Electronic Theses and Dissertation

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i ABSTRACT Cut Putroe Salsabila SMART CONTRACT LEGAL PROTECTION ON ELECTRONIC TRANSACTIONS IN INDONESIA: A COMPARATIVE STUDY WITH DUTCH LAW (2022) Law Faculty, University of Syiah Kuala (v, 81) pp.,bibl. (Eka Kurniasari, S.H., M.H., L.LM) The growth of technology has altered many human habits, including business practices. According to Nick Szabo, smart contract is computerized transaction protocol that executes the terms of a contract. Smart contracts are able to boost the productivity of business actors while shortening the standard contract's lengthy procedure. However, Indonesia still has not possessed specific regulations toward smart contracts. The existence of a legal hole in the Indonesian legal system prompted the author to investigate how the Indonesian regulatory framework addresses the application of smart contracts. The primary purpose of this research is to increase the legal protection for the execution of smart contracts in Indonesia. Thus, the Author conducted a comparative study of the Dutch General Data Protection Regulation, adopted from the EU’s General Data Protection Regulation since it is regarded as a "landmark in the growth of the European privacy framework." The research methodology used in this thesis is normative research, namely legal research conducted by examining library materials or secondary legal materials, and tertiary legal materials. The materials are then arranged systematically, examined, and then drawn conclusions in relation to the issue under study related to the legal protection of smart contracts in online transactions in Indonesia, in comparison with The Netherlands. The result of the research showed that since Indonesia has no specific provision of smart contract, the issue with present Indonesian law is that it fails to acknowledge the potential benefits and drawbacks of smart contracts. This study found several adjustments that Indonesian regulations might take to strengthen the legal protection of smart contracts when compared to the Dutch General Data Protection Regulation Implementation Act. The recommendation for Indonesia on this matter is to create a specific law to regulate smart contract protection and its implementation, which would include a provision that explicitly defines the smart contract, establishes a restriction on its implementation, and specifies the protection of the data subject from the start of the preparation process to the end of the implementation, as well as the safeguard measures.