• Mehr als 3 Millionen Wörter Inhalt
  • |
  • info@itmedialaw.com
  • |
  • Tel: 03322 5078053
Rechtsanwalt Marian Härtel - ITMediaLaw

No products in the cart.

  • en English
  • de Deutsch
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
Kurzberatung
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
Rechtsanwalt Marian Härtel - ITMediaLaw

The legal classification of smart contracts

21. December 2022
in Blockchain and web law
Reading Time: 10 mins read
0 0
A A
0
meet gfc1f827bb 1920
Key Facts
  • Smart contracts are automated agreements between parties that work with the help of computers.
  • They offer advantages such as lower costs, higher efficiency and greater safety.
  • Smart contracts are considered software programs and are subject to legal regulations.
  • A computer cannot conclude legally binding contracts, it needs human involvement.
  • Smart contracts can enable automatic license sales and financial transactions.
  • They help to comply with data protection regulations by defining conditions for data release.
  • Despite legal challenges, smart contracts offer great potential for companies in various areas.

Introduction – definition and understanding of terms

Content Hide
1. Introduction – definition and understanding of terms
2. Legal framework of smart contracts
3. Automated agreements in the legal environment of blockchain technology.
4. A computer cannot conclude contracts
5. Case studies and practical aspects of the application of smart contracts
5.1. Author: Marian Härtel

Smart contracts are a form of automated agreement that are increasingly being used in a variety of industries and sectors. They offer businesses many benefits, including lower costs, better efficiency and greater security. But what does it mean when a contract is described as “smart”? In general, a smart contract is a legally binding agreement between two or more parties that is executed using computer-based technologies. A smart contract can operate on the basis of digital information and automate complex business processes. Smart contracts can also regulate how money or other assets are traded. They may be programmed to meet or prevent certain conditions for the conclusion of the contract. One of the most interesting features of smart contracts is their ability to execute on their own. When certain conditions are met, the contract can be triggered automatically – without human intervention. This makes it possible to execute processes in real time and minimize the manual effort required to process transactions. One of the main goals of using smart contracts is to leverage cost savings by automating processes. It also allows companies to create more security and transparency and potentially generate higher profit margins. This is due to the fact that the correct execution of the contract is guaranteed and is not tied to human error. However, to fully realize this potential, it is important to ensure that all aspects of smart contracts are legal and comply with applicable law – especially with regard to data protection regulations. I

Legal framework of smart contracts

The legal classification of smart contracts is a current and extensive topic that has not yet been conclusively clarified. Nevertheless, there are already a number of approaches and developments that can be helpful for a legal classification of smart contracts. First, it should be noted that smart contracts can essentially be viewed as software programs. Therefore, they are basically subject to the same legal provisions as other software. However, smart contracts pose a particular challenge in that they are automated and therefore do not require any human intervention. Another relevant challenge is that, unlike traditional contracting, smart contracts cannot be designed ad hoc, but must be predefined. However, this also creates the opportunity to check the legal commitment before the contract is concluded and, if necessary, to avoid errors.

Automated agreements in the legal environment of blockchain technology.

The use of smart contracts in blockchain technology is a new and very interesting concept. It allows legal agreements to be executed automatically without requiring human interaction. However, there are some challenges that must be considered when using such agreements. First, the legal framework for smart contracts has not yet been fully clarified. Therefore, it is difficult to understand and determine the consequences of certain clauses (or considered as a computer program – “the functions”). Second, compliance with the agreement can be difficult to verify because the processes behind smart contracts are often complex and difficult to interpret. Third, smart contracts can also become unusable due to bugs in the code or an attack on the blockchain platform. Therefore, it is important to take extra care when designing and implementing smart contracts. A detailed review of the code should be undertaken and all relevant rules should be defined. It must also be ensured that all contracting parties adhere to and comply with the agreed terms. Due to the complexity of blockchain technology, it is not easy to find a universally applicable solution to legal issues surrounding smart contracts.

