Smart Legal Contracts and Their Implications in Digital Era
Smart Legal Contracts and Their Implications in Digital Era

Author(s): Yordanka Noneva-Zlatkova
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Smart legal contracts; Blockchain; Digital era; Traditional contract
Summary/Abstract: The law in the new digital era is faced with many challenges and unknown legal figures. Smart legal contracts are a notion that needs to be defined in the legal fields of study. They are powered by blockchain technology, automate, and enforce contract terms through code. Also, these contracts offer benefits like efficiency, accuracy, transparency, and automation across sectors such as finance, supply chain, real estate, healthcare, and intellectual property. Despite their advantages, smart contracts face challenges including technical issues, legal recognition, security risks, and ethical implications. As technology advances and legal frameworks evolve, the adoption of smart legal contracts is expected to grow, transforming traditional contract practices, and integrating with emerging technologies like AI and IoT, ultimately shaping the future of digital transactions and legal agreements. In addition, the author traces how the traditional theoretical aspects of contracts can be applied to smart legal contracts. The researcher proves that the new technologies may influence the conventional legal order, which may be explained by the fact that individuals want to live in a more efficient digital era, than those in the conventional trade economy.

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