Abstract
Blockchain has been posed as a revolutionary technology. Its application is diametrically opposed to the centralized conventional mechanisms. However, it would appear that blockchain has only been able to have a significant impact on payment mechanisms and financial transactions. Blockchain technology went on to revolutionize the financial industry with the advent of Bitcoin in 20081. However, many within the legal and business fraternity believe that smart contracts will outsize the disruption caused by crypto-currency and believe that smart contracts will reinvent the way businesses and people alike enter into transactions2. The purpose of this paper is two pronged: first, to analyse the use of smart contracts to understand if its positives outweigh its negatives or viceversa and analyse how this technology can benefit India; and second, to analyse the legal recognition and enforceability of smart contracts in India while drawing from the regulatory experiences of other jurisdictions, with a focus on the experience of the United Kingdom.
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