The Dynamic Aspects of Smart Contract in Non-Fungible Tokens
Abstract
Technological advances always lead to various implications in people's lives, not least in the aspect of buying and selling transactions. In the current era, the dynamics of buying and selling transactions are enlivened by the presence of Non-Fungible Tokens (NFT); as an asset embodied in the form of a digital token. Furthermore, one of the components of NFT is the existence of smart contracts; as the presence of smart contracts also raises legal issues. This legal research aims to examine and examine the problems of smart contracts when they become evidence in a dispute; while at the same time reviewing the validity of smart contracts in the positive legal system in Indonesia. This legal research uses primary legal materials and secondary legal materials with a conceptual approach and legislation. The results of this study state that there is no legal instrument that regulates smart contracts, so the implementation of smart contracts is legal under Indonesian law. On the other hand, the existence of a smart contract as a form of an agreement is subject to the enforcement of Article 1320 of the Civil Code, so that the smart contract fulfills the components of the agreement as required in the legislation
Keywords
Full Text:
PDFReferences
Ashyira, A. (2022). Legal Protection for Artists Whose Digital Works Are Issued Without Permission In The Form of Non-Fungible Token (NFT) (Juridical Review on Law of The Republic of Indonesia Number 28 of 2014 on Copyrights). SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4084550
Bachman, J. (2022). NFT Craze Wanders Into The Legal Realm; Companies Must Be Prepared. Accessed from Rcbizjournal. https://rcbizjournal.com/2022/02/16/nft-craze-wanders-into-the-legal-realm-companies-must-be-prepared/
a?layan Aksoy, P., & zkan ner, Z. (2021). NFTs and copyright: challenges and opportunities. Journal of Intellectual Property Law & Practice, 16(10), 11151126. https://doi.org/10.1093/jiplp/jpab104
Conrad, M. (2022). Non-Fungible Tokens, Sports, and Intellectual Property Law Issues: A Case Study Applying Copyright, Trademark, and Right of Publicity Law to a Non-Traditional Ownership Vehicle. Journal of Legal Aspects of Sport, 32(1), 132152. https://doi.org/10.18060/26091
Corrales, M., Fenwick, M., & Haapio, H. (Eds.). (2019). Legal Tech, Smart Contracts and Blockchain. Springer Singapore. https://doi.org/10.1007/978-981-13-6086-2
Diantha, I. M. P. (2016). Metodologi Penelitian Hukum Normatif dalam Justifikasi Teori Hukum. Prenada Media Group.
Disantara, F. P. (2021). Plagiarism in Higher Education Power Relations and Legal Aspects. Rechtsidee, 7. https://doi.org/https://doi.org/10.21070/jihr.2020.7.714
Dolganin, A. A. (2021). Non-fungible tokens (NFT) and intellectual property: The triumph of the proprietary approach? Digital Law Journal, 2(3), 4654. https://doi.org/10.38044/2686-9136-2021-2-3-46-54
Fairfield, J. (2021). Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property. Indiana Law Journal, Forthcoming, 199.
