Role Of Blockchain In Modern Business Transactions Vis-À-Vis Smart Contracts And ICOS

Soham Mitesh Vakil, Symbiosis Law School, Pune

ABSTRACT

A paradigm shift in business transactions has been brought about by the swift advancement of technology, with blockchain emerging as a revolutionary agent at its vanguard. This research investigates the complex intricacies of blockchain technology in order to elucidate its implications for contemporary business transactions. At the core of this investigation lie the essential constituents of smart contracts and ICOs, which make distinct contributions to the progression of transactional paradigms.

The foundational section provides an overview of the essential components of blockchain, elucidating its historical development and emphasising its distinctive attributes. In light of this context, the study proceeds to analyse the groundbreaking notion of smart contracts, shedding light on their fundamental principles and wide-ranging implementations in various sectors. The exploration progresses to ICOs, examining their historical evolution, operational mechanisms, and the complex terrain of related hazards.

The regulatory environment surrounding blockchain and ICOs is examined with a critical eye, revealing the legal implications and international viewpoints that shape their implementation. The focal point of this analysis is the security and privacy issues that are intrinsic to blockchain transactions. Additionally, the implications of this technology for decentralisation and its interaction with emergent technologies are explored.