{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,28]],"date-time":"2026-08-28T12:16:56Z","timestamp":1787919416884,"version":"build-2784847793"},"reference-count":205,"publisher":"SAGE Publications","issue":"4","license":[{"start":{"date-parts":[[2020,8,5]],"date-time":"2020-08-05T00:00:00Z","timestamp":1596585600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Journal of Information Technology"],"published-print":{"date-parts":[[2020,12]]},"abstract":"<jats:p>Blockchain technology has enabled so-called smart contracts between different parties on a decentralized network. These self-enforceable and self-executable computerized contracts could initiate a fundamental paradigm shift in the understanding and functioning of our legal practices. Opportunities for their application are increasingly understood, and numerous tests of feasibility have been completed. However, only very few use cases have yet been implemented at scale. This article\u2014as the first of its kind\u2014comprehensively analyzes the underlying challenges and locates a key reason for the slow adoption in the discrepancy between legal requirements and IT capabilities. Our work combines a wide range of academic sources and interviews with 30 domain experts from IT, the legal domain and private industry. First, we establish that smart contracts still fall within the boundaries of the general legal framework. We then systematically dissect current shortcomings of smart contracts on three distinct levels, namely, (1) how smart contracts are likely to cause conflicts with existing laws, (2) how smart contracts are intrinsically limited on an individual contract level and (3) how they are impeded by their current technical design. Across those levels, we dissect 20 distinct issues concerning the current implementation of smart contracts for which we derive potential remedies. We further outline implications for policy-makers as well as IT management, and examine how information systems research can play an important role in advancing smart contracts. Finally, we show how managerial and organizational issues might represent an ongoing challenge for the widespread adoption of smart contracts.<\/jats:p>","DOI":"10.1177\/0268396220924669","type":"journal-article","created":{"date-parts":[[2020,8,5]],"date-time":"2020-08-05T07:32:54Z","timestamp":1596612774000},"page":"337-360","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":74,"title":["Is code law? Current legal and technical adoption issues and remedies for blockchain-enabled smart contracts"],"prefix":"10.1177","volume":"35","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-4131-9064","authenticated-orcid":false,"given":"Daniel","family":"Drummer","sequence":"first","affiliation":[{"name":"University of Freiburg, Germany"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Dirk","family":"Neumann","sequence":"additional","affiliation":[{"name":"University of Freiburg, Germany"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"179","published-online":{"date-parts":[[2020,8,5]]},"reference":[{"key":"bibr1-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/COMPSAC.2018.10298"},{"key":"bibr2-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1287\/orsc.8.3.289"},{"key":"bibr3-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1093\/acprof:oso\/9780195371604.001.0001"},{"issue":"4","key":"bibr4-0268396220924669","first-page":"235","volume":"2","author":"Alles M","year":"2002","journal-title":"International Journal of Digital Accounting Research"},{"key":"bibr5-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1080\/23738871.2017.1400084"},{"key":"bibr6-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/3167084."},{"key":"bibr7-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-662-54455-6_8"},{"key":"bibr8-0268396220924669","first-page":"5","volume-title":"International conference on information systems, Dublin (ICIS 2016)","author":"Avital M","year":"2016"},{"key":"bibr9-0268396220924669","first-page":"1545","volume":"2018","author":"Bach LM","year":"2018","journal-title":"International Convention on Information and Communication Technology"},{"key":"bibr10-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/SOSE.2019.00029"},{"key":"bibr11-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-319-70278-0_31"},{"key":"bibr12-0268396220924669","volume-title":"Discussion paper on distributed ledger technology","author":"Bauer M","year":"2017"},{"key":"bibr13-0268396220924669","unstructured":"Beck R, M\u00fcller-Bloch C (2017) Blockchain as radical innovation: A framework for engaging with distributed ledgers. In: Proceedings of the 50th Hawaii international conference on system sciences, pp. 5390\u20135399. Available at: https:\/\/pdfs.semanticscholar.org\/cdc3\/a80f5c77270bd36f1a0212bccea8651de3d4.pdf?