SMART CONTRACTS AND BLOCKCHAIN: CHALLENGES FOR CONTRACT LAW IN THE REPUBLIC OF UZBEKISTAN

Abstract

This article explores the legal challenges associated with the implementation of blockchain technologies and smart contracts within the contract law of the Republic of Uzbekistan. The author examines the concept of smart contracts, their technological foundations and distinctions from traditional contracts, as well as analyzes the current legal framework of Uzbekistan regarding blockchain applications. Special attention is given to the interaction between smart contracts and key principles of civil law, including the autonomy of the parties, good faith, the possibility of revising contract terms, and judicial enforcement. The study identifies major regulatory challenges, such as the uncertain legal status of smart contracts, lack of consumer protection mechanisms, AML/CFT issues, and jurisdictional conflicts in the transnational blockchain environment. The article concludes with recommendations for the development of contract law and legal adaptation in Uzbekistan to the demands of the digital economy.