The Impact of Smart Contracts on Cyberpreneurship in Contemporary Business Marketing

Abstract

The rapid advancement of smart contract innovation in online commerce has initiated significant discussions on enhancing the effectiveness of digital transactions. This research investigates the complexities of smart contract innovation within Indonesia’s e-commerce landscape, focusing on issues such as inaccuracies and behaviors that could negatively impact buyers. The primary objective is to provide clarity on legal matters in Indonesia’s evolving legal and technological environment. Employing a normative juridical approach, the study analyzes current laws and regulations to ensure the protection of participants in online transactions. Furthermore, it explores the concept of Cyberpreneurship using internet media for business—aiming to identify new business opportunities and improve e-commerce outcomes. Structural Equation Modeling (SEM) is utilized to understand the relationships among variables related to smart contracts and e-commerce. The findings reveal that smart contract innovation (SCI) significantly affects cyberpreneurship (CP) with an estimated parameter of 0.45 (t-value = 4.50, p < 0.001). Legal certainty (LC) also significantly affects CP with an estimated parameter of 0.30 (t-value = 3.75, p < 0.001). Furthermore, CP has a positive and significant impact on e-commerce efficiency (EE) with an estimated parameter of 0.60 (t-value = 6.67, p < 0.001). These results indicate that smart contracts improve transaction speed, reduce costs, and ensure legal protection, thereby fostering a more secure and reliable e-commerce environment. This research aspires to contribute to the development and regulation of e-commerce in Indonesia and serve as a foundation for future studies. By addressing the legal and technological challenges, the study aims to provide recommendations for policymakers and business practitioners to enhance the adoption and implementation of smart contracts in e-commerce, ultimately contributing to a more robust and efficient digital economy.