Re-Interrogating the Concept of Smart Contracts Through EU GDPR’s Lenses

Olumide Babalola

doi:doi:10.11648/j.ijls.20220503.12

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Re-Interrogating the Concept of Smart Contracts Through EU GDPR’s Lenses

Olumide Babalola

Published in International Journal of Law and Society (Volume 5, Issue 3)

Received: 21 May 2022 Accepted: 11 June 2022 Published: 29 July 2022

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Abstract

The term ‘smart contracts’ is superficially misleading. It does not connote ‘contracts’ as we know them, rather it is a technical coinage which represents computer codes automated to execute and consummate agreements to the exclusion of third parties. Since its proposition in the 90s, smart contracts have offered alternative and seamless channels of consummating economic and social transactions with the increased processing of personal data as an integral part of the system. By design, smart contracts function with many actors shouldering various responsibilities with data protection implications one one hand while the automated codes organically impact privacy when utilized for desired results. Even though there exists no generally acceptable definition of smart contracts, this article examines some academic attempts at defining the contemporarily technical term of smart contracts within the context of its recorded history as traced back to Nick Szabo’s intervention in the 90s. Since smart contracts are predominantly transactional, the article analyses how they oblige users personal autonomy and control on the personal data processed and other techniques ensuring personal data is not compromised while utilizing smart contracts. Ultimately, the article discusses smart contract’s interplay with data protection vis a vis some requirements of data controllers under the EU General Data Protection Regulation (GDPR) and the concludes that privacy must be of paramount consideration at the inception of every smart contract.

Published in	International Journal of Law and Society (Volume 5, Issue 3)
DOI	10.11648/j.ijls.20220503.12
Page(s)	251-256
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Blockchain, Data Protection, GDPR, Privacy, Smart Contracts

References

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APA Style

Olumide Babalola. (2022). Re-Interrogating the Concept of Smart Contracts Through EU GDPR’s Lenses. International Journal of Law and Society, 5(3), 251-256. https://doi.org/10.11648/j.ijls.20220503.12

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ACS Style

Olumide Babalola. Re-Interrogating the Concept of Smart Contracts Through EU GDPR’s Lenses. Int. J. Law Soc. 2022, 5(3), 251-256. doi: 10.11648/j.ijls.20220503.12

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AMA Style

Olumide Babalola. Re-Interrogating the Concept of Smart Contracts Through EU GDPR’s Lenses. Int J Law Soc. 2022;5(3):251-256. doi: 10.11648/j.ijls.20220503.12

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@article{10.11648/j.ijls.20220503.12,
  author = {Olumide Babalola},
  title = {Re-Interrogating the Concept of Smart Contracts Through EU GDPR’s Lenses},
  journal = {International Journal of Law and Society},
  volume = {5},
  number = {3},
  pages = {251-256},
  doi = {10.11648/j.ijls.20220503.12},
  url = {https://doi.org/10.11648/j.ijls.20220503.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijls.20220503.12},
  abstract = {The term ‘smart contracts’ is superficially misleading. It does not connote ‘contracts’ as we know them, rather it is a technical coinage which represents computer codes automated to execute and consummate agreements to the exclusion of third parties. Since its proposition in the 90s, smart contracts have offered alternative and seamless channels of consummating economic and social transactions with the increased processing of personal data as an integral part of the system. By design, smart contracts function with many actors shouldering various responsibilities with data protection implications one one hand while the automated codes organically impact privacy when utilized for desired results. Even though there exists no generally acceptable definition of smart contracts, this article examines some academic attempts at defining the contemporarily technical term of smart contracts within the context of its recorded history as traced back to Nick Szabo’s intervention in the 90s. Since smart contracts are predominantly transactional, the article analyses how they oblige users personal autonomy and control on the personal data processed and other techniques ensuring personal data is not compromised while utilizing smart contracts. Ultimately, the article discusses smart contract’s interplay with data protection vis a vis some requirements of data controllers under the EU General Data Protection Regulation (GDPR) and the concludes that privacy must be of paramount consideration at the inception of every smart contract.},
 year = {2022}
}

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