Smart Contracts and Online Dispute Resolution the New Era

Today technology has completely integrated itself with the world. It is associated with innovation and invention. The continuous growth of technology is the key driver of the economy of any country. Millions of dollars are spent each year by the countries to up their technological game. It is present in all the sectors ranging from real estate, manufacturing, finance and even the health sector. Blockchain is one of the numerous technological marvels. It is a kind of database that is different from the others. This is because it stores information in numerous blocks and all these blocks are connected to each other, thus forming a chain. It is also one of the most favored platforms for trading of the crypto currencies. Of the numerous things that can be stored in blockchains, one of them is the smart contract. This is a computer programme, the purpose of which is to self - execute and document certain legally pertinent actions and events. They are currently being executed only at the international levels. Smart contracts are a fairly new concept, whose legal regulations are yet to be formulated by the world. The authors of this study will solely focus upon the same. As there exists a lack of legal regulations, issues can arise in the execution and the termination of the contract. Though there do not exist regulations tailor made for such contracts, there do exist certain regulations that can be referred to. This article will focus upon the regulations that are present in India and the EU. Further, it will also outline the various options for resolving a disagreement if one occurs.