Blockchain and good faith principle: will technology be able to replace trust?
DOI:
https://doi.org/10.32091/RIID0212Keywords:
Smart contracts, Good faith, Contractual equilibrium, Automation, TransparencyAbstract
This paper examines in depth the complex relationship between smart contracts and the principle of good faith, which represents a fundamental cornerstone of traditional contract law. Smart contracts, with their distinctive characteristics of automation, immutability, and decentralization, offer significant advantages in terms of efficiency and speed in the execution of contractual obligations. However, these technological innovations raise critical questions regarding their ability to adapt to unforeseen circumstances and to uphold the obligations of cooperation and loyalty among the parties involved. The paper analyzes whether and how the principle of good faith, which is established in Italian civil law and also recognized in the Unidroit Principles, can be effectively applied to digital contracts. To this end, innovative solutions are proposed, such as the inclusion of automated hardship clauses, which could ensure greater flexibility and protection for the parties. Furthermore, the crucial role of transparency and informational obligations within the context of smart contracts is explored, highlighting the challenges these tools pose to mutual trust among the parties. The ultimate goal of this work is to provide a critical and constructive framework for the evolution of digital contracting, promoting a dialogue between technological innovation and traditional legal principles.
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