Smart Contract in Blockchain: An Exploration of Legal Framework in Malaysia
In 2017, the global Blockchain technology market was predictedto reach 339.5 million U.S. dollars in size and is forecasted to grow to 2.3billion U.S. dollars by 2021. The smart contract has an increasing role ingoverning the legal relationship between the interested parties. This researchexplores t...
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| Format: | Electronic Article |
| Language: | English |
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| Published: |
[publisher not identified]
2019
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| In: |
Intellectual discourse
Year: 2019, Volume: 27, Issue: 2, Pages: 595-617 |
| Online Access: |
Volltext (lizenzpflichtig) |
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| 520 | |a In 2017, the global Blockchain technology market was predictedto reach 339.5 million U.S. dollars in size and is forecasted to grow to 2.3billion U.S. dollars by 2021. The smart contract has an increasing role ingoverning the legal relationship between the interested parties. This researchexplores the current position of smart contracts in Malaysia and the viabilityof the Malaysian framework in handling the latest development. This researchadopts the qualitative and doctrinal legal approaches in analysing the currentlegal practice, the relevant statutes and the viability of the Malaysian legalframework. These approaches are necessary to be carried out in ensuring theworkability of smart contracts in Blockchain. Additionally, the practices ofsmart contracts from international experiences are collected as case studies inthis research. As a part of the findings, the researchers found that smart contractsare more or less similar to traditional contracts. Therefore, the requirements asstipulated under the Contract Act 1950 that are applicable in Malaysia mustbe followed accordingly. In this study, based on the nature of Blockchain technology, the researchers evaluate the current position of Malaysian laws indealing with smart contracts. Additionally, the researchers also looked at theacceptable legal practice of smart contracts in Malaysia. | ||
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