Prospects of using smart contracts for the purpose of foreclosure

Yakovlev Oleg Konstantinovich

The article is devoted to the problem of practical application of smart contracts. Different views on smart contract as a new phenomenon in legal regulation are considered. The most important features of smart contract are analyzed. The conclusion is made about the nature of a smart contract as a way of executing a contract. The relationship between cryptocurrency and smart contract is being investigated. The terms of use of smart contracts in foreclosure procedure are explained.

Keywords:Smart contract, cryptocurrency, foreclosure, method of obligation fulfillment, pre-judicial procedures of dispute resolution