Article title: APPLICATION OF DISTRIBUTED REGISTERS (BLOCKCHAIN) AND SMART CONTRACTS IN LOAN CALCULATIONS

Article author: Ilovaiskiy Igor Borisovich

Number of pages: 10

Contact mail: dominno@rambler.ru

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Annotation:
Settlements under the letter of credit are one of the forms of non-cash payments, which is designed to balance the interests of the payer and the recipient of funds. Such obligations make it possible not only to make payment quickly, but also to obtain a certain guarantee of the transfer of goods, works or services. The advantages of this form of payments can be used in the implementation of blockchain technology and smart contracts, however, this requires adequate legal regulation. The purpose of this publication is to consider the prospects of regulatory improvement of domestic law in terms of regulation, as the letter of credit form of payments, and the use of its implementation of information and Internet technologies. As a result of the study, a comparative analysis of the subject composition and content of the "classical" letter of credit legal relationship in international settlements, the initial domestic experience of implementing a letter of credit on the blockchain platform and the use of so - called smart contracts-smart contracts-was carried out. This approach, including consideration of domestic and foreign legislation became the basis for the conclusion that the Russian legislator is at the initial stage of understanding this kind of public relations. The developments of legal science and positive foreign experience in this sphere are not used enough. Meanwhile, a more thoughtful approach in the study area would contribute to the creation of unified legal sources common to different States, and the prevention of abuses in law enforcement practice.