ABSTRACT
The project started in 2018 following a Use-Case Approach (ie a descriptive and up-close exploratory examination of how a blockchain could function in a real-world context) to understand how blockchains and Smart Contracts might be used in practice. However, developments were moving so fast that sometimes, shortly after a use-case was presented, the experience gained from such a case was already surpassed by later developments.
Thus, the Reporters, and the Project Team, decided to focus more on the legal aspects of blockchains and Smart Contracts, both in a commercial and a consumer setting and to develop corresponding theories, which could ultimately result in Principles. Before theories were formulated as Principles, they were tested against known use-cases to ensure their practicability …
van Erp, Sjef and Hanzl, Martin, ELI Principles on Blockchain Technology, Smart Contracts and Consumer Protection (September 8, 2022).
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