Revolutionizing Legal Contracts: The Integration of Blockchain-Based Smart Contracts and Regulatory Adaptations
By Vidushi Rastogi, NMIMS Kirit P Mehta School Of Law, Mumbai*.
Abstract
This research aims to scrutinize the transformative potential of blockchain technology within the legal domain, focusing specifically on the integration and enforcement of smart contracts. The objective is to elucidate how smart contracts can automate and streamline legal processes, while addressing potential legal challenges and evaluating the necessity for robust regulatory adaptations. The study provides a meticulous analysis of the legal implications and regulatory requirements associated with the deployment of smart contracts. It delves into the complexities of integrating blockchain technology into the existing legal framework, offering insights into how legal structures can evolve to accommodate these technological advancements. The research is poised to serve as a foundational resource for legal practitioners, policymakers, and scholars in understanding and navigating the regulatory landscape of blockchain-based smart contracts. The findings indicate that smart contracts offer significant benefits, including enhanced efficiency, cost reduction, and increased transparency in legal processes. However, the study also identifies substantial legal challenges such as issues of jurisdiction, enforceability, and the need for comprehensive regulatory measures. The research underscores the critical necessity for legal frameworks to adapt, ensuring that blockchain-based smart contracts are not only legally enforceable but also aligned with overarching legal principles and standards. This study contributes original insights to the burgeoning field of legal technology by providing an exhaustive examination of the intersection between blockchain technology and legal contracts. It stands out by offering pragmatic recommendations for policymakers and legal professionals on the development and implementation of regulatory frameworks that support the effective adoption of smart contracts. The research underscores the imperative for a balanced approach that fosters innovation while safeguarding legal integrity and consumer protection.
Keywords: Blockchain, Smart Contracts, Legal Contracts, Regulatory Frameworks, Legal Technology, Automation, Jurisdiction, Enforceability.
* The author is a fourth year BBA. LL.B. (Hons.) student at NMIMS, Kirit P Mehta School Of Law, Mumbai.
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