_ga=2.61443562.756206481.1590070587-2068374151.1587362146 (accessed 21 May 2020)."},{"key":"bibr14-0268396220924669","first-page":"2","volume-title":"European conference on information systems, Istanbul (ECIS 2016)","author":"Beck R","year":"2016"},{"key":"bibr15-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1147\/JRD.2019.2913621"},{"key":"bibr16-0268396220924669","doi-asserted-by":"crossref","unstructured":"Benston GJ (2000) Consumer protection as justification for regulating financial-services firms and products. Journal of Financial Services Research 17(3): 277\u2013301. Available at: https:\/\/link.springer.com\/content\/pdf\/10.1023\/A:1008154820305.pdf (accessed 21 May 2020).","DOI":"10.1023\/A:1008154820305"},{"key":"bibr17-0268396220924669","doi-asserted-by":"crossref","unstructured":"Bhargavan K, Swamy N, Zanella-B\u00e9guelin S, et al. (2016) Formal verification of smart contracts. In: Proceedings of the 2016 ACM workshop on programming languages and analysis for security (ed Murray T), pp. 91\u201396. New York: Association for Computing Machinery. Available at: https:\/\/dl.acm.org\/doi\/pdf\/10.1145\/2993600.2993611 (accessed 21 May 2020).","DOI":"10.1145\/2993600.2993611"},{"key":"bibr18-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-319-25527-9_11"},{"key":"bibr19-0268396220924669","first-page":"139","volume":"37","author":"Bix B","year":"2006","journal-title":"Rechtstheorie"},{"key":"bibr20-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1093\/ijlit\/eay014"},{"key":"bibr21-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1257\/jep.29.2.213"},{"key":"bibr22-0268396220924669","volume-title":"A Lawyer\u2019s Introduction to Smart Contracts","author":"Bourque S","year":"2014"},{"key":"bibr23-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/828.1882"},{"key":"bibr24-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2230.12241"},{"key":"bibr25-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1080\/13600834.2017.1330740"},{"key":"bibr26-0268396220924669","unstructured":"Buterin V (2016) Ethereum: Platform review. Opportunities and challenges for private and consortium blockchains. Available at: http:\/\/www.smallake.kr\/wp-content\/uploads\/2016\/06\/314477721-Ethereum-Platform-Review-Opportunities-and-Challenges-for-Private-and-Consortium-Blockchains.pdf (accessed 21 May 2020)."},{"key":"bibr27-0268396220924669","unstructured":"Cant B, Khadikar A, Ruiter A, et al. (2017) Smart contracts in financial services: Getting from hype to reality. Capgemini Whitepaper. Available at: https:\/\/www.capgemini.com\/consulting-de\/wp-content\/uploads\/sites\/32\/2017\/08\/smart_contracts_paper_long_0.pdf (accessed 21 May 2020)."},{"key":"bibr28-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1093\/bybil\/50.1.241"},{"key":"bibr29-0268396220924669","unstructured":"Casey M, Crane J, Gensler G, et al. (2018) The Impact of Blockchain Technology on Finance: A Catalyst for Change (Vol. 21: Geneva Reports on the World Economy). Geneva: International Center for Monetary and Banking Studies. Available at: https:\/\/www.cimb.ch\/uploads\/1\/1\/5\/4\/115414161\/geneva21_1.pdf (accessed 21 May 2020)."},{"key":"bibr30-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/3123024.3123078"},{"key":"bibr31-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/QRS-C.2018.00034"},{"key":"bibr32-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.indmarman.2008.08.006"},{"key":"bibr33-0268396220924669","volume-title":"The Innovator\u2019s Dilemma: When New Technologies Cause Great Firms to Fail","author":"Christensen CM","year":"2013"},{"key":"bibr34-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/ACCESS.2016.2566339"},{"key":"bibr35-0268396220924669","unstructured":"Clack C, Bakshi V, Braine L (2016) Smart contract templates: Foundations, design landscape and research directions. arXiv preprint arXiv:1608.00771. Available at: https:\/\/arxiv.org\/abs\/1608.00771 (accessed 21 May 2020)."