Legal Implications and Challenges of Blockchain Technology and Smart Contracts
Jenny Szabo, Charles Bernard, Laurent Philip
Abstract
Blockchain technology and smart contracts have emerged as revolutionary tools with the potential to transform various industries by providing decentralized, transparent, and secure methods for recording transactions and automating contractual agreements. However, the adoption of these technologies also raises significant legal and regulatory challenges. This paper critically examines the legal implications and challenges associated with blockchain technology and smart contracts. Through an analysis of existing legal frameworks, case studies, and regulatory approaches across different jurisdictions, this study identifies key issues such as enforceability, jurisdiction, data privacy, and security. The paper also explores potential solutions and recommendations for addressing these challenges, aiming to contribute to the development of a robust legal framework that supports the responsible use of blockchain technology and smart contracts.