블록체인 기술의 비가역성과 계약의 청산- 스마트 계약을 중심으로 -

Blockchain technology creates a new transaction method due to its decentralized structure, but at the same time, it leaves challenges for the long-standing laws and systems developed under the existing central control system. In particular, blockchain technology verifies whether new transaction is trustworthy based on previous transaction, and if it is trustworthy, it records the transaction in an unchangeable manner on the blockchain. However, the current civil law is not prepared for blockchain technology based on irreversibility, so the question is how the current civil law theory can accommodate the special determinism of blockchain technology. Smart contracts are computer codes that implement the transactional value transfer structure based on this blockchain technology. Smart contracts automatically execute contractual agreements using computer codes, thereby preventing human actors from having control over the execution of the contract. However, the transactional potential of smart contracts depends on how to overcome the liquidation problem caused by the invalidity, cancellation, or termination of the contract. Therefore, in the transactional reality, the question is how to stop the automatic execution of smart contracts and how the irreversibility of blockchain will affect the liquidation of smart contracts. This article examines the relationship between the irreversibility, one of the representative characteristics of blockchain technology, and the liquidation system under civil law, and its limitations, focusing on blockchain-based smart contracts.