Author
Delidogan, Sedanur
Publication Date
2024-08-30T13:53:04Z
Subject
Smart contracts, Turkey, Electronic contracts, Blockchains (Databases), Law and legislation, Obligations (Law), Turkey., Contracts
Type
Document
Language
Turkish
Digital
Yes
Manuscript
No
Library
Özyeğin University
Record ID
c2b5f9c5-af83-4181-b809-c752f0ccc10c
Library Location
Department of Private Law
Date
2024-08-30T13:53:04Z
Sample Text
Smart contracts are a concept that has been around for more than 20 years. This concept, which is used to explain the working logic of vending machines, has started to be talked about again with the emergence and widespread use of blockchain technology. The fact that smart contracts established via blockchain are not subject to any power and that the contractual provisions are fulfilled by the system regardless of what, has brought serious innovations to the law of contracts and therefore needs to be examined. Although the legal nature of smart contracts is controversial, they should be considered as contracts. According to the provision of Article 1 of the Turkish Code of Obligations (TBK) No. 6098, mutual and compatible declarations of intent are sufficient for the establishment of a contract. All smart contracts that meet this condition must be legally considered as contracts. Smart contracts can be used in every field and sector where code and digitalization are involved. Smart contracts, which carry out the coded actions without the need for any intermediary, have started to be used in many areas with the advantages they provide, or steps have been taken to start using them. Smart contracts, which eliminate many points that create doubt for the parties to the contract, will soon enter our daily lives and their importance will increase accordingly. Based on this prediction, it is important to examine where smart contracts stand on the legal plane. Smart contracts are a concept that has been around for more than 20 years. This concept, which has been used to explain the working logic of vending machines, has again begun to be discussed with the emergence and widespread of blockchain technology. The fact that smart contracts established over the blockchain are not subjected to any central power and that the system executes provisions of contract have brought profound innovations to the law of contracts. Hence it needs to be examined. Although the legal nature of smart contracts is controversial, they should be considered as contracts. Because, according to the Article 1 of the Turkish Code of Obligations Act Number 6098, mutual and compatible declarations of will are sufficient for establishing a contract. All smart contracts that meet this requirement must be legally considered as contracts. Smart contracts can be used in any field and industry where code and digitalization take place. Smart contracts, which perform the coded actions precisely and without any intermediary, are used or steps have been taken to start using them in many areas, given the advantages they provide. Smart contracts, which destroy many points that create doubt for the parties of the contract, will soon enter our daily lives and their importance will increase in parallel with this. Based on this foresight, it is crucial to examine where smart contracts stand in the legal plane.
