A Preliminary study on artificial intelligence oracles and smart contracts: A legal approach to the interaction of two novel technological breakthroughs. A legal approach to the interaction of two novel technological breakthroughs

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Artificial Intelligence and Smart Contracts are two cutting-edge technological achievements
of the so-called 4th Industrial Revolution era. Both have already had a significant impact on
various aspects of modern life, including transactions, and each one has already been under
scientific investigation. Instead, their interaction has not become the subject of a debate, al-
though it can further (positively) affect the transactions. This interconnection takes place
through specific mechanisms, called Oracles, which can be, among others, highly sophis-
ticated Artificial Intelligence systems (autonomous systems). The present article aims to
present the role of the Artificial Intelligence Oracles throughout the ‘smart contractual pro-
cedure’, as well as to shed light on the potential (new) legal issues this interconnection may
raise. The main result of this article is to indicate the appropriate legal directions in case
of Artificial Intelligence Oracles’ failures, based on the most prevalent current approaches
to AI’s (the user’s) contractual and/or non-contractual liability. The major research’s con-
clusion is that the Artificial Intelligence Oracle’s failures may result in one of the following
situations: (a) breach of a (smart) contract, (b) unjust enrichment, (c) conclusion of a (void-
able) smart contract that should not have been concluded, or (d) non-conclusion of a smart
contract that should have been concluded. The responsibility of each person participating
in the ‘smart contractual procedure’, i.e. the contractual parties, the blockchain platform
and the Artificial Intelligence user/owner (or even the Artificial Intelligence system itself),
as well as the AI provider or designer, is examined in each of the afore-mentioned situations
separately. Given that legislative initiatives have already begun, the present article aspires
to contribute to the consistent address of the newly raised legal issues.
Originele taal-2English
Artikelnummer105869
Pagina's (van-tot)1-16
Aantal pagina's16
TijdschriftComputer Law and Security Review
Volume51
Nummer van het tijdschrift51
DOI's
StatusPublished - 1 nov 2023

Bibliografische nota

Publisher Copyright:
© 2023 Juris Vasiliki Papadouli, Juris Vagelis Papakonstaninou

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