<abstract xmlns="http://www.w3.org/1999/xhtml"><p>Smart contracting (SC) is a proactive proposal to operationalize the relational contract theory for the upgrade and improvement of legally relevant exchange. The dynamic institutional environment of the European Union (EU) is a suitable framework for this proposal. SC addresses the interests of the business management, law and information technology practices with a perspective of influence in digital exchange, communication processes and other human and human-machine interactions. This position paper restates the advantages of the concept by highlighting the practical transition pathway SC offers to moderate the growing haste towards the embeddedness of exchange in automated and distributed models. This theoretical contribution supports the systematization of the proactive and legal design research field, and explains the characterization, operationalization and specification of the SC concept.</p></abstract>

Smart contracting (SC) is a proactive proposal to operationalize the relational contract theory for the upgrade and improvement of legally relevant exchange. The dynamic institutional environment of the European Union (EU) is a suitable framework for this proposal. SC addresses the interests of the business management, law and information technology practices with a perspective of influence in digital exchange, communication processes and other human and human-machine interactions. This position paper restates the advantages of the concept by highlighting the practical transition pathway SC offers to moderate the growing haste towards the embeddedness of exchange in automated and distributed models. This theoretical contribution supports the systematization of the proactive and legal design research field, and explains the characterization, operationalization and specification of the SC concept.

Smart Contracting: A Multidisciplinary and Proactive Approach for the EU Digital Single Market

TalTech Journal of European Studies

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Smart contracting (SC) is a proactive proposal to operationalize the relational contract theory for the upgrade and improvement of legally relevant exchange....

Smart Contracting: A Multidisciplinary and Proactive Approach for the EU Digital Single Market

Published Online: Nov 10, 2017

Page range: 208 - 246

DOI: https://doi.org/10.1515/bjes-2017-0017

Keywords
digital exchange, EU digital single market, relational contracts, proactive contractual management, smart contracting, transactional governance

© 2017 María Claudia Solarte-Vásquez et al., published by De Gruyter Open

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Smart Contracting: A Multidisciplinary and Proactive Approach for the EU Digital Single Market

Published Online: Nov 10, 2017

Page range: 208 - 246

DOI: https://doi.org/10.1515/bjes-2017-0017

Keywordsdigital exchange, EU digital single market, relational contracts, proactive contractual management, smart contracting, transactional governance

© 2017 María Claudia Solarte-Vásquez et al., published by De Gruyter Open

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
digital exchange, EU digital single market, relational contracts, proactive contractual management, smart contracting, transactional governance