digitallawJournal of Digital Technologies and LawJournal of Digital Technologies and Law2949-2483Kazan Innovative University named after V. G. Timiryasov10.21202/jdtl.2024.16zkuagzdigitallaw-426Research ArticleARTICLESСТАТЬИConfiguration of Incoterms into Smart Contracts: a View of International Sales Contracts through a Futuristic PeriscopeПрименение смарт-контрактов в сфере международной торговли и перспективы дальнейшей эволюции Инкотермсhttps://orcid.org/0009-0000-8289-3081АудуП. Ф.AuduP. F.

Ауду Принс Фатер – бакалавр права, юридический факультет.

Зария 810107, кампус Конго

Prince Fater Audu – Bachelor of Law, Faculty of Law.

810107, Kongo Campus, Zaria

pfateraudu@gmail.comhttps://orcid.org/0000-0003-1661-232XШабихФ.ShabihF.

Шабих Фатима – бакалавр права и гуманитарных наук, юридический факультет.

Нью-Дели 110025, Джамия Нагар

Fatima Shabih – Bachelor in Arts and Law, Faculty of Law.

110025, Jamia Nagar, New Delhi

Shabihfatima010@gmail.comУниверситет Ахмаду БеллоНигерияAhmadu Bello UniversityNigeriaУниверситет Джамия-Миллия-ИсламияИндияJamia Millia Islamia UniversityIndia20243007202422308327Copyright © Audu P.F., Shabih F., 20242024Ауду П.Ф., Шабих Ф.Audu P.F., Shabih F.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.lawjournal.digital/jour/article/view/426Objective

Objective: to identify the prospects of international trade in the light of synchronizing Incoterms with smart contracts.

Methods

Methods: the study is based on the general scientific methods of analysis, synthesis, comparison, and formal-legal method necessary to analyze the provisions of Incoterms.

Results

Results: the authors analyzed the provisions of Incoterms and technological innovations in commercial law; showed the connection between the practice of commercial law and technological development due to the inclusion of contractual terms in blockchain. It is noted that the integration of blockchain technology with smart contracts has led to a variety of automated business transactions and the creation of a platform for synthetic assets trading. The authors describe the possibilities of secure and easy transactions in international trade using blockchain. Despite the uniqueness of this technology, its different types are distinguished, namely: public, private, hybrid, and consortium blockchain. It is substantiated that the synchronization of Incoterms with smart contracts can improve the prospects of international trade (especially export-import contracts). It is emphasized that smart contracts based on blockchain can revolutionize the application of Incoterms, consequently increasing the efficiency of transactions between parties to export-import relationships. One of the fundamental changes that smart contracts will bring to these trade transactions is the reduction of errors and misinterpretations of Incoterms. The authors use specific cases to demonstrate disputes arising at the stages of transaction conclusion and execution, which could have been avoided using modern technologies.

Scientific novelty

Scientific novelty: The paper shows the phenomenon of synchronizing Incoterms with blockchain and how it can affect the form of contracts and facilitate their smooth execution. The proposed approach to analyzing the phenomenon takes into account the revolutionary innovations in crossborder trade, which are compared with the usual ways of applying Incoterms in traditional international trade contracts.

Practical significance

Practical significance: the research provides suggestions and recommendations for further development of innovations in the field of smart contracts, especially export-import trade contracts on a global scale.

Цель

Цель: выявить перспективы международной торговли в свете синхронизации положений Инкотермс со смарт-контрактами.

Методы

Методы: в основе исследования лежат общенаучные методы анализа, синтеза, сравнения, а также формально-юридический метод, необходимый для анализа положений Инкотермс.

Результаты

Результаты: авторами проанализированы положения Инкотермс и технологические новации в торговом праве; показана связь между практикой торгового права и технологическим развитием, обусловленная включением условий договора в блокчейн. Отмечается, что интеграция технологии блокчейн со смарт-контрактами привела к разнообразию автоматизированных бизнес-транзакций и созданию платформы для торговли синтетическими активами. Раскрыты возможности безопасного и простого осуществления сделок в международной торговле с помощью технологии блокчейн. Несмотря на уникальность данной технологии, выделяются различные ее виды, а именно: публичный, частный, гибридный и консорциумный блокчейн. Обосновано, что синхронизация положений Инкотермс со смарт-контрактами может изменить перспективы международной торговли (особенно экспортно-импортных контрактов) в лучшую сторону. Подчеркивается, что на основе технологии блокчейн смарт-контракты могут произвести революцию в применении Инкотермс, и, как следствие, повысить эффективность транзакций между сторонами экспортно-импортных отношений. Одно из фундаментальных изменений, которое смарт-контракты внесут в данные торговые операции, заключается в сокращении количества ошибок и неправильного толкования правил Инкотермс. Авторы на конкретных случаях демонстрируют возникающие на этапе заключения сделки и ее исполнения споры, которые можно было бы избежать посредством использования современных технологий.

Научная новизна

Научная новизна: показаны феномен синхронизации Инкотермс с технологией блокчейн и то, как это может повлиять на форму контрактов и способствовать их беспрепятственному исполнению. Предложенный подход к анализу феномена учитывает революционные инновации в трансграничной торговле, которые сравниваются с обычными способами применения Инкотермс в традиционных международных торговых контрактах.

Практическая значимость

Практическая значимость: проведенное исследование содержит предложения и рекомендации для дальнейшего развития инноваций в области смарт-контрактов, особенно экспортно-импортных торговых контрактов в глобальном масштабе.

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The authors declare that there are no conflicts of interest present.