Legal Aspects of Smart Contracts and Application of Blockchain Technology in FinTech

Summary

The use of technology in finance has altered how stakeholders conduct financial transactions. Blockchain technology is emerging as a financial technology (FinTech) paradigm change that promises to improve the effectiveness of financial transactions and fundamentally disrupt the global financial network, much to how the digital wave transformed the financial industry. The FinTech sector needs blockchain technology because it provides data privacy, asset verification, record keeping, and transition cost. The focus of the current study is an investigation of the legal implications of smart contracts and how blockchain technology is being used in the FinTech sector because smart contracts are one of the most active areas of blockchain technology development, also exploring the potential impacts of blockchain technology on new regulations of FinTechs such that the interests of stakeholders can be better served.