},{"key":"bibr36-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-662-53357-4"},{"key":"bibr37-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/WETSEB.2019.00013"},{"key":"bibr38-0268396220924669","first-page":"144","volume":"33","author":"Cohen R","year":"2018","journal-title":"Butterworths Journal of International Banking and Financial Law"},{"key":"bibr39-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhz007"},{"key":"bibr40-0268396220924669","unstructured":"Conley J (2017) Blockchain and the economics of crypto-tokens and initial coin offerings. Working paper, Department of Economics, Vanderbilt University, Nashville, TN."},{"key":"bibr41-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1287\/isre.2018.0794"},{"issue":"5","key":"bibr42-0268396220924669","first-page":"3","volume":"22","author":"Cornelius K","year":"2018","journal-title":"Journal of Internet Law"},{"key":"bibr43-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-030-23719-6_4"},{"key":"bibr44-0268396220924669","doi-asserted-by":"publisher","DOI":"10.2308\/isys-51804"},{"key":"bibr45-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1017\/S1351324918000475"},{"key":"bibr46-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1057\/s41265-016-0033-3"},{"key":"bibr47-0268396220924669","unstructured":"Delmolino K, Arnett M, Miller A (2015) Step by step towards creating a safe smart contract. SSRN working paper. Available at: https:\/\/eprint.iacr.org\/2015\/460.pdf (accessed 21 May 2020)."},{"key":"bibr48-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-981-13-1165-9_57"},{"key":"bibr49-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/IWBOSE.2018.8327567"},{"key":"bibr50-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-1-4842-3081-7_6"},{"key":"bibr51-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-1-4842-3081-7_10"},{"key":"bibr52-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcss.2011.02.010"},{"key":"bibr53-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.techfore.2020.119915"},{"key":"bibr54-0268396220924669","first-page":"2","volume":"32","author":"Dooley K","year":"2012","journal-title":"Review of Banking and Financial Law"},{"issue":"3","key":"bibr55-0268396220924669","first-page":"552","volume":"105","author":"Dowlin N","year":"2017","journal-title":"Proceedings of the IEEE"},{"key":"bibr56-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1057\/s41265-017-0035-9"},{"key":"bibr57-0268396220924669","first-page":"650","volume-title":"AMIA Annual Symposium Proceedings","volume":"2017","author":"Dubovitskaya A","year":"2017"},{"key":"bibr58-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/3243734.3243856"},{"key":"bibr59-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.clsr.2018.09.003"},{"key":"bibr60-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s12599-017-0507-z"},{"key":"bibr61-0268396220924669","volume-title":"Summary of conclusions: Recent market developments February 2016","author":"ESMA Securities and Markets Stakeholder Group","year":"2016"},{"key":"bibr62-0268396220924669","unstructured":"Eyal I, Sirer EG (2013) Majority is not enough: Bitcoin mining is vulnerable. arXiv e-prints. Available at: https:\/\/arxiv.org\/abs\/1311.0243 (accessed 21 May 2020)."},{"key":"bibr63-0268396220924669","first-page":"12","volume":"20","author":"Eyassu SE","year":"2019","journal-title":"Issues in Information Systems"},{"key":"bibr64-0268396220924669","unstructured":"Fabian B, Ermakova T, Sander U (2016) Anonymity in Bitcoin? The users\u2019 perspective. In: ICIS 2016 proceedings. Available at: http:\/\/aisel.aisnet.org\/icis2016\/Crowdsourcing\/Presentations\/10 (accessed 21 May 2020)."},{"key":"bibr65-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/IRI.2016.25"},{"key":"bibr66-0268396220924669","unstructured":"Feng Y, Torlak E, Bodik R (2019) Precise attack synthesis for smart contracts. Available at: http:\/\/arxiv.org\/pdf\/1902.06067v1 (accessed 21 May 2020)."},{"key":"bibr67-0268396220924669","first-page":"81","volume":"8","author":"Filby M","year":"2013","journal-title":"Journal of International Commercial Law and Technology"},{"key":"bibr68-0268396220924669","first-page":"149","volume":"175","author":"Frankenreiter J","year":"2019","journal-title":"Journal of Institutional and Theoretical Economics"},{"key":"bibr69-0268396220924669","volume-title":"Contract Formation: Law and Practice","author":"Furmston MP","year":"2010"},{"key":"bibr70-0268396220924669","unstructured":"Galtier M, Marini C (2017) Morpheo: Traceable machine learning on hidden data. arXiv preprint arXiv:1704.05017. Available at: https:\/\/arxiv.org\/abs\/1704.05017 (accessed 21 May 2020)."