lucernaforum is full of TECHIES
The Research Hub for Technology and Innovation in Economy and Society (TECHIES) combines research competencies in the field of the digital transformation of economy and society and, in particular, sheds light on the impact of technological innovations on the law.
As a current field of application, the TECHIES Research Hub focuses on the distributed-ledger-technology and its role in the future development of the law.
Research Impact
Smart Contracts: A Law and Economics Analysis
The research project studies Smart Contracts. Smart Contracts are computer programs that map, monitor, or execute contracts. For this purpose, the content of the contract is, in contrast to classic contracts, programmed into the lines of code of the Smart Contract.
With the increasing use of blockchain technology, the importance of Smart Contracts is also growing. The use of Smart Contracts on a blockchain makes it possible to execute contracts on it automatically. Smart contracts stored on a blockchain cannot be changed and execute their program codes independently as soon as their execution conditions are met. Therefore, Smart Contracts should minimise the transaction costs of contracts and at the same time increase contract security by making it impossible to act contrary to the contract. In this research project, the question arises from a legal and economic perspective as to how smart contracts should be embedded in contract law.
