fulfillment of contractual obligations and has digital features that ensure the performance of these obligations. The technology that ensures the performance of contractual obligations is blockchain technology. In this regard, the most important difference smart contracts based on current technological innovations and blockchain technology is that it is not technically and de facto possible to intervening from outside the blockchain system where the smart contracts are loaded by parties to the contract or any other person, institution, or organization individually is de facto not technically possible.Consequently, within the scope of smart contracts, the creditor is not concerned about whether the debtor will fulfill their obligation or how the court will rule on a lawsuit to be filed in case of a dispute. The main topics this article discusses in this regard are the complications with regard to the qualifications of a smart contract and their compliance to personal data protections regulated within the framework of blockchain innovation, scrutiny within the framework of general terms and conditions, ability to fill in the gaps in a contract, smart contracts’ structural difficulties in terms of implementing certain contractual provisions, the effects of hardships on smart contracts, and identifying the applicable law in case this has not been explicitly chosen in contracts with foreign elements.

Keywords: Blockchain, Smart Contracts, Breach of Contract, Personal Data, Applicable Law
DOI :10.26650/mecmua.2022.80.4.0001   IUP :10.26650/mecmua.2022.80.4.0001    Full Text (PDF)

Akıllı Sözleşmeler ve Özel Hukuk Uygulamasında Ortaya Çıkması Muhtemel Sorunlar

Mükerrem Onur Başar

Akıllı sözleşmeler teknolojinin süratle geliştiği günümüzde önemli bir teknolojik gelişme olarak karşımıza çıkmaktadır. Akıllı sözleşmeler sadece tek bir kişi veya kurumun kontrolünde olan merkezi bir sisteme yüklenmemekte, birbirinden bağımsız fakat birbirine blok zincirler şeklinde bağlı bir veri tabanına yüklenmektedir. Akıllı sözleşmelerin dijital mimarisi, sözleşmeden doğan borçların ifa edilmesini otomatik hale getirmekte ve ifanın yerine getirilmesini teminat altına almaktadır. Bu noktada akıllı sözleşmelerin günümüze kadar gerçekleşen teknolojik inovasyonlardan en önemli farkı, akıllı sözleşmelerin blokzincir sistemine bir kez yüklenmesinden sonra sözleşmelerin taraflarının veya herhangi bir üçüncü kişinin artık; bireysel olarak bu sözleşmelere müdahale etmesinin teknolojik olarak mümkün olmaması oluşturmaktadır. Dolayısıyla, akıllı sözleşmeler kapsamında alacaklı, borçlunun borcunu ifa edip etmeyeceği veya uyuşmazlık durumunda açılacak bir eda davasında mahkemenin nasıl bir karar vereceği endişesini taşımamaktadır. Diğer taraftan, akıllı sözleşmelerin yukarıda ifade edilen özellikleri, bunların özel hukuk alanında uygulanması bakımından, çözüm bulunması gereken bazı sorunları da beraberinde getirmektedir. Bu bağlamda, akıllı sözleşmelerin nitelendirilmesi, kişisel verilerin korunması mevzuatına uyumu, genel işlem koşulları çerçevesinde denetimi, bu sözleşmelerde bulunan boşlukların doldurulması ve birtakım sözleşme hükümlerinin uygulanması bakımından akıllı sözleşmelerin arz etmiş olduğu yapısal sorunlar, aşırı ifa güçlüğü hallerinin akıllı sözleşmelere etkileri, ihtiyati tedbirlerin icrasının akıllı sözleşmeler düzleminde göstermiş olduğu zorluklar ve yabancılık unsuru taşıyan sözleşmelerde açıkça hukuk seçiminin yapılmamış olması durumunda uygulanacak hukukun tespit edilmesi gibi meseleler makalemizde ele alınan başlıca konuları oluşturmaktadır. 

Keywords: Blokzincir, Akıllı Sözleşmeler, Sözleşmenin İhlali, Kişisel Veriler, Uygulanacak Hukuk

EXTENDED ABSTRACT


Innovation continues to revolutionize the world, and worth is had in emphasizing how digital technology has disruptively transformed business and social relationships. In this respect, innovation is seen as an economic driver. The complications with technological innovation pose a great challenge to the law. The law generally seems to be more reactive than proactive in handling the speed with which technology and society change. In this respect, smart contracts reflect themselves as a technological revolution in this fast-paced changing world. Smart contracts occur as computer code that is placed on a blockchain, something that is characterized as distributed ledger that runs on thousands of different computers located in different parts of the world and has no central authority. Having said that, blockchain systems are developed with the motivation of eliminating intermediaries such as central banks and centralized organizations. Start-up companies currently unfold smart contract solutions for the purpose of digitally bypassing conventional contract law, and the main question in front of legal scholars is whether smart contracts present a masterful solution to the challenges with which conventional contract law contends. In connection with this point, this study benefits from comparative law and presents the concepts of blockchain and smart contracts in layman’s terms while considering the potential and limitations of smart contracts. Accordingly, this article delivers an attentive assessment of the roles blockchain technology and smart contracts have within the realm of contract law. The core questions this article asks are as follows: 

i) Are smart contracts legally binding?

