Development and Use of Smart Contracts in International Trade

Authors

  • Galina Aleksandrovna Orlova Russian Foreign Trade Academy (RFTA)
  • Yuri Anatolievich Savinov Russian Foreign Trade Academy (RFTA)
  • Eugenia Vadimovna Taranovskaya Russian Foreign Trade Academy (RFTA)

DOI:

https://doi.org/10.24412.2072-8042-2020-10111

Keywords:

a new type of writing contracts, international sale of goods, distributed registry technology, smart contracts, international trade

Abstract

The authors consider a new type of contract processing in international business, namely smart contracts. Smart contracts are based on the use of programming codes. The article analyzes the positive and negative aspects of using smart contracts in various business areas – in finance, domestic trade and international trade. The important feature of these contracts is that no involvement of intermediaries in trade is needed. The lack of appropriate legal instruments for regulating the conclusion and execution of smart contracts is noted.

Author Biographies

Galina Aleksandrovna Orlova, Russian Foreign Trade Academy (RFTA)

Candidate of Economic Sciences, Associate Professor

Work place, position: Russian Foreign Trade Academy (119285, Moscow, Vorob’evskoe shosse, 6A), Department of world and national economy - Professor

Yuri Anatolievich Savinov, Russian Foreign Trade Academy (RFTA)

Doctor of Economic Sciences, Professor

Work place, position: Russian Foreign Trade Academy (119285, Moscow, Vorob’evskoe shosse, 6A), Department of international trade and foreign trade of RF - Professor

Eugenia Vadimovna Taranovskaya, Russian Foreign Trade Academy (RFTA)

Candidate of Technical Sciences, Professor

Work place, position: Russian Foreign Trade Academy, Department of fi nance and monetary relations - Professor

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Published

2024-02-07

How to Cite

Orlova, G. A., Savinov, Y. A., & Taranovskaya, E. V. (2024). Development and Use of Smart Contracts in International Trade. Russian Foreign Economic Journal, (11), 47–57. https://doi.org/10.24412.2072-8042-2020-10111

Issue

No. 11 (2020)

Section

International trade