Fauzi, A., & Koto, I. (2022). Tanggung Jawab Pelaku Usaha Terhadap Konsumen Terkait Dengan Produk Cacat. Journal of Education, Humaniora and Social Sciences (JEHSS), 4(3), 14931500. https://doi.org/10.34007/jehss.v4i3.899
Filatova, N. (2020). Smart contracts from the contract law perspective: outlining new regulative strategies. International Journal of Law and Information Technology, 28(3), 217242. https://doi.org/10.1093/ijlit/eaaa015
Harding, A. (2018). Theories of Law and Development. Asian Journal of Social Science, 46(45), 421444. https://doi.org/10.1163/15685314-04604003
Idelberger, F., & Mezei, P. (2022). Non-fungible Tokens. Internet Policy Review, 11(2). https://doi.org/10.14763/2022.2.1660
Koto, I., & Faisal, F. (2021). Penerapan Eksekusi Jaminan Fidusia Pada Benda Bergerak Terhadap Debitur Wanprestasi. Journal of Education, Humaniora and Social Sciences (JEHSS), 4(2), 774781. https://doi.org/10.34007/jehss.v4i2.739
Lubis, M. T. S., & Koto, I. (2022). Model Pembelajaran Hukum Acara Pidana Berbasis Bedah Perkara dalam Mendukung Program Merdeka Belajar Kampus Merdeka (MBKM). Journal of Education, Humaniora and Social Sciences (JEHSS), 4(3), 14321439. https://doi.org/10.34007/jehss.v4i3.885
Mendis, D., Baker, K., & Mc Cullagh, K. (2022). Tracing technological boundaries: law, technology, and compliance? International Review of Law, Computers & Technology, 36(1), 13. https://doi.org/10.1080/13600869.2022.2060470
Okonkwo, I. E. (2022). NFT, copyright and intellectual property commercialization. International Journal of Law and Information Technology, 29(4), 296304. https://doi.org/10.1093/ijlit/eaab010
Rafli, D. P. A. D. (2022). NFT Become a Copyright Solution. Journal of Digital Law and Policy, 1(2), 4352.
Ramadhani, R. (2022). Kedudukan Hukum Perjanjian Perikatan Jual Beli (PPJB) dalam Kegiatan Pendaftaran Peralihan Hak Atas Tanah. Iuris Studia: Jurnal Kajian Hukum, 3(1), 4550. https://doi.org/10.55357/is.v3i1.212
Ramadhani, R., & Ramlan, R. (2019). Perjanjian Build Operate And Transfer (Bot) Lapangan Merdeka Medan Dalam Pandangan Hukum Adminsitrasi Negara Dan Hukum Bisnis. DE LEGA LATA: Jurnal Ilmu Hukum, 4(1), 255270. https://doi.org/10.30596/dll.v4i2.3182
Sanders, A. K. (2022). Intellectual Property in Digital Agriculture. Law, Innovation and Technology, 14(1), 113127. https://doi.org/10.1080/17579961.2022.2047522
Simanjuntak, P. N. H. (2015). Hukum Perdata Indonesia (Cetakan ke-1). Kencana.
Sousa, F. M. de. (2022). Token-Art System and the New International Art Market: The impacts of NFT technology and the legal aspects involved. Journal of Law, Market & Innovation, 1(1), 97115.
Sukmariningsih, R. M., Nurudin, A., & Nursanty, E. (2022). Pengenaan Hukum Pajak Pada Cryptocurrency Dan NFT Di Indonesia. Owner, 6(2), 16441654. https://doi.org/10.33395/owner.v6i2.781
Sulistianingsih, D., & Khomsa Kinanti, A. (2022). Hak Karya Cipta Non-Fungible Token (NFT) Dalam Sudut Pandang Hukum Hak Kekayaan Intelektual. Krtha Bhayangkara, 16(1), 197206. https://doi.org/10.31599/krtha.v16i1.1077
Tulsidas, T. U. (2018). Smart Contracts From A Legal Perspective. Universidad de Alicante.
Wax, S. (2021). A Primer on Non-Fungible Tokens and Smart Contracts. Lawyer Monthly. https://www.lawyer-monthly.com/2021/05/a-primer-on-non-fungible-tokens-and-smart-contracts/
Yulia, A., Duana, R., & Herlina, N. (2022). Pengaruh Nft Terhadap Perlindungan Hak Cipta Dan Dampaknya Terhadap Pencemaran Lingkungan. Jurnal Imiah Galuh Justisi, 10(1), 92101.
DOI: https://doi.org/10.30596/dll.v7i2.10381
Refbacks
- There are currently no refbacks.
Address:
Faculty of Law, University of Muhammadiyah Sumatera Utara Jl. Kapten Mukhtar Basri No. 3 Medan, Kode Pos 20238
E-mail: delegalata@umsu.ac.id
Telp/HP/WA : 081262664567
DE LEGA LATA: Jurnal Ilmu Hukum is abstracting & indexing in the following databases:
De Lega Lata: Jurnal Ilmu Hukum is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Statcounter