Abstract

The article brings into focus contracts operating in the blockchain system – referred to as smart contracts. It discusses their legal nature, legality and application in the Polish legal system.

The author juxtaposes the concepts of smart contracts proposed by doctrine and questions the validity of treating such contracts on a par with the traditional ones under civil law. The article raises questions as to whether a smart contract may be considered a declaration of will, whether the anonymity of the parties contradicts Article 60 of the Polish Civil Code, in what form should a declaration of will be submitted, and whether a smart contract may be recognised as a legally valid declaration of will. The author examines compatibility of smart contracts with the principle of freedom of contract and whether some issues related to smart contracts might affect their validity. Finally, she concludes that smart contracts do not violate the negative premises of the freedom of contract principle, but their automatic enforceability and immutability might cause issues in the case of unforeseen circumstances or contract termination. In order to ensure stability and certainty for parties entering into smart contracts, a detailed regulation that would take into account the dynamic development of all technological solutions is needed.