Comparative Studies on Islamic Countries Law

Comparative Studies on Islamic Countries Law

Challenges caused by concluding smart contracts in Iran and Iraq

Document Type : Original Article

Authors
Maryam Bahrekazemi 1
AmirReza Mahmoudi 2
1 Islamic Azad University, Lahijan Branch, Lahijan, Iran
2 Islamic Azad University, Lahijan Branch, Lahijan, Iran(Corresponding Author)
10.22034/lcs.2024.2040229.1051
Abstract
in recent years, smart contracts have become one of the key topics in legal research, with broad applications in regulating legal relationships. These contracts, implemented on blockchain technology, differ fundamentally from traditional contracts, enabling process automation and risk reduction. This study, utilizing a descriptive-analytical method and library resources, examines the legal nature of smart contracts and the challenges arising from them within the framework of Iraqi law. One of the issues addressed in this research is the analysis of the legal mechanisms governing contracts in Iraq and the possibility of integrating them into the new technology framework. The study also explores the impact of smart contracts on reducing legal and commercial risks and problems, demonstrating that these contracts can play an effective role in improving the process of contract formation and execution. At the same time, legal challenges between Iran and Iraq, due to differences in the interpretation and enforcement of laws, create issues in international cooperation. This underscores the need for a mutual understanding and closer legal collaboration between the two countries to establish a common and sustainable framework for future cooperation in the realm of smart contracts.​
Keywords
smart contract formation
challenges of smart contract formation
blockchain
artificial intelligence

Subjects

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Comparative Studies on Islamic Countries Law
Volume 2, Issue 3
Summer 2024
Pages 29-46