},{"key":"bibr71-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1215\/07402775-3813015"},{"issue":"3","key":"bibr72-0268396220924669","first-page":"333","volume":"43","author":"Garrett M","year":"2010","journal-title":"Columbia Journal of Law and Social Problems"},{"key":"bibr73-0268396220924669","doi-asserted-by":"crossref","unstructured":"Gatteschi V, Lamberti F, Demartini C, et al. (2018) Blockchain and smart contracts for insurance: Is the technology mature enough? Future Internet 10(2): 20. Available at: https:\/\/www.mdpi.com\/1999-5903\/10\/2\/20\/pdf (accessed 21 May 2020).","DOI":"10.3390\/fi10020020"},{"key":"bibr74-0268396220924669","doi-asserted-by":"crossref","first-page":"169","DOI":"10.1145\/1536414.1536440","volume":"9","author":"Gentry C","year":"2009","journal-title":"Symposium on Theory of Computing"},{"key":"bibr75-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.clsr.2017.05.007"},{"key":"bibr76-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-1-4614-3876-2"},{"key":"bibr77-0268396220924669","unstructured":"Glaser F (2017) Pervasive decentralisation of digital infrastructures: A framework for blockchain enabled system and use case analysis. In: 50th Hawaii international conference on system sciences (HICSS 2017), pp. 1543\u20131552. Available at: https:\/\/pdfs.semanticscholar.org\/859d\/0535e16095f274df4d69df54954b21258a13.pdf (accessed 21 May 2020)."},{"key":"bibr78-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s10978-018-9224-0"},{"key":"bibr79-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1137\/0218012"},{"issue":"2","key":"bibr80-0268396220924669","first-page":"99","volume":"55","author":"Gomber P","year":"2013","journal-title":"Business & Information Systems Engineering"},{"key":"bibr81-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s10506-018-9223-3"},{"key":"bibr82-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/WEC.2004.1319505"},{"issue":"2","key":"bibr83-0268396220924669","first-page":"34","volume":"27","author":"Groenbaek M","year":"2016","journal-title":"Computers and Law"},{"key":"bibr84-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1186\/s40854-016-0034-9"},{"key":"bibr85-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.clsr.2016.05.003"},{"key":"bibr86-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-94-017-7376-8"},{"key":"bibr87-0268396220924669","unstructured":"Hans R, Zuber H, Rizk A, et al. (2017) Blockchain and smart contracts: Disruptive technologies for the insurance market. In: Americas conference on information systems (AMCIS 2017), pp. 1\u201310. Association for Information Systems. Available at: https:\/\/aisel.aisnet.org\/cgi\/viewcontent.cgi?article=1174&context=amcis2017 (accessed 21 May 2020)."},{"key":"bibr88-0268396220924669","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.2698610."},{"key":"bibr89-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-662-58820-8_19"},{"key":"bibr90-0268396220924669","volume-title":"Legal Recognition of Blockchain Registries and Smart Contracts","author":"Herian R","year":"2018"},{"issue":"2","key":"bibr91-0268396220924669","first-page":"1","volume":"22","author":"Herian R","year":"2018","journal-title":"Journal of Internet Law"},{"key":"bibr92-0268396220924669","unstructured":"Higgins S (2017) Accenture awarded patent for \u201ceditable blockchain.\u201d Coindesk, 26 September. Available at: https:\/\/www.coindesk.com\/accenture-awarded-patent-editable-blockchain-tech (accessed 21 May 2020)."},{"key":"bibr93-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1120.1645"},{"issue":"85","key":"bibr94-0268396220924669","first-page":"2093","volume":"56","author":"Huang A","year":"2015","journal-title":"Boston College Law Review"},{"key":"bibr95-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.procs.2016.09.074"},{"key":"bibr96-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s12599-017-0502-4"},{"issue":"1","key":"bibr97-0268396220924669","first-page":"118","volume":"95","author":"Iansiti M","year":"2017","journal-title":"Harvard Business Review"},{"key":"bibr98-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-319-42019-6_11"},{"key":"bibr99-0268396220924669","volume-title":"Is It Possible to Comply With GDPR Using Blockchain?","author":"Jackson O","year":"2018"},{"key":"bibr100-0268396220924669","unstructured":"Jaiswal AK (2018) Parsec: A state channel for the internet of value. arXiv:1807.11378. Available at: http:\/\/arxiv.org\/pdf\/1807.11378v1 (accessed 21 May 2020)."