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The Digitalization of Contracts in International Trade and Finance: Comparative Law Perspectives on Smart Contracts

In: Digitalization and Firm Performance

Author

Listed:
  • Cristina Poncibò

    (University of Turin)

Abstract

The chapter examines the case of digital contracts in international trade and finance by considering, specifically, smart contracts. International and domestic public institutions, as well as academics, struggle to reach an agreement on the validity and enforceability of such contracts. To date, it remains unclear whether smart contracts can be integrated within both European private international law and national contract laws. In the absence of legal certainty, programmers and economic operators are significantly contributing to designing, managing and executing digital (smart) contracts. Basically, they rely on technology and industry self-regulation to standardise smart contract models. We conclude that digital (smart) contracts for cross-border commercial transactions are primarily governed by technology and industry self-regulation. In the conclusion, we note the rise of the lex mercatoria ex machina, namely a new generation of the law of merchants that is primarily characterised by a reliance on technology.

Suggested Citation

  • Cristina Poncibò, 2022. "The Digitalization of Contracts in International Trade and Finance: Comparative Law Perspectives on Smart Contracts," Springer Books, in: Milena Ratajczak-Mrozek & Paweł Marszałek (ed.), Digitalization and Firm Performance, chapter 0, pages 131-155, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-83360-2_6
    DOI: 10.1007/978-3-030-83360-2_6
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