The impact of blockchain on contract law smart contracts and legal enforcement

This paper explores how smart contracts work, their enforceability in different countries, and the challenges they bring to traditional legal systems. Blockchain technology, with its decentralised and immutable nature, has introduced significant transformations in various sectors, including finance, supply chains, and legal frameworks. The distributed ledger technology (DLT) underlying blockchain offers a secure, transparent, and tamper-resistant method for recording transactions. Smart contracts are self-executing digital agreements that automatically enforce the terms of the contract when predefined conditions are met. These contracts operate on blockchain networks, removing the need for intermediaries, such as lawyers or banks.