JASIC Volume. 4, Issue 1 (2023)


Geoffrey Getare Nyauma & V. S. Manjula


Blockchain Smart Contracts Legal Technology Business Processes Decentralization Automation Contract Management Digital Transformation Regulatory Frameworks

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Revolutionizing legal and business processes of the digital age using blockchain technology

Abstract: Blockchain technology has transcended its origins in cryptocurrency and is now poised to transform various aspects of the legal and business landscape by implementing smart contracts. Smart contracts, which operate on blockchain networks and are self-executing, programmable contracts, have the potential to completely change how agreements are made, carried out, and enforced. In order to shed light on their benefits, drawbacks, and potential future ramifications, this article examines the development of blockchain-based intelligent contracts and their influence on legal and corporate procedures. Traditional methods of managing and carrying out contracts are frequently time consuming, expensive, and prone to disagreements. Blockchain technology's smart contracts provide a decentralized, automated, and impenetrable means of drafting, carrying out, and upholding contracts. This article explains how smart contracts can streamline processes across multiple industries, including finance, real estate, supply chain management, and intellectual property by carefully exploring the technological foundations and real-world use cases of smart contracts. Smart contracts' potential societal and economic effects, such as decreased transaction costs, increased effectiveness, and improved. This article promotes interdisciplinary study and collaboration among legal scholars, technologists, and business professionals to fully realize the promise of blockchain-based intelligent contracts. It ends by imagining a time when smart time when smart contracts are fully incorporated into daily life, revolutionizing the way contracts are established and carried out in the digital age.