Smart Contracts and Blockchain Technology: A Revolution in Contract Law
Prof. Smruti Vyavahare1, Manoj Gujare2, Shivam Patil3, Prateek Dhole4, Pranav Rathod5 ,
Ayush Sherigar6
123456 Dept. of AI&DS Engineering, Zeal College of Engineering & Research, Pune
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Abstract - Smart contracts and blockchain technology are poised to transform the way that contracts are executed and managed. This research paper explores the revolutionary potential of smart contracts and blockchain technology in the field of contract law, analyzing their ability to eliminate intermediaries, increase transaction speed, and reduce transaction costs. The paper presents a comprehensive literature review that examines the various applications of smart contracts in different industries, highlighting the advantages and disadvantages of this new technology. The study's methodology includes a combination of qualitative and quantitative analysis, with a comparative analysis of smart contract regulations in different jurisdictions. The research findings indicate that smart contracts have the potential to revolutionize contract law by offering secure, transparent, and immutable agreements that are efficient and cost-effective. However, the study also highlights potential challenges associated with smart contracts, such as the lack of legal recognition in some jurisdictions and the potential for disputes arising from coding errors or malicious intent. The paper concludes by offering recommendations for the careful regulation of smart contracts to ensure their legal recognition and effective implementation in the field of contract law. Overall, this research paper provides valuable insights into the opportunities and challenges presented by smart contracts and blockchain technology in the field of contract law, offering a roadmap for their successful adoption and regulation.
Key Words: Blockchain technology , Smart contracts , Contract law , Decentralization , Automation , Digital contracts , Cryptography , Jurisdiction , Enforcement , Dispute resolution.