},{"key":"bibr101-0268396220924669","doi-asserted-by":"crossref","unstructured":"Juels A, Kosba A, Shi E (2016) The ring of Gyges: Investigating the future of criminal smart contracts. In: ACM conference on computer and communications security (CCS 2016), October, pp. 283\u2013295. ACM. Available at: https:\/\/eprint.iacr.org\/2016\/358.pdf (accessed 21 May 2020).","DOI":"10.1145\/2976749.2978362"},{"key":"bibr102-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/ICCCN.2017.8038512"},{"key":"bibr103-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1002\/isaf.1424"},{"key":"bibr104-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/ICTC.2018.8539529"},{"key":"bibr105-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/BDCloud.2015.60"},{"issue":"3","key":"bibr106-0268396220924669","first-page":"568","volume":"65","author":"Kiviat TI","year":"2015","journal-title":"Duke Law Journal"},{"key":"bibr107-0268396220924669","unstructured":"Korpela K, Hallikas J, Dahlberg T (2017) Digital supply chain transformation toward blockchain integration. In: Hawaii international conference on system sciences (HICSS 2017), pp. 4182\u20134191. Available at: https:\/\/elk.adalidda.com\/2017\/05\/paper0517.pdf (accessed 21 May 2020)."},{"key":"bibr108-0268396220924669","doi-asserted-by":"publisher","DOI":"10.32015\/JIBM\/2019-11-2-4"},{"key":"bibr109-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/SP.2016.55"},{"key":"bibr110-0268396220924669","doi-asserted-by":"crossref","unstructured":"Koulu R (2016) Blockchains and online dispute resolution: Smart contracts as an alternative to enforcement. SCRIPTed: A Journal of Law, Technology & Society 13(1): 40\u201369.","DOI":"10.2966\/scrip.130116.40"},{"key":"bibr111-0268396220924669","first-page":"111","volume-title":"de lege ferenda","author":"K\u00fcnnapas K","year":"2016"},{"issue":"3","key":"bibr112-0268396220924669","first-page":"201","volume":"17","author":"Lacity MC","year":"2018","journal-title":"MIS Quarterly Executive"},{"key":"bibr113-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/357172.357176"},{"key":"bibr114-0268396220924669","doi-asserted-by":"crossref","unstructured":"Lauslahti K, Mattila J, Sepp\u00e4l\u00e4 T (2017) Smart Contracts: How Will Blockchain Technology Affect Contractual Practices? Research Institute of the Finnish Economy. Available at: https:\/\/www.etla.fi\/wp-content\/uploads\/ETLA-Raportit-Reports-pdf.68 (accessed 21 May 2020).","DOI":"10.2139\/ssrn.3154043"},{"issue":"1","key":"bibr115-0268396220924669","first-page":"21","volume":"16","author":"Lee J","year":"2015","journal-title":"Business Law International"},{"key":"bibr116-0268396220924669","volume-title":"Code: And Other Laws of Cyberspace","author":"Lessig L","year":"1999"},{"key":"bibr117-0268396220924669","volume-title":"Code: Version 2.0","author":"Lessig L","year":"2006"},{"key":"bibr118-0268396220924669","doi-asserted-by":"publisher","DOI":"10.17351\/ests2017.107"},{"key":"bibr119-0268396220924669","volume-title":"Smart Contracts and Distributed Ledger: A Legal Perspective","author":"Lewis P","year":"2017"},{"key":"bibr120-0268396220924669","unstructured":"Lindman J, Tuunainen VK, Rossi M (2017) Opportunities and risks of blockchain technologies: A research agenda. In: 50th Hawaii international conference on system sciences (HICSS 2017), pp. 1533\u20131542. Available at: https:\/\/pdfs.semanticscholar.org\/7e21\/09bbea4cc463dff32ab6c14196810481726b.pdf (accessed 21 May 2020)."},{"issue":"6","key":"bibr121-0268396220924669","first-page":"8","volume":"43","author":"Liu B","year":"2016","journal-title":"Law Society of Western Australia"},{"key":"bibr122-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1017\/S0020589319000502"},{"key":"bibr123-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.future.2019.05.051"},{"key":"bibr124-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/2976749.2978309"},{"key":"bibr125-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-94-009-2448-2_6"},{"key":"bibr126-0268396220924669","first-page":"854","volume":"72","author":"Macneil IR","year":"1977","journal-title":"Northwestern University Law Review"},{"key":"bibr127-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/MC.2017.3571045"},{"key":"bibr128-0268396220924669","unstructured":"Mashatan A, Roberts Z (2017) An enhanced real estate transaction process based on blockchain technology. In: Americas conference on information systems (AMCIS 2017), pp. 1\u20135. Atlanta, GA: Association for Information Systems. Available at: https:\/\/pdfs.semanticscholar.org\/4af1\/12878d7ba2dbce42a250bdf03da143190940.pdf (accessed 21 May 2020)."