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A Contextual Study of Regulatory Framework for Blockchain
Abstract
This study seeks to understand and explain the technological and regulatory challenges of blockchain technology particularly in execution mechanism of smart contracts as compared to regular contracts and to explore legal implication attached the blockchain technology. While evaluating the early days of regulatory framework of blockchain, the current study provides a focused review of relevant studies to identify the legal challenges arising from the application of AI in smart contracts and to find solutions to overcome these challenges. The study has emphasized certain areas related to the blockchain such as AI application and execution of smart contracts and finds that that there is currently a lack of legal certainty as to how various requirements of a valid contract would be satisfied. Hence, it highlights the need of regulation without disrupting the key yet essential features of blockchain. Keywords: Blockchain, Smart contract, AI, Framework, Legislation, Cryptocurrency
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