Legality of Blockchain and Smart Contracts in India

Abstract

India is presently experiencing a moment of profound transformation that encompasses revisions to its constitution and legal principles. In this era of remarkable transformation, it would be imprudent to overlook the technological innovations and digital advancements that have permeated the legal domain. One particularly vital aspect in this context is the field of Contract Law. Presently, electronic contracts in India are primarily governed by The Indian Contract Act, in conjunction with the Information Technology Act and the Indian Evidence Act, unless stated otherwise. These legal frameworks provide the foundation for legally enforceable electronic contracts in the country. This research paper emphasizes the urgent requirement for a legal adaptation in the field of Contract Law to align with the ever-evolving technological landscape. It also delves into the legal intricacies associated with blockchain-based Smart Contracts, elucidating how these contracts function within the current judicial landscape. Finally, it concludes by emphasizing the necessity for a pioneering effort to regulate this dynamic domain.