Article language: Azerbaijani.
Abstract
In the era of rapidly developing digital technologies, the legal regulation and practical implementation of smart contracts have gained significant relevance. The immutability of these code-based, self-executing agreements, their dependence on oracles, and the challenges of party identification create certain contradictions with traditional contract law. Therefore, a comparative analysis is conducted, examining the experiences of the United States, the European Union, and the Russian Federation, as well as the potential conflicts that may arise during the integration of smart contracts into the legislation of the Republic of Azerbaijan. The research demonstrates that the legal status of smart contracts remains largely undefined across many jurisdictions. Although electronic signatures and digital identification systems provide these contracts with legal validity, the rigid and immutable nature of code restricts the interpretive scope of human intent. While the recognition of electronic documents and signatures in U.S. and EU legislation provides a legal foundation for smart contracts, the issues of liability determination and dispute resolution mechanisms remain unresolved. Issues such as the jurisdiction challenges and the insufficiency of traditional interpretative mechanisms are also characteristic of Azerbaijani legislation. Consequently, the study concludes that reconciling technological efficiency with legal flexibility constitutes the key condition for the broader application of smart contracts.
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