Photo from the sourceIn recent years, there has been widespread use of blockchain-based smart contracts in various financial and property sectors. By greatly simplifying the economic turnover, the potential efficiency and profitability arise from the fact that smart contracts use software to perform certain tasks through automated processes, minimizing the involvement of intermediaries and, therefore, significantly reducing transaction costs. The wide distribution of new technologies always gives rise to various problems, and legislation is often not adapted to the pace of socio-economic changes in the state. Despite the positive side of such technological development, the consequences may entail certain dangers for the participants in this kind of relationship. The absence of the very concept of smart contracts in the legislation of most states gives rise to undoubted difficulties in determining their legal essence. This article examines the current state of smart contracts in Malaysia, examines the viability of the Malaysian legal framework in relation to the practice of using smart contracts and blockchain technology, and analyzes the legislative acts and policy documents in force in Malaysia.The potential efficiency of using smart contracts arises from the fact that this process uses software to perform certain tasks related to the contract through automated processes. Indeed, for contracting parties, automation can help reduce time and cost. Of course, automation itself is not a new concept. Automated processes and services pervade much of modern life, from automation in the manufacturing industry to online banking or even mundane examples like the use of vending machines. However, at present, legal contracts are generally not automated and require human input to formulate, conclude, execute, and enforce their obligations. Such processes are time and resource consuming. Therefore, automating some or all of these processes can be beneficial.The term \u201csmart contract\u201d was first coined by Nick Szabo in the\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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