The Autonomous Execution of Smart Contracts: Reflections from the General Theory of Contract Law

Abstract

The breach of contractual obligations undoubtedly constitutes one of the most complex issues within private legal relationships. Although legal systems provide mechanisms aimed at promoting compliance with contractual duties, uncertainty regarding the effective performance of obligations persists, undermining creditor confidence and affecting the stability of contractual relations. In this context, the emergence of so-called smart contracts, based on blockchain technology, introduces a new paradigm: the possibility of automating the performance of contractual obligations through self-executing computer systems, with the potential to technically eliminate non-performance. This article seeks to analyze the extent to which smart contracts can effectively ensure the automatic fulfillment of contractual obligations, as well as to examine the implications of this phenomenon for the general theory of contract law.