From Cryptocurrency to Smart Contracts: A Blockchain's Growing Impact on Trading and Business

Abstract

In the previous research of the authors, the dynamics of cryptocurrency using blockchain technology have been studied. The chapter captures the present state of research on legal challenges related to the applicability of cryptocurrency in India by providing a critical review. An overview of pre- and post-pandemic transactions by investors in digital currency has been discussed and reviewed. In the current study, the author(s) try to examine the impact of blockchain technology on trading and business, with an emphasis on the growth and sustainability of the business. The business process will benefit from effective tracking, visibility, security improvements, and cost savings as a result ( Pal et al., 2021 ). Therefore, to ensure the legitimacy of such items, trust and confidence are factors that need to be considered (Loebbecke and Lueneborg, 2018). Through a systematic review of the literature, the application in various aspects of different types of businesses is explored, identifying the challenges in 24 blockchain implementation and looking for future trends along with the regulatory framework of trading and business in India. This chapter is important for scholars, researchers, and even entrepreneurs to understand the pedagogy behind using any technology with safe and secure transactions in business.