THE LEGAL IMPLICATIONS OF ARTIFICIAL INTELLIGENCE (AI) AND SMART CONTRACTS ON TRADITIONAL CONTRACTS
Abstract
ABSTRACT
From redefining the parameters of contract formation to reshaping mechanisms for performance
and enforcement, Artificial Intelligence (AI) and smart contracts are re-imagining the very fabric
of traditional contractual relationships with automation and efficiency. However, amidst the
promises of efficiency and automation lie nuanced challenges, including questions of legal
interpretation, accountability and others.
In understanding these challenges, this paper looks at the historical and conceptual background
of the technologies, the legal and regulatory frameworks for both Artificial Intelligence and smart
contracts to inquire into its sufficiency in accommodating these technologies and addressing the
legal implications posed by these technologies on traditional contracts.
Ultimately, this paper explores whether Artificial Intelligence (AI) and smart contracts spell the
end of traditional contracts, or a new era of efficient and secure agreements.
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