Smart contracts & Blockchain: The panacea to the unequal bargaining power of consumers?
By: Rab, Ajar
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Material type: 
BookPublisher: International Journal on: Consumer Law and Practice Description: (8), 2020: p.40-58.Subject(s): Bitcoin, Blockchain, Decentralized ledger technology, Smart contracts, IoT, Privacy, Ricardian contract, etc
In:
International Journal on: Consumer Law and PracticeSummary: The growing use of technology, apps, and internet-ofthings is pushing innocent consumers to the bottom of the chain when it comes to freely negotiated contracts. Consumers click ‘I Agree’ without knowing the terms and conditions of the contract. However, this rise in technology may hold the cure to the unequal bargaining power in standard form consumer contracts. This paper highlights the current issues existing in consumer law jurisprudence and explains Blockchain or Decentralised Ledger Technology, and Smart Contracts. The paper argues that the application of such technologies, especially Ricardian Contracts, has the potential to level the playing field and provide equal bargaining power to consumers, without comprising their privacy. It surveys the current use of such technology in areas of insurance, flight compensation and service contracts and demonstrates how issues of consent, legal certainty and enforcement of consumer rights can be better addressed by Blockchain and Smart Contracts. The paper argues that such technologies foster trust, confidentiality, and efficiency and remove jurisdictional barriers in international trade and commerce. However, before such technologies can be given legal sanction for in the area of consumer law, many legal thresholds and statutory requirements will have to be revamped by legislatures. It concludes that Blockchain and Smart Contracts can. – Reproduced
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Articles
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Indian Institute of Public Administration | (8), 2020: p.40-58 | Available | AR125359 |
The growing use of technology, apps, and internet-ofthings is pushing innocent consumers to the bottom of the chain when it comes to freely negotiated contracts. Consumers click ‘I Agree’ without knowing the terms and conditions of the contract. However, this rise in technology may hold the cure to the unequal bargaining power in standard form consumer contracts. This paper highlights the current issues existing in consumer law jurisprudence and explains Blockchain or Decentralised Ledger Technology, and Smart Contracts. The paper argues that the application of such technologies, especially Ricardian Contracts, has the potential to level the playing field and provide equal bargaining power to consumers, without comprising their privacy. It surveys the current use of such technology in areas of insurance, flight compensation and service contracts and demonstrates how issues of consent, legal certainty and enforcement of consumer rights can be better addressed by Blockchain and Smart Contracts. The paper argues that such technologies foster trust, confidentiality, and efficiency and remove jurisdictional barriers in international trade and commerce. However, before such technologies can be given legal sanction for in the area of consumer law, many legal thresholds and statutory requirements will have to be revamped by legislatures. It concludes that Blockchain and Smart Contracts can. – Reproduced
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