A computer cannot conclude contracts

While a computer can automate a variety of tasks using a smart contract, it cannot create legally binding contracts. This is because a computer is unable to muster the necessary human skills to enter into a contract. A contract is a legally binding, private agreement between two or more parties in which the parties agree to certain obligations and rights. This can be done either verbally or in writing. However, a computer is not able to declare this kind of consent. Instead, smart contracts can only be considered legally binding if they are accepted by the parties or if the parties feel bound by the function of the computer program.

Case studies and practical aspects of the application of smart contracts

The use of smart contracts allows companies to automatically execute and also monitor various types of agreements and deals. The use of this technology offers a number of benefits for companies, including reducing costs, increasing efficiency and enhancing transparency in business processes. However, smart contracts also have some legal challenges. To understand these aspects, we now look at four case studies that help us understand how smart contracts can legally play out in different scenarios.

1. license agreement: When a company sells software licenses to other companies or individuals, it can use smart contracts to enable its customers to automatically acquire and manage their license. Smart contracts allow sellers to grant rights to license users and continue to maintain those rights after the purchase through automated rights enforcement.

2. financial transaction: With smart contracts, companies can also offer their customers the service of automatically providing them with payment agreements. This allows parties to conduct financial transactions securely and efficiently by implementing security measures such as encryption of bank data.

3. data protection: smart contracts can also serve as a means to comply with personal data protection regulations. This can be done, for example, by implementing policies to ensure that personally identifiable records can only be shared under certain conditions.

4. contract automation: Finally, automating contracts using smart contracts can simplify and speed up the process of contracting. By using such technologies, companies can ensure that all the necessary steps are followed as part of the contracting process, ensuring a more efficient process.

These examples clearly show the wide range of possibilities for the use of smart contracts in different areas of business and commerce for both private and public organizations. Although there are still some legal hurdles to fully integrating smart contracts into the more regulated areas of commerce, this technology offers companies great potential to reduce costs and increase efficiency in their day-to-day operations.

Marian Härtel
Author: Marian Härtel

Marian Härtel ist Rechtsanwalt und Fachanwalt für IT-Recht mit einer über 25-jährigen Erfahrung als Unternehmer und Berater in den Bereichen Games, E-Sport, Blockchain, SaaS und Künstliche Intelligenz. Seine Beratungsschwerpunkte umfassen neben dem IT-Recht insbesondere das Urheberrecht, Medienrecht sowie Wettbewerbsrecht. Er betreut schwerpunktmäßig Start-ups, Agenturen und Influencer, die er in strategischen Fragen, komplexen Vertragsangelegenheiten sowie bei Investitionsprojekten begleitet. Dabei zeichnet sich seine Beratung durch einen interdisziplinären Ansatz aus, der juristische Expertise und langjährige unternehmerische Erfahrung miteinander verbindet. Ziel seiner Tätigkeit ist stets, Mandanten praxisorientierte Lösungen anzubieten und rechtlich fundierte Unterstützung bei der Umsetzung innovativer Geschäftsmodelle zu gewährleisten.

Tags: BlockchainComputerComputer programContractDevelopmentdigitalInformationLegal issuesLegal questionLizenzPersonal dataPrivacySicherheitSmart contractSoftwareTestVerträge

Weitere spannende Blogposts

What must be included in a marketing contract for influencers?

cropped 512x512 1
17. May 2024

Here on the blog, I have already provided many tips and advice on drafting contracts in influencer marketing. Today I...

Read moreDetails

Disabled sport spurns esport as well

Disabled sport spurns esport as well
20. November 2018

The German Disabled Sports Association (DBS) also clearly positioned itself today against the inclusion of Esport, thus also missing an...

Read moreDetails

Affiliate/CPA Advertising: Attention to cookies by banners and links

Attention: Affiliates on YouTube, gaming websites and other networks
28. October 2019

Cookies go around In the last time I have already written some things about the cookie decision of the ECJ....

