Implementation of smart contracts in international business activities

Abstract

The complexity of business operations in the global economy is rising, necessitating new approaches to contractual relationship management. This article explores the potential of smart contracts as a transformative tool for international business. By utilizing blockchain technology, smart contracts can automate agreements, reduce transaction costs, and enhance security and efficiency. Initially developed on the Ethereum network, smart contracts have since evolved with the introduction of new blockchain platforms. This paper examines the theoretical background of smart contracts, their practical applications in international business activities, and their impact on economic efficiency. Despite high costs of development, insufficient legal frameworks, and trust-related concerns, the findings suggest that smart contracts hold great potential to optimize international economic activities by increasing transparency, reducing risks, and facilitating decentralized governance.