ii) Is conventional contract law satisfactorily adaptable for governing and regulating smart contracts, or does any specific rule need to be added for smart contracts?

iii) Are smart contracts compatible with the rules governing general terms and conditions, personal data protection regulations, liquidation of invalid contracts, modification and amendment of contracts, and other applicable legal issues. 

In other words, this article takes the approach of elaborating on whether smart contracts are compatible with the existing framework of specific areas of conventional contract law and concludes that smart contracts offer innovative and unique possibilities, that they may considerably remodel the commercial ecosystem, and that they will require new legal responses. Still, smart contracts will not reposition contract law. Smart contracts are unquestionably one segment of the prevailing tendency of computerized technologies asserting themselves in order to displace or replace human decision making. That being said, smart contracts reflect themselves in the form of software with the ability to carry out an entire contract cycle from formation to enforcement.

The first part of this article presents a general framework and sheds light on the legal and technological aspects of blockchain and smart contracts; it discusses the legal meaning of smart contracts and the technology behind the development of smart contracts. The later sections of the article explore the issue of smart contracts and their compliance with personal data privacy regulations. Subsequently, the article takes a look into the legal problems regarding the applicability of general terms and conditions to smart contracts, as well as restitutions in the event of a smart contract being deemed invalid. Additionally, the article discusses the complexity with applying certain provisions in the field of contract law, such as material adverse effect clauses, renegotiation clauses, materialization of secondary terms, interim measures, and other applicable legal issues.

In summary, this article analyzes the application of contract law with regard to smart contracts. At this juncture, smart contracts appear to be characterizable as an instrument for automating and enforcing legal rights, and this may result in radical changes to the current business environment. 


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APA

Başar, M.O. (2022). Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation. Istanbul Law Review, 80(4), 1067-1103. https://doi.org/10.26650/mecmua.2022.80.4.0001


AMA

Başar M O. Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation. Istanbul Law Review. 2022;80(4):1067-1103. https://doi.org/10.26650/mecmua.2022.80.4.0001


ABNT

Başar, M.O. Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation. Istanbul Law Review, [Publisher Location], v. 80, n. 4, p. 1067-1103, 2022.


Chicago: Author-Date Style

Başar, Mükerrem Onur,. 2022. “Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation.” Istanbul Law Review 80, no. 4: 1067-1103. https://doi.org/10.26650/mecmua.2022.80.4.0001


Chicago: Humanities Style

Başar, Mükerrem Onur,. “Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation.” Istanbul Law Review 80, no. 4 (Jun. 2023): 1067-1103. https://doi.org/10.26650/mecmua.2022.80.4.0001


Harvard: Australian Style

Başar, MO 2022, 'Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation', Istanbul Law Review, vol. 80, no. 4, pp. 1067-1103, viewed 7 Jun. 2023, https://doi.org/10.26650/mecmua.2022.80.4.0001


Harvard: Author-Date Style

Başar, M.O. (2022) ‘Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation’, Istanbul Law Review, 80(4), pp. 1067-1103. https://doi.org/10.26650/mecmua.2022.80.4.0001 (7 Jun. 2023).


MLA

Başar, Mükerrem Onur,. “Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation.” Istanbul Law Review, vol. 80, no. 4, 2022, pp. 1067-1103. [Database Container], https://doi.org/10.26650/mecmua.2022.80.4.0001


Vancouver

Başar MO. Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation. Istanbul Law Review [Internet]. 7 Jun. 2023 [cited 7 Jun. 2023];80(4):1067-1103. Available from: https://doi.org/10.26650/mecmua.2022.80.4.0001 doi: 10.26650/mecmua.2022.80.4.0001


ISNAD

Başar, MükerremOnur. “Smart Contracts and the Problems Likely to Appear in the Field of Private Law Regarding Its Possible Implementation”. Istanbul Law Review 80/4 (Jun. 2023): 1067-1103. https://doi.org/10.26650/mecmua.2022.80.4.0001



TIMELINE


Submitted15.03.2021
Accepted05.12.2022
Published Online31.12.2022

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