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What are the prospects of smart contracts in Belarus?

Smart Contracts are used in the bank and financial spheres today, they are popular in insurance, retailing, stock markets and other businesses. Belarus’ High Tech Park together with the juridical company “Aleinikov and Partners” is working on implementing smart contracts into the legal environment. The senior partner of the company “Aleinikov and Partners” Denis Aleinikov has spoken about the prospects of smart contracts and why do we need them today at the conference “Business internet”. 

So, what are smart contracts and how can they be used?

“Smart Contracts are computer programs which work on the basis of IF_THEN and are launched with the usage of block chain technologies. The compliance happens automatically and it can’t be stopped”, explains Denis Aleinikov. It is the future of digital economy. The advantages of smart contracts are evident. There are no unnecessary papers, all the contracts are unified and clear for all the entrepreneurs, and what is more, such contracts are carried out automatically.

SEE: Belarus to regulate blockchain and cryptocurrencies

Can smart contracts do everything?

“Some think that smart contracts are so clever that such contracts themselves can collect all the necessary information from the internet. For instance, it can find out whether a product was delivered or not, it can also make a decision to pay or not to pay. Nevertheless, smart contracts are not as clever as the may seem. Such contracts can automatically make deals with assets. As for the real world, smart contracts can’t connect with it at the moment. Smart contracts can’t themselves collect information from the Internet and find out whether the product was delivered or not. This information must be given to the smart contracts from the outside, by another computer program, for instance”.

Is smart contract an agreement or a computer code?

“No one can give a correct answer to this question. Some lawyers think that it can’t be an agreement because it is not understood to people who have no special qualifications. The conditions of an agreement described in the language of programming are not worse than any other agreement; let’s say in the Chinese language”.

What is the solution?

“Statutory regulation of smart contracts today is realized in two American states only- in Nevada and Arizona. Nevertheless, no country so far has legalized smart contracts. Today we see the following solution for the Belarusian legislation : “A smart contract is a program code, created and used in the block chain for automated settlement and (or) execution of deals, or for other legally important actions”.

Why does Belarus need smart contracts?

“Belarus may be the first country in the world to do so. Taking into consideration the draft decree on “Development of digital economy”, the prospects of smart contract and block chain developments, Belarus has all the chances to be successful in it”.

Photo: betcoin.ag

What are the prospects of smart contracts in Belarus?