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Development and Use of Smart Contracts in International Trade

Author

Listed:
  • Galina Aleksandrovna Orlova

    (Russian Foreign Trade Academy)

  • Yuri Anatolievich Savinov

    (Russian Foreign Trade Academy)

  • Valeriy Alekseevich Oreshkin

    (Russian Foreign Trade Academy)

  • Evgenija Vadimovna Taranovskaja

    (Russian Foreign Trade Academy)

Abstract

The authors consider a new type of contract processing in international business, namely smart contracts. Smart contracts are based on the use of programming codes. The article analyzes the positive and negative aspects of using smart contracts in various business areas – in finance, domestic trade and international trade. The important feature of these contracts is that no involvement of intermediaries in trade is needed. The lack of appropriate legal instruments for regulating the conclusion and execution of smart contracts is noted

Suggested Citation

  • Galina Aleksandrovna Orlova & Yuri Anatolievich Savinov & Valeriy Alekseevich Oreshkin & Evgenija Vadimovna Taranovskaja, 2020. "Development and Use of Smart Contracts in International Trade," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 11, pages 47-57, November.
    • Handle: RePEc:alq:rufejo:rfej_2020_11_47-57
    DOI: 10.24411/2072-8042-2020-10111
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