Notes on the principles of the European Law Institute in the field of blockchain technology, smart contracts and consumer protection

Abstract

This essay exposes the Principles of the European Law Institute (ELI) in the field of blockchains and smart contracts explaining the context in which they are formulated and the aims that guide their authors. After briefly detailing what ELI is, what are its goals and its modus operandi, we contextualize the document and explain its purpose and structure. In its main section, in which it pays special attention to the requirement of a functional equivalence, it addresses some of the most relevant principles, from those included in the general section and have anyone who uses blockchain to contract as recipient, to some of those included in its special section, that is intended to provide consumers the same level of protection as that given to them by the European legislation for consumers protection, keeping in mind that the inequality that generally can be found in the negotiation with consumers increases when disruptive technology is used.