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

Abstract

e use of technology in nance has altered how stakeholders conduct nan- cial transactions. Blockchain technology is emerging as a nancial technology (FinTech) paradigm change that promises to improve the e ectiveness of nan- cial transactions and fundamentally disrupt the global nancial network, much to how the digital wave transformed the nancial industry. e FinTech sector needs blockchain technology because it provides data privacy, asset veri cation, record keeping, and transition cost. e 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.