Smart Contracts and Contractual Obligations under CISG Critical Analysis

Abstract

The topic of Smart Contracts has recently gained increased attention due to the rapid emergence of blockchain technology. This paper evaluates whether The United Nations Convention on Contracts for the International Sale of Goods (CISG) is adequate to regulate smart contracts and the associated payment and delivery obligations. The substantial literature on smart contracts allows for the assessment of CISG effectiveness in regulating them. Moreover, as smart contracts continue to evolve, undergo modifications, and are adopted in various sectors, there will be a need to reassess existing regulations to ensure their compatibility and effectiveness. Hence, the objective of this study is to offer a contemporary perspective on the ability of the CISG to govern smart contracts in international transactions involving the sale of goods.