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Remedies to the Irreversibility of Smart Contracts in Colombian Private Law

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  • Correa José David Arenas

    (University of Medellín, Faculty of Law Carrera 80 30-65 Medellín 050026, Colombia)

Abstract

The application of blockchain technology to contractual activity has led to a decrease in transaction costs, but also an enormous potential cost of judicial solutions that order reversal of the effects of smart contracts. This research addresses solutions, both from the perspective of updating the unforeseen theory and from clauses that are introduced to the legal smart contracts to allow reducing the costs associated with judicial decisions that declare an anomaly in the contracts.

Suggested Citation

  • Correa José David Arenas, 2022. "Remedies to the Irreversibility of Smart Contracts in Colombian Private Law," TalTech Journal of European Studies, Sciendo, vol. 12(2), pages 113-145, December.
    • Handle: RePEc:vrs:bjeust:v:12:y:2022:i:2:p:113-145:n:2
    DOI: 10.2478/bjes-2022-0014
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    References listed on IDEAS

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    1. Katarina Adam, 2020. "Blockchain-Technologie für Unternehmensprozesse," Springer Books, Springer, number 978-3-662-60719-0, February.
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