Research on the regulation of smart contracts:The current status of smart contracts in China

Smart contracts are based on the decentralization and anonymity of blockchain technology, which guarantees transaction security, and reduces transaction fees and legal costs. These advantages have led to widespread adoption of smart contracts in digital transactions, financial transactions and global logistics. Within the current legal framework, smart contracts influence the traditional contract law theory of contract formation, the forfeiture of revocation rights and remedies for breach of contract. It is essential to explore in depth the application of relevant legal provisions to smart contracts in the post-Civil Code era, both from the technical and legal perspectives. Although smart contract technology is not advanced, it presents a novel approach to transform social transactions and resolve the implementation of treaties and disputes within international and regional organizations. Through research and analysis of smart contracts, this article concludes that they align with the framework of traditional contract theory. It is essential to incorporate industry oversight and adherence to industry norms to ensure that smart contracts are subject to proper legal application and are regulated within the current legal framework. This approach should align with the current laws, industry regulations, and industry self-discipline. After a comprehensive examination of industry regulations and norms governing smart contracts, it becomes imperative to provide robust legal support and guarantee their healthy development and application. This foundation is anchored on adherence to current laws, industry regulations, and industry self-regulation.