},{"key":"bibr129-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s11187-019-00176-3."},{"key":"bibr130-0268396220924669","doi-asserted-by":"publisher","DOI":"10.4018\/JCIT.2019010102"},{"key":"bibr131-0268396220924669","unstructured":"Mehrabi N, Morstatter F, Saxena N, et al. (2019) A survey on bias and fairness in machine learning. arXiv preprint. Available at: http:\/\/arxiv.org\/pdf\/1908.09635v2 (accessed 21 May 2020)."},{"key":"bibr132-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1515\/popets-2016-0049"},{"key":"bibr133-0268396220924669","unstructured":"Murphy S, Cooper C, Abrahams N, et al. (2016) Can smart contracts be legally binding contracts? Norton Rose Fulbright white paper. Available at: https:\/\/www.nortonrosefulbright.com\/-\/media\/files\/nrf\/nrfweb\/imported\/norton-rose-fulbright\u2013r3-smart-contracts-white-paper-key-findings-nov-2016.pdf (accessed 21 May 2020)."},{"key":"bibr134-0268396220924669","doi-asserted-by":"crossref","unstructured":"Nehai Z, Bobot F (2019) Deductive proof of Ethereum smart contracts using why3. ArXiv e-prints. Available at: https:\/\/arxiv.org\/pdf\/1904.11281 (accessed 21 May 2020).","DOI":"10.1007\/978-3-030-54994-7_22"},{"key":"bibr135-0268396220924669","unstructured":"Ng I (2017) The art of contract drafting in the age of artificial intelligence. Working paper, Transatlantic Technology Law Forum, Stanford Law School, Stanford, CA."},{"key":"bibr136-0268396220924669","first-page":"82","volume":"40","author":"Niederman F","year":"2017","journal-title":"Communications of the AIS"},{"key":"bibr137-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s12599-017-0467-3"},{"key":"bibr138-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/JIOT.2018.2812239"},{"key":"bibr139-0268396220924669","doi-asserted-by":"publisher","DOI":"10.12688\/f1000research.9756.1"},{"key":"bibr140-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/MIC.2017.48"},{"key":"bibr141-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/2685328.2685334"},{"key":"bibr142-0268396220924669","first-page":"177","volume":"21","author":"O\u2019Shields R","year":"2017","journal-title":"North Carolina Banking Institute"},{"key":"bibr143-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-010-0558-6"},{"key":"bibr144-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/3236024.3264591"},{"key":"bibr145-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s12599-017-0504-2"},{"key":"bibr146-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1051\/shsconf\/20196801027"},{"key":"bibr147-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-319-42448-4_13"},{"key":"bibr148-0268396220924669","unstructured":"Pisa M (2018) Reassessing expectations for blockchain and development. Available at: https:\/\/www.mitpressjournals.org\/doi\/pdf\/10.1162\/inov_a_00269 (accessed 21 May 2020)."},{"key":"bibr149-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s12599-017-0464-6"},{"issue":"2","key":"bibr150-0268396220924669","first-page":"305","volume":"1","author":"Raskin M","year":"2017","journal-title":"Georgetown Technology Review"},{"key":"bibr151-0268396220924669","first-page":"553","volume":"76","author":"Reidenberg JR","year":"1997","journal-title":"Texas Law Review"},{"key":"bibr152-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-319-27889-6"},{"key":"bibr153-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.future.2018.05.046"},{"key":"bibr154-0268396220924669","doi-asserted-by":"publisher","DOI":"10.14330\/jeail.2019.12.1.01"},{"key":"bibr155-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-981-15-1137-0"},{"key":"bibr156-0268396220924669","doi-asserted-by":"publisher","DOI":"10.2307\/796679"},{"key":"bibr157-0268396220924669","unstructured":"Saraph V, Herlihy M (2019) An empirical study of speculative concurrency in Ethereum smart contracts. Cornell University working paper. Available at: http:\/\/arxiv.org\/pdf\/1901.01376v2 (accessed 21 May 2020)."