PROSPECTS OF IMPLEMENTATION OF SMART CONTRACTS IN THE REPUBLIC OF UZBEKISTAN

Authors

  • Bekzod Umarov Senior Lecturer, Department of Business Law, Tashkent State University of Law,

Keywords:

Smart contracts, blockchain technology, investment, digital economy, automated decision-making.

Abstract

This article analyzes new trends in contractual legal relations between business entities due to the introduction of the digital economy, in particular smart contracts as a type of modern contract, as well as its specific features, advantages and disadvantages.Also, in the legislation of the Republic of Uzbekistan, the problems that may arise with the practical application of smart contracts and the necessary amendments to the legislation are described.

References

AI Transforming Contracts from Remote History to Modern Metrics. Author: Arthur Ragette, Peggy Barber. Available at https://www.iaccm.com/resources/?id=10568.

N. Szabo, “ Smart Contracts: Building Blocks for Digital Markets”, Extropy nr. 16 (1996).

N. Szabo, “ Smart Contracts: Building Blocks for Digital Markets ”, Extropynr. 16 (1996) (http://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart_contracts_2.html).

N. Szabo, " Formalizing and Securing Relationships on Public Networks", First Monday 1997, vol. 2 no. 9.

M. van Eersel & T. van den Bergh, "Blockchain en smart contracts: toegang tot een reeks van slimme dingen" , FRP 2017/457 (afl. 4).

Szabo also published a draft guide for setting up smart contracts: (N. Szabo, " A Formal Language for Analyzing Contracts" , 2002.

LW Cong & Z. He, “ Blockchain Disruption and Smart Contracts ”, University of Chicago Booth School of Business (2017), p. 7.

M. van Eersel & T. van den Bergh, "Blockchain en smart contracts: toegang tot een reeks van slimme dingen" , FRP 2017/457 (afl. 4): p. 44.

Luis Alejandro Estoup, Latin Lawyer Corporation , Smart contracts and smart derivative contracts: legal guidelines , 2020.

Codes of the Republic of Uzbekistan . Volume 1 / Ministry of Justice of the Republic of Uzbekistan: T.: "Adolat" legal information center, 2018, - page 492.

Published

2024-02-25

How to Cite

Bekzod Umarov. (2024). PROSPECTS OF IMPLEMENTATION OF SMART CONTRACTS IN THE REPUBLIC OF UZBEKISTAN. Ethiopian International Journal of Multidisciplinary Research, 11(02), 302–308. Retrieved from https://www.eijmr.org/index.php/eijmr/article/view/1115