Application of blockchain smart contracts in smart tenancies: A Malaysian perspective

【Author】 Yong, Kai-Jie; Tay, Eng Siang; Khong, Dennis W. K.

【Source】COGENT SOCIAL SCIENCES

【影响因子】0.000

【Abstract】The advancement in blockchain technology has enabled smart contracts to automate the execution of tenancy obligations, known as "smart tenancies". This paper analyses the legal issues on the adoption of smart tenancies within Malaysia using legal doctrinal research method. We seek to answer these questions: (1) whether smart tenancies are enforceable in Malaysia; (2) whether parties to a smart tenancy can apply for an endorsement of tenancy under the National Land Code; (3) whether the legal profession can claim exclusivity in offering and maintaining smart tenancies services; and (4) whether there is room for self-help in resolving tenancy disputes using smart tenancies in Malaysia. The key findings are as follows: (1)(a) smart tenancies can and should be stamped when the user interface stipulates the information required for calculation of stamp duty; (1)(b) smart tenancies service provider have to comply with the Electronic Commerce Act 2006 to ensure that the system is reliable to attribute the electronic signatures to the contracting parties; (2) once the print-out of a smart tenancy is stamped, the tenant and landlord have an option to apply for endorsement of tenancy with the land registry under the National Land Code (Revised 2020); (3) the Legal Profession Act 1976 does not restrict the marketing, operation and maintenance of smart tenancies services to be done by law firms exclusively; and (4) there is no room for self-help eviction of a tenant in Malaysia, and the eviction process ought to be enforced with a court order.

【Keywords】blockchain smart contracts; smart tenancies; National Land Code; legal profession in Malaysia; stamp duties

【发表时间】2022 DEC 31

【收录时间】2022-08-28

【文献类型】观点阐述

【主题类别】

区块链技术-核心技术-智能合约