Regulating Unfair Commercial Practices in a Smart Contract Context
Abstract
Emerging technologies can have an impact on legal frameworks that protect consumers. This article investigates the impact of smart contract technology on the European rules regarding unfair commercial practices. It analyses the manner in which legislatures can respond to such new technologies and the impact these technologies can have on the principles of functional equivalency and technological neutrality that underpin legislative efforts. This article suggests that the potential effects of smart contract technology is such that their distinct nature must be taken into account when devising a legislative strategy aimed at modernising the law in order to ensure that the interests of consumers remain protected. It provides recommendations with regard to the manner in which the law can be designed in light of this goal and ensure that, firstly, the law is created in such a way that it can operate more consistently with governance through software and code whilst at the same time ensuring that legal enforcement is admissible in an environment governed by this technology.
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