"Smart Contracts" under Turkish Law of Obligations

Smart contracts stand as a new concept that we are familiar with day by day, but we do not know exactly where it is located under the law. Since it contains the word "contract" they give the impression of a legal concept and are perceived as a new generation of contracts. However, smart contracts are not a new contract type, and there is no single smart contract type. Smart contracts can be seen as the process of making existing contract types with a new technique and automatic performance of thereof. In other words, smart contracts are the process of two or more parties transferring the predetermined provisions to the blockchain for automatic execution of them. Smart contracts can automate the formation of contracts as well as automate the performance of contractual obligations. One of the characteristic features of smart contracts is that people can remain anonymous in all these processes. However, it should be noted that the concept of smart contract is used in a wide range from simple transactions on the blockchain to complex legal contracts and there is no generally accepted definition yet. There are many points where smart contracts contact with the law. Among them, there are many different branches such as criminal law, tax law, consumer law, and data protection law. However, this thesis has been limited to the general evaluation of smart contracts in accordance with the principles of the law of obligations. In this context, the question of whether smart contracts are contract in the legal sense is one of the first questions that comes to mind. After that, the validity of automated declarations of will, the problem of anonymity of the parties, form requirements in smart contracts, defects in declarations of will in smart contracts and the remedies, the interpretation of smart contracts are some of the matters discussed in this thesis. In addition to these, the regulations on smart contracts, especially in Europe and the USA, and the approaches of the states have been examined. The aim of this study is to discuss the problems that await lawyers regarding smart contracts, to make the readers think and to contribute to the doctrine for finding solutions. Since it is a new concept, there is a lack of legal regulation and case law regarding smart contracts. Because of that, the doctrine has a great task to shed light on the issue. In this direction, different perspectives on smart contracts in the world have been taken as a basis and efforts have been made to find the most appropriate approaches for Turkish law. Key Words: Blockchain, crypto asset, smart contract, automated declaration of intent, irreversibility, automatic performance of obligations.