2022/08/02 by Kamal Kishor Singh, Singh, Kamal Kishor
Business, Management and Accounting · Computer Science · Decision Sciences · #Blockchain Technology Applications and Security #Computers and Society (cs.CY) #FOS: Computer and information sciences #FinTech, Crowdfunding, Digital Finance #Impact of AI and Big Data on Business and Society #cs.CY
paper · pdf · doi:10.48550/arxiv.2208.01350
arxiv created 2022/08/02 · openalex publication_date 2022/08/02 · arxiv updated 2022/08/03 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
With technological advances and the establishment of e-commerce models, business challenges have shifted to online platforms. The promise of embedding self-executing and autonomous programs into blockchain technologies has attracted increased interest and its use in niche solutions. Using qualitative interviews, this paper sought the opinions of the eleven industry leaders regarding smart contracts. Findings reveal that the technology is gaining momentum in e-commerce, particularly in financial transfer, record-keeping, real estate, and property management, insurance, mortgage, supply chain management, data storage, authorization of credit, denaturalized intelligence, aviation sector, shipping of products, invoice financing and other domains. The significant benefits of widespread adoption and deployment of smart contracts include their capability to deliver decentralization, efficacy, cost-effectiveness, transparency, speed, autonomy, transparency, privacy, and security, encouraging the emergence of novel business models. Albeit these benefits that revolutionize online transactions, the technology faced multifaceted challenges. Smart technologies are only a decade old and are not advanced in security, transparency, cost-effectiveness, and regulatory framework. Furthermore, organizational, and technical challenges limit their deployment: incompatibility with legacy systems, scalability, bugs, speed, and lack of talent and understanding regarding smart contracts. Consequently, policymakers, developers, researchers, practitioners, and other stakeholders need to invest effort and time to foster the technologies and address pertinent issues to enable the global adoption of smart contracts by small and big businesses.