REGULATION OF THE SMART-CONTRACTS IN THE CIVIL LAW OF THE REPUBLIC OF KAZAKHSTAN

Abstract

The rapid growth of digitalization transformed most business activities, where the role of technology is prevailing. One example would be the emergence of smart contracts. The smart contract is the contract between two or more parties, contractual terms of which can be automatically enforced without the intervention of a trusted third party with the help of blockchain technology. Although it has several benefits, the term “smart-contract” is not reflected in the legislation nor the practice of dispute resolution is evolved. This article analyses Kazakhstani legislation for the placement of the smart contract in the law system compared to the other type of traditional contracts.
Keywords: smart contract, contract law, civil law, creation of smart contract.