Read moreDetails

New judgment of the Munich Regional Court: The case of the Sky cancel button and its significance

New judgment of the Munich Regional Court: The case of the Sky cancel button and its significance
29. November 2023

Introduction: The recent ruling by the Munich I Regional Court on Sky's cancel button plays a central role in the...

Read moreDetails

Regulation of DLT – a brief overview

Regulation of DLT – a brief overview
2. December 2022

Regulation of DLT (distributed ledger technology) is a hot topic in the crypto world. Many executives and decision makers are...

Read moreDetails

BGH makes salesman the trick madig

No more free tissues at the pharmacy?
7. November 2022

The Federal Court of Justice (BGH) has made a decision on the law of sale which, although it actually concerns...

Read moreDetails

Influencer warning wave rolling?

Brief reminder: Influencer as target of warning letters
7. November 2022

A wave of warnings against numerous influencers is currently rolling in. The last time I reported about it was here....

Read moreDetails

Cryptowinter 2023: A turning point for blockchain technology in 2024?

Cryptowinter 2023: A turning point for blockchain technology in 2024?
22. December 2023

The shift in focus: from coins to real technology Due to my recently published article on Suno.ai and my involvement...

Read moreDetails

Will there soon be material defects for digital content? Obligation to update software is coming!

Will there soon be material defects for digital content? Obligation to update software is coming!
7. November 2022

From 2022, there could also be material defects within the meaning of the BGB for digital content. This is because...

Read moreDetails
Constitution

Constitution

30. June 2023

The Basic Law for the Federal Republic of Germany, GG for short, is the constitution of Germany and forms the...

Read moreDetails
Europäische Genossenschaft (SCE)

Europäische Genossenschaft (SCE)

16. October 2024
Einrede

Limited Liability Company (LLC)

10. November 2024
Mezzanine financing

Mezzanine financing

16. October 2024

Darlehensvertrag

10. November 2024

Podcast Folgen

Rechtliche Basics für Startup-Gründer – So startest du auf der sicheren Seite!

Rechtliche Basics für Startup-Gründer – So startest du auf der sicheren Seite!

1. November 2024

In dieser Episode des Itmedialaw Podcasts nimmt euch Rechtsanwalt und Unternehmer Marian Härtel mit auf eine Reise durch den rechtlichen...

Blick in die Zukunft: Wie Technologie das Recht verändert

Blick in die Zukunft: Wie Technologie das Recht verändert

18. February 2025

In der letzten Folge der ersten Staffel des ITmedialaw.com Podcasts werfen wir einen Blick in die Zukunft des Rechts im...

Rechtliche Herausforderungen im Gaming-Universum: Ein Leitfaden für Entwickler, Esportler und Gamer

Was wird 2025 für Startups juristisch bringen? Chancen? Risiken?

24. January 2025

In dieser spannenden Episode des itmedialaw-Podcasts tauchen wir tief in die rechtlichen Entwicklungen ein, die die Startup-Welt im Jahr 2025...

Innovative Geschäftsmodelle – Risiko und Chance zugleich

Innovative Geschäftsmodelle – Risiko und Chance zugleich

10. September 2024

In dieser spannenden Folge unseres Podcasts tauchen wir tief in die Welt der innovativen Geschäftsmodelle ein. Unser Host Marian Härtel,...

  • Privacy policy
  • Imprint
  • Contact
  • About lawyer Marian Härtel
Marian Härtel, Rathenaustr. 58a, 14612 Falkensee, info@itmedialaw.com

Marian Härtel - Rechtsanwalt für IT-Recht, Medienrecht und Startups, mit einem Fokus auf innovative Geschäftsmodelle, Games, KI und Finanzierungsberatung.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
  • en English
  • de Deutsch
Kostenlose Kurzberatung