TY - JOUR
T1 - Legally Enforceable Smart-Contract Languages
T2 - A Systematic Literature Review
AU - Dwivedi, Vimal
AU - Pattanaik, Vishwajeet
AU - Deval, Vipin
AU - Dixit, Abhishek
AU - Norta, Alex
AU - Draheim, Dirk
PY - 2021/6/5
Y1 - 2021/6/5
N2 - Smart contracts are a key component of today’s blockchains. They are critical in controlling decentralized autonomous organizations (DAO). However, smart contracts are not yet legally binding nor enforceable; this makes it difficult for businesses to adopt the DAO paradigm. Therefore, this study reviews existing Smart Contract Languages (SCL) and identifies properties that are critical to any future SCL for drafting legally binding contracts. This is achieved by conducting a Systematic Literature Review (SLR) of white- and grey literature published between 2015 and 2019. Using the SLR methodology, 45 Selected and 28 Supporting Studies detailing 45 state-of-the-art SCLs are selected. Finally, 10 SCL properties that enable legally compliant DAOs are discovered, and specifications for developing SCLs are explored.
AB - Smart contracts are a key component of today’s blockchains. They are critical in controlling decentralized autonomous organizations (DAO). However, smart contracts are not yet legally binding nor enforceable; this makes it difficult for businesses to adopt the DAO paradigm. Therefore, this study reviews existing Smart Contract Languages (SCL) and identifies properties that are critical to any future SCL for drafting legally binding contracts. This is achieved by conducting a Systematic Literature Review (SLR) of white- and grey literature published between 2015 and 2019. Using the SLR methodology, 45 Selected and 28 Supporting Studies detailing 45 state-of-the-art SCLs are selected. Finally, 10 SCL properties that enable legally compliant DAOs are discovered, and specifications for developing SCLs are explored.
UR - http://dx.doi.org/10.1145/3453475
U2 - 10.1145/3453475
DO - 10.1145/3453475
M3 - Article
SN - 0360-0300
VL - 4
JO - ACM Computing Surveys
JF - ACM Computing Surveys
IS - 5
M1 - 110
ER -