Smart contracts and over-enforcement: Analytical considerations on Smart Contracts as Legal Contracts

Abstract

Smart contracts are a common topic in scientific discussions held by computer scientists. Due to the dynamic nature of its applications, smart contracts must be considerably more adaptable, responsive and controllable. Yet the longstanding focus on security issues has affected negatively the development of smart contracts in the transfer of ownership of the real estate.In this paper, we study the possibilities and the limitations of how to transfer properties on the block chain using a digital record, as a back- support in case of litigation. We propose storing a registry catalog to handle the property historical data and criminal record of the owners. The execution of the smart contract is enforced using a digital identity of the two parties. We design the components of what the registry should contain to integrate with block chain infrastructure and we also analyze and discuss the government endorsement needed for the success of the implementation.