Smart contracts and consumers protection

Abstract

With significant advances in hardware engineering and computer science, a phenomenon of technological disruption is occurring, mainly due to the evolution of the blockchain and artificial intelligence. This has been called a fundamental paradigm shift. The Internet is becoming a market where products, services, and business models converge. For its part, digital technology has been introduced into homes, and we have learned to live with it; this is the “digitalization of the everyday.” This all contributes to the existence of risks for the consumer, especially risks concerning their freedom and particularly their freedom to make conscious decisions. It is, therefore, the duty of European institutions to regulate consumer rights concerning blockchain services and smart contracts, particularly the rights to information.