Based on a systematic analysis of the general provisions of civil law on the forms of transactions, contracts and methods of performance of obligations, and doctrinal points of view on the essence of the smart contract as a product of digitalization conclusions are made that the smart contract has a complex and ambiguous legal nature, allowing to define it as a kind of electronic contract, a separate form of written transaction (contract), a way to fulfill an obligation. In the absence of its legal concept, it does not replace the traditional civil law contract. The subject composition and content of the smart contract is mediated by the scope of its application. We should not exaggerate the role and importance of smart contracts and expand the scope of their application outside of civil turnover.

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