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    Smart Contracts in Turkish Law
    (Selçuk Üniversitesi Sosyal Bilimler Enstitüsü, 2021) Woldemaryam, Enku; Uyumaz, Alper
    The tendency of adopting new technology to the legal system has been encountered by stiff resistance and criticism. The legal profession is very conservative. As a result, there is no visible change in the legal profession and legal system between now and a century ago, while other professions are totally transformed by new technologies. This study takes smart contracts on hand to analyze the legal challenge and gaps between traditional contracts during formation, performance and termination. While using smart contracts, people would face gabs and noncompatibility to the general rules of contract law. There are significant disparities during formation, enforcement, and termination between smart contracts and conventional contracts. The difference comes because smart contracts are functioning on blockchain technology without third party interference. It has a security system supported by proof of work and cryptography instead of central control. The fact that smart contracts use computer language or code instead of natural language, self-performance of obligation, and the instant nature of the technology has been considered as an issue worthy of careful evaluation in this research. This study, therefore, tries to shed light on the issues and disparities in smart contracts according to Turkish law of contract. The technological aspect of smart contracts and its challenges and constraints have been carefully analyzed as well. And also, a brief comparative study on this subject has been included.