Smart Contract in Iraq: A Legal Framework

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GHASSAN ADHAB ATIYAH, NAZURA ABDUL MANAP, SAIDATUL NADIA ABD AZIZ

Abstract

Blockchain technology’s growth in global adoption has attracted attention from various sectors as a means of secure and accessible record-keeping. In the field of law, the technology is being adopted to meet the growing need to develop traditional contracts that govern contractual relationships between parties into smart contracts. These contracts differ from traditional versions in that they rely on computational code to perform the involved parties’ contractual obligations. This article explores the current position of traditional contract law under Iraqi legislation and the viability of Iraqi law in handling and incorporating smart contracts within Iraq’s legal system. The article adopts a qualitative approach in analysing the current legal practice, relevant statutes and the adaptability of Iraqi laws towards smart contracts implemented with blockchain technology. The findings of this article show that Iraqi contract law is insufficient to incorporate blockchain-based smart contracts into legal practice in Iraq.

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