Smart Contracts: Legal Implications in the Age of Automation

Abstract

Blockchain-powered smart contracts are automating contract execution, completely changing the way business transactions are conducted. In the era of automation, this article examines the legal ramifications of smart contracts, contrasting them with conventional contracts and examining the advantages and disadvantages they offer. The essay explores regulatory considerations for incorporating smart contracts into current legal frameworks while protecting the interests of contractual parties and consumers by drawing on the nexus between law and technology. Stakeholders can efficiently manage the intricacies of smart contracts and promote innovation and legal compliance in commercial transactions by identifying best practices and recommendations.