Abstract

This contribution deals with some of the most popular myths about smart contracts and attempts to «demystify» them to obtain an unbiased view on this fairly new legal phenomenon. What is needed is an unemotional perspective on smart contracting, which reveals not only what smart contracts really are but also what legal implications they cause or might cause in the future. After a discussion on the definitions of smart contracts, the authors explain why blockchain technology is a driver for the idea of smart contracting and show some fields of application. The consecutive sections deal with the most common myths around smart contracts, and tackle the problem of the application of mandatory rules. The final part is devoted to general topics, as the range of party autonomy and the need of a legal reform through a pronounced personalization of the law based on the use of data.