},{"key":"bibr158-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1080\/13600834.2017.1301036"},{"key":"bibr159-0268396220924669","doi-asserted-by":"crossref","first-page":"122","DOI":"10.1007\/978-3-662-44774-1_9","volume-title":"Financial Cryptography and Data Security","volume":"8438","author":"Saxena A","year":"2014"},{"key":"bibr160-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-030-30429-4_1"},{"key":"bibr161-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.infoandorg.2010.11.001"},{"key":"bibr162-0268396220924669","volume-title":"The Fourth Industrial Revolution","author":"Schwab K","year":"2016"},{"key":"bibr163-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1057\/s41265-016-0029-z"},{"key":"bibr164-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1002\/smj.819"},{"key":"bibr165-0268396220924669","doi-asserted-by":"publisher","DOI":"10.3390\/app10020488"},{"key":"bibr166-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/s00287-019-01172-3"},{"key":"bibr167-0268396220924669","doi-asserted-by":"crossref","unstructured":"Swan M (2018) Chapter five: Blockchain for business: Next-generation enterprise artificial intelligence systems. In: Raj P, Deka GC (eds) Advances in Computers: Blockchain Technology: Platforms, Tools and Use Cases (Vol. 111). Elsevier, pp. 121\u2013162. Available at: http:\/\/www.sciencedirect.com\/science\/article\/pii\/S0065245818300287 (accessed 21 May 2020).","DOI":"10.1016\/bs.adcom.2018.03.013"},{"key":"bibr168-0268396220924669","first-page":"9","author":"Szabo N","year":"1997","journal-title":"First Monday"},{"issue":"6","key":"bibr169-0268396220924669","first-page":"787","volume":"26","author":"Tai ETT","year":"2018","journal-title":"European Review of Private Law"},{"key":"bibr170-0268396220924669","volume-title":"Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World","author":"Tapscott D","year":"2016"},{"issue":"1","key":"bibr171-0268396220924669","doi-asserted-by":"crossref","first-page":"87","DOI":"10.59643\/1942-9916.1409","volume":"19","author":"Temte MN","year":"2019","journal-title":"Wyoming Law Review"},{"key":"bibr172-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-319-75650-9_14"},{"key":"bibr173-0268396220924669","volume-title":"IWBOSE \u201919: 2019 IEEE 2nd International Workshop on Blockchain Oriented Software Engineering (IWBOSE \u201919)","author":"Tonelli R","year":"2019"},{"key":"bibr174-0268396220924669","first-page":"134","volume-title":"13th IEEE International Conference on Service-Oriented System Engineering","author":"Tsai W","year":"2019"},{"key":"bibr175-0268396220924669","doi-asserted-by":"crossref","DOI":"10.1093\/oso\/9780199265404.001.0001","volume-title":"Arbitration of Commercial Disputes: International and English Law and Practice","author":"Tweeddale A","year":"2005"},{"key":"bibr176-0268396220924669","volume-title":"United States of America, v. Richard Petix","author":"United States District Court for the Western District of New York","year":"2016"},{"key":"bibr177-0268396220924669","unstructured":"US Securities and Exchange Commission (2017a) Investor bulletin: Initial coin offerings. SEC Investor Alerts. Available at: https:\/\/www.sec.gov\/oiea\/investor-alerts-and-bulletins\/ib_coinofferings (accessed 21 May 2020)."},{"key":"bibr178-0268396220924669","volume-title":"Report of investigation pursuant to section 21(a) of the Securities Exchange Act of 1934: The DAO","author":"US Securities and Exchange Commission","year":"2017"},{"key":"bibr179-0268396220924669","volume-title":"Order instituting cease-and-desist proceedings pursuant to section 21X of the Securities Exchange Act of 1934","author":"US Securities and Exchange Commission","year":"2018"},{"issue":"11","key":"bibr180-0268396220924669","first-page":"20","volume":"25","author":"US Structured Finance","year":"2006","journal-title":"International Financial Law Review"},{"key":"bibr181-0268396220924669","doi-asserted-by":"crossref","unstructured":"Venegas P and Krabec T (2017) Trust design: Balancing smart contracts utility and decentralisation risk. International Advances in Economic Research 23(4): 433\u2013435.","DOI":"10.1007\/s11294-017-9660-x"},{"key":"bibr182-0268396220924669","volume-title":"Automation of Legal Reasoning: A Study on Artificial Intelligence and Law","author":"Wahlgren P","year":"1992"},{"key":"bibr183-0268396220924669","unstructured":"Wall E, Malm G (2016) Using blockchain technology and smart contracts to create a distributed securities depository. Working paper, Department of Electrical and Information Technology. Available at: http:\/\/lup.lub.lu.se\/student-papers\/record\/8885750\/file\/8885765.pdf (accessed 21 May 2020)."