Smart contract in blockchain: an exploration of legal framework in Malaysia

In 2017, the global Blockchain technology market was predicted to reach 339.5 million U.S. dollars in size and is forecasted to grow to 2.3 billion U.S. dollars by 2021. The smart contract has an increasing role in governing the legal relationship between the interested parties. This research explor...

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Main Authors:	Mohd. Zain, Nor Razinah, Engku Ali, Engku Rabiah Adawiah, Adeyemi, Adewale Abideen, Abdul Rahman, Hamizah
Format:	Article
Language:	English English
Published:	IIUM Press 2019
Subjects:	BC Logic H Social Sciences (General) HF Commerce HG Finance K Law (General) K1001 Commercial Law K5000 Criminal Law K559 Comparative Law K720 Property Law KPG Malaysia KZ Law of Nations T Technology (General)
Online Access:	http://irep.iium.edu.my/78391/ http://irep.iium.edu.my/78391/ http://irep.iium.edu.my/78391/1/78391%20-Smart%20Contract%20and%20Blockchain.pdf http://irep.iium.edu.my/78391/7/78391%20-Smart%20Contract%20and%20Blockchain%20-%20scopus.pdf

id	iium-78391
recordtype	eprints
spelling	iium-783912020-02-20T03:24:45Z http://irep.iium.edu.my/78391/ Smart contract in blockchain: an exploration of legal framework in Malaysia Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah Adeyemi, Adewale Abideen Abdul Rahman, Hamizah BC Logic H Social Sciences (General) HF Commerce HG Finance K Law (General) K1001 Commercial Law K5000 Criminal Law K559 Comparative Law K720 Property Law KPG Malaysia KZ Law of Nations T Technology (General) In 2017, the global Blockchain technology market was predicted to reach 339.5 million U.S. dollars in size and is forecasted to grow to 2.3 billion U.S. dollars by 2021. The smart contract has an increasing role in governing the legal relationship between the interested parties. This research explores the current position of smart contracts in Malaysia and the viability of the Malaysian framework in handling the latest development. This research adopts the qualitative and doctrinal legal approaches in analysing the current legal practice, the relevant statutes and the viability of the Malaysian legal framework. These approaches are necessary to be carried out in ensuring the workability of smart contracts in Blockchain. Additionally, the practices of smart contracts from international experiences are collected as case studies in this research. As a part of the findings, the researchers found that smart contracts are more or less similar to traditional contracts. Therefore, the requirements as stipulated under the Contract Act 1950 that are applicable in Malaysia must be followed accordingly. In this study, based on the nature of Blockchain technology, the researchers evaluate the current position of Malaysian laws in dealing with smart contracts. Additionally, the researchers also looked at the acceptable legal practice of smart contracts in Malaysia. IIUM Press 2019-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/78391/1/78391%20-Smart%20Contract%20and%20Blockchain.pdf application/pdf en http://irep.iium.edu.my/78391/7/78391%20-Smart%20Contract%20and%20Blockchain%20-%20scopus.pdf Mohd. Zain, Nor Razinah and Engku Ali, Engku Rabiah Adawiah and Adeyemi, Adewale Abideen and Abdul Rahman, Hamizah (2019) Smart contract in blockchain: an exploration of legal framework in Malaysia. Intellectual Discourse, 27 (2). pp. 595-617. ISSN 0128-4878 E-ISSN 2289-5639 https://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/1435
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	BC Logic H Social Sciences (General) HF Commerce HG Finance K Law (General) K1001 Commercial Law K5000 Criminal Law K559 Comparative Law K720 Property Law KPG Malaysia KZ Law of Nations T Technology (General)
spellingShingle	BC Logic H Social Sciences (General) HF Commerce HG Finance K Law (General) K1001 Commercial Law K5000 Criminal Law K559 Comparative Law K720 Property Law KPG Malaysia KZ Law of Nations T Technology (General) Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah Adeyemi, Adewale Abideen Abdul Rahman, Hamizah Smart contract in blockchain: an exploration of legal framework in Malaysia
description	In 2017, the global Blockchain technology market was predicted to reach 339.5 million U.S. dollars in size and is forecasted to grow to 2.3 billion U.S. dollars by 2021. The smart contract has an increasing role in governing the legal relationship between the interested parties. This research explores the current position of smart contracts in Malaysia and the viability of the Malaysian framework in handling the latest development. This research adopts the qualitative and doctrinal legal approaches in analysing the current legal practice, the relevant statutes and the viability of the Malaysian legal framework. These approaches are necessary to be carried out in ensuring the workability of smart contracts in Blockchain. Additionally, the practices of smart contracts from international experiences are collected as case studies in this research. As a part of the findings, the researchers found that smart contracts are more or less similar to traditional contracts. Therefore, the requirements as stipulated under the Contract Act 1950 that are applicable in Malaysia must be followed accordingly. In this study, based on the nature of Blockchain technology, the researchers evaluate the current position of Malaysian laws in dealing with smart contracts. Additionally, the researchers also looked at the acceptable legal practice of smart contracts in Malaysia.
format	Article
author	Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah Adeyemi, Adewale Abideen Abdul Rahman, Hamizah
author_facet	Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah Adeyemi, Adewale Abideen Abdul Rahman, Hamizah
author_sort	Mohd. Zain, Nor Razinah
title	Smart contract in blockchain: an exploration of legal framework in Malaysia
title_short	Smart contract in blockchain: an exploration of legal framework in Malaysia
title_full	Smart contract in blockchain: an exploration of legal framework in Malaysia
title_fullStr	Smart contract in blockchain: an exploration of legal framework in Malaysia
title_full_unstemmed	Smart contract in blockchain: an exploration of legal framework in Malaysia
title_sort	smart contract in blockchain: an exploration of legal framework in malaysia
publisher	IIUM Press
publishDate	2019
url	http://irep.iium.edu.my/78391/ http://irep.iium.edu.my/78391/ http://irep.iium.edu.my/78391/1/78391%20-Smart%20Contract%20and%20Blockchain.pdf http://irep.iium.edu.my/78391/7/78391%20-Smart%20Contract%20and%20Blockchain%20-%20scopus.pdf
first_indexed	2023-09-18T21:50:28Z
last_indexed	2023-09-18T21:50:28Z
_version_	1777413735190626304

Smart contract in blockchain: an exploration of legal framework in Malaysia

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