Abstract
The present work, explores from the nature of Civil Law and the source theory of legal obligation, towards the evolution of development of Smarts Contracts and Blockchain Technology in the implementation of a system of RC20 and RC21 token issuing machine, with fiduciary support as a mechanism of legal security in order to propose a model of potentialization of destinations with high tourism demand in developing countries, within the framework of design, implementation and commissioning of the destination Hotel Aiden by Best Western Quito DM, Republic of Ecuador City and Beach.
Keyworks: Smart Constracts; Smart Tourism; Tokenization; Blockchain; contractware
Notes
- “The obligation is the patrimonial content of the performance owed by the debtor to the creditor. The obligation is not primarily a legal relationship, as are the contract or the legal bond that binds the parties; it is a relationship between two things, between the fact of enrichment and the fact of impoverishment that the law places face to face” BETTI, E. (1955). Teoría General del Negocio Jurídico. Buenos Aires: Editorial Universitaria de Buenos Aires.
- “Smart contracts are mainly based on Blockchain technology. Proof of this is that they share many characteristics with it, such as unchangeability, transparency, security or pseudonymity. For this reason only the specific characteristics of smart contracts will be analyzed now, in order to avoid superfluous reiterations. We can mainly point out that smart contracts are autonomous, which means that they do not require the intervention of the parties for the services that comprise them to be executed. They use a computer language that must be translated into the common language, so that any average citizen can understand its content. Otherwise, the contract could be annulled, as there is a vitiated consent” SÁNCHEZ ÁLVAREZ, E. and GARCÍA PACIOS, A. (2021). Blockchain technology and electronic contracting: critical points of integration of the so-called smart contracts in our contract law system. In Revista CEFLegal, 246, 71–98.
- “Contractware is the translation of legal (contractual) prose into computer code. The coding incorporates not only the agreements reached but also the consequences that may arise from their fulfillment or non-fulfillment. If, for example, the transfer of a token is formalized, the smart contract is not limited to stating the transfer agreements. It also verifies the data and executes the consequences agreed upon by the signatories. Thus, for example, the code receives the parties’ performances (the payment in cryptocurrencies and the token transfer mandate) and forwards to each party the other party’s performance. Many authors reject that these sequences of code can be considered authentic contracts, since while simple contracts merely incorporate promises of future performance, intelligent ones execute them”.
- “The United Nations Commission on International Trade Law (UNCITRAL) has developed a set of legislative texts to enable and facilitate the use of electronic means in commercial activities, which have been adopted by more than 100 States. The most widely adopted text is the UNCITRAL Model Law on Electronic Commerce (1996), which sets out the rules for equal treatment of electronic and paper-based information and legal recognition of electronic transactions and processes, based on the fundamental principles of non-discrimination in the use of electronic means, functional equivalence and technological neutrality. The UNCITRAL Model Law on Electronic Signatures (2001) provides further rules on the use of electronic signatures.
The United Nations Convention on the Use of Electronic Communications in International Contracts (New York, 2005) takes as its point of departure the earlier texts of UNCITRAL to become the first treaty to give legal certainty to electronic contracting in international trade.
More recently, the UNCITRAL Model Law on Electronic Transferable Documents (2017) applies the same principles to enable and facilitate the use of transferable documents and securities in electronic form, such as bills of lading, bills of exchange, checks, promissory notes and warehouse receipts.
In 2019, UNCITRAL approved the publication of the Notes on key issues related to cloud computing contracts, while continuing to work on the development of a new instrument on the use and cross-border recognition of electronic identity management services and authentication services (trust services)”.
- “P2P technology can be defined as a network in the form of a backbone, composed of nodes that act as clients and servers of other nodes. When a client enters this system”, it makes a direct connection to one of the latter, where it collects and stores all the information and content available for sharing. It is then a program whose function is to connect users through a serverless network that facilitates the download53 of music, movies, books, photos and software among all other users, free of charge. These files are shared “from computer to computer” by the mere fact of having access to the system”. VARELA PEZZANO, Eduardo Secondo.
Peer-to-peer technologies, author’s rights and copyright. Bogotá: Editorial Universidad del Rosario, 2009.
References
- Alfonso Sánchez Rosalía. “Collaborative economy: a new market for the social economy. CIRIEC-Spain”. Journal of Public, Social and Cooperative Economy [online] 88 (2016): 230-258.
- Anguiano JM. "'Smart Contracts'. Introduction to 'contractware'", Garrigues opina (2018).
- Betti E. Teoría General del Negocio Jurídico. Buenos Aires: Editorial Universitaria de Buenos Aires (1955).
- Uncitral Guide. Basic Facts and Functions of the United Nations Commission on International Trade Law, United Nations (2013).
- Josserand Louis. Teoría General de las Obligaciones (2nd Edition), Ediciones Jurídica de Santiago (2014).
- Llambías Jorge J. Tratado de Derecho Civil - Parte General (Volume II). Editorial Perrot (1997).
- Sánchez Álvarez E and García Pacios A. “Blockchain technology and electronic contracting: critical points of integration of the so-called smart contracts in our contract law system”. In Revista CEFLegal 246 (2021): 71-98.
- Szabo N. Smart Contracts: Building Blocks for Digital Markets [PDF File] (1996).
- Varela Pezzano, Eduardo Secondo Peer-to-peer technologies, author's rights and copyright. Bogotá: Editorial Universidad del Rosario (2009).
Regulations
- UNCITRAL Model Law on Electronic Commerce Guide to Enactment 1996 with new article 5 adopted in 1998.
- UNCITRAL Model Law on Electronic Signatures with Guide to Enactment 2001.
- UNCITRAL Model Law on Electronic Transmittable Documents 2017.