Work

Are the ICSID Arbitration Clauses in Investment Contracts Concluded via Smart Contracts Valid?

Year: 2022

Type: article

Abstract: Blockchain technology gained popularity with the emergence of intellectual technologies, as cryptocurrencies are also being discussed within contract law along with the interpretation of the concept of consent, and the validity of the consent written in computer codes.This article discusses the validity of arbitration clauses included in smart contracts in the light of the ICSID arbitration, decisions of tribunals and argues that although the institutional arbitration centres such as the ICSID do not possess required technical capacity, taking into account the level of flexibility of the condition of "consent in writing" interpreted in ICSID tribunal decisions on the jurisdiction, a valid arbitration agreement can be concluded in the form of smart contracts encoded and self-executed.Besides, revisiting ICSID model clauses, this paper has suggested a new model arbitration clause adaptable to smart contracts.

Source: ANALELE ȘTIINŢIFICE ALE UNIVERSITĂŢII „ALEXANDRU IOAN CUZA” DIN IAȘI (SERIE NOUĂ) ȘTIINŢE JURIDICE

DOI: 10.47743/jss-2022-68-3-23

Author: Elnur Karimov

Institution: Kyushu University

Language: Romanian

Topic: International Arbitration and Investment Law

Subfield: Law

Field: Social Sciences

Domain: Social Sciences

SDGs: Peace, justice, and strong institutions, Industry, innovation and infrastructure

Open Access status: diamond

OpenAlex ID: W4290989339