},{"key":"bibr184-0268396220924669","first-page":"287","volume-title":"Business Transformation Through Blockchain","author":"Waltl B","year":"2018"},{"key":"bibr185-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/TSMC.2019.2895123"},{"key":"bibr186-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.jnca.2020.102530"},{"key":"bibr187-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/ICCE.2016.7430693"},{"key":"bibr188-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/IWBOSE.2018.8327565"},{"key":"bibr189-0268396220924669","unstructured":"World Economic Forum (2017) Realizing the Potential of Blockchain: A Multistakeholder Approach to the Stewardship of Blockchain and Cryptocurrencies. Geneva: World Economic Forum. Available at: https:\/\/www.weforum.org\/whitepapers\/realizing-the-potential-of-blockchain (accessed 21 May 2020)."},{"key":"bibr190-0268396220924669","doi-asserted-by":"crossref","unstructured":"Wright A, de Filippi P (2015) Decentralized blockchain technology and the rise of lex cryptographia. Available at: https:\/\/ssrn.com\/abstract=2580664 (accessed 21 May 2020).","DOI":"10.2139\/ssrn.2580664"},{"key":"bibr191-0268396220924669","unstructured":"Wyatt D, Philipose M, Choudhury T (2005) Unsupervised activity recognition using automatically mined common sense. Available at: https:\/\/www.aaai.org\/Papers\/AAAI\/2005\/AAAI05-004.pdf (accessed 21 May 2020)."},{"key":"bibr192-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1186\/s40854-016-0046-5"},{"key":"bibr193-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1108\/JFRC-08-2016-0068"},{"key":"bibr194-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1371\/journal.pone.0163477"},{"key":"bibr195-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-319-52764-2_6"},{"issue":"2","key":"bibr196-0268396220924669","first-page":"315","volume":"60","author":"Zetzsche DA","year":"2019","journal-title":"Harvard International Law Journal"},{"key":"bibr197-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.ins.2019.05.061"},{"key":"bibr198-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.csbj.2018.07.004"},{"key":"bibr199-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1016\/j.future.2019.12.019"},{"key":"bibr200-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/IPDPS.2007.370285"},{"key":"bibr201-0268396220924669","unstructured":"Zhou Y, Kumar D, Bakshi S, et al. (2018) Erays: Reverse engineering ethereum\u2019s opaque smart contracts. In: SEC\u201918 proceedings of the 27th USENIX conference on security symposium, pp. 1371\u20131385. Available at: https:\/\/pdfs.semanticscholar.org\/9337\/6a6af7a25eddfb8436353c4396aeac90f8fc.pdf?_ga=2.4097526.756206481.1590070587-2068374151.1587362146 (accessed 21 May 2020)."},{"key":"bibr202-0268396220924669","volume-title":"Good Faith in European Contract Law","author":"Zimmermann R","year":"2000"},{"key":"bibr203-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1145\/2701411"},{"key":"bibr204-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1109\/ICWS.2016.15"},{"key":"bibr205-0268396220924669","doi-asserted-by":"publisher","DOI":"10.1007\/978-981-15-1137-0_4"}],"container-title":["Journal of Information Technology"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/0268396220924669","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/full-xml\/10.1177\/0268396220924669","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/0268396220924669","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,29]],"date-time":"2026-04-29T23:04:52Z","timestamp":1777503892000},"score":1,"resource":{"primary":{"URL":"https:\/\/journals.sagepub.com\/doi\/10.1177\/0268396220924669"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020,8,5]]},"references-count":205,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2020,12]]}},"alternative-id":["10.1177\/0268396220924669"],"URL":"https:\/\/doi.org\/10.1177\/0268396220924669","relation":{},"ISSN":["0268-3962","1466-4437"],"issn-type":[{"value":"0268-3962","type":"print"},{"value":"1466-4437","type":"electronic"}],"subject":[],"published":{"date-parts":[[2020,8,5]]}}}