{"id":26368,"date":"2022-02-23T09:08:53","date_gmt":"2022-02-23T07:08:53","guid":{"rendered":"https:\/\/www.getsmarter.com\/blog\/?p=26368"},"modified":"2025-11-26T14:51:44","modified_gmt":"2025-11-26T12:51:44","slug":"blockchain-regulation-and-smart-contracts","status":"publish","type":"post","link":"https:\/\/www.getsmarter.com\/blog\/blockchain-regulation-and-smart-contracts\/","title":{"rendered":"Blockchain Regulation and Smart Contracts"},"content":{"rendered":"\n<p>Enhance your knowledge and skills on the <a href=\"https:\/\/www.getsmarter.com\/products\/uct-blockchain-and-digital-currency-online-short-course\" target=\"_blank\" rel=\"noopener\">Blockchain and Digital Currency: The Future of Money<\/a> online short course from the University of Cape Town (UCT). In six weeks, you\u2019ll learn how blockchain works and operates within the current and future financial system. <a href=\"https:\/\/www.youtube.com\/watch?v=vwHoDskkK2w\" target=\"_blank\" rel=\"noopener\">Watch the course trailer<\/a> to find out more.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"UCT Blockchain and Digital Currency: The Future of Money | Trailer\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/vwHoDskkK2w?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>One of the most debated technology trends in the past few years, blockchain has disrupted a broad cross-section of industries and businesses, from banking and financial services to insurance, healthcare, and information technology. <\/p>\n<p>Its continued adoption has made business leaders and professionals recognize blockchain\u2019s move from a relatively unknown, seemingly daunting innovation to a technology that many global corporations now rely on. This is what you need to know:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"blockchain-explained\">Blockchain explained<\/h2>\n\n\n\n<p>A distributed database that is shared digitally, a blockchain is essentially a ledger or a record of transactions that cannot be changed, deleted, or destroyed. Data is stored in individual blocks via cryptography, making blockchain a remarkably safe, transparent way of storing information.<\/p>\n<p>A blockchain network can be used to digitally track and trade just about anything, at a reduced cost and with lowered risk. The technology helps decrease an individual\u2019s reliance on third-party and intermediary service providers, such as banks.<sup>1<\/sup><\/p>\n<h2>Six benefits of blockchain <\/h2>\n<p>Introducing blockchain as an innovative method of delivering peer-to-peer information has many benefits. These include:<\/p>\n<h3>1. Increased financial inclusivity<\/h3>\n<p>Blockchain enables financial institutions to create greater coherence throughout their ecosystem, extend their knowledge of their customers, detect fraudulent transactions more successfully, and mitigate against risk more effectively.<sup>2<\/sup><\/p>\n<h3>2. Decreased centralized power<\/h3>\n<p>Rather than being stored centrally, each block is copied and distributed around an entire peer network. Each time anyone within this network adds a new block to the chain, this is added to everyone\u2019s copy simultaneously.<sup>3<\/sup><\/p>\n<h3>3. Enhanced security<\/h3>\n<p>In contrast to traditional banking, payments and money transfers made via blockchain are faster and easier to trace. Blockchain\u2019s cryptographic algorithms bring a new level of security.<sup>4<\/sup><\/p>\n<h3>4. Reduced costs<\/h3>\n<p>Because blockchain creates efficiency in processing transactions, it lowers an organization\u2019s costs. This agility is carried across to a reduction in manual tasks, including aggregating and amending data, and facilitating the reporting and auditing processes.<sup>5<\/sup><\/p>\n<h3>5. Greater transparency <\/h3>\n<p>As blockchain uses a distributed ledger, transactions and data are recorded in multiple locations. Everyone with access can view the same information at the same time, providing full transparency and eliminating fraud.<sup>6<\/sup><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"blockchain-s-potential-risks\">Blockchain\u2019s potential risks<\/h2>\n\n\n\n<p>Although the technology offers a number of benefits, it can contain risks, which can be classified into these four broad categories:<sup>7<\/sup><\/p>\n<h3>1. A robust network is critical<\/h3>\n<p>To reap the full benefit of blockchain, you\u2019ll require a sturdy network of users with a wide distribution of nodes (these verify each batch of network transactions: the \u2018blocks\u2019).<\/p>\n<h3>2. Expensive and slow computation<\/h3>\n<p>In order to maintain consensus across the blockchain, every node runs the blockchain. This is a time- and energy-consuming process, as each node has to repeat a task to reach consensus.<\/p>\n<h3>3. Human error<\/h3>\n<p>If a blockchain is used as a database, the information captured in the database must be of a high quality and recorded accurately. It\u2019s critical that quality assurance is prioritized.<\/p>\n<h3>4. Slow transactions<\/h3>\n<p>The slower transaction time makes it an unlikely competitor in the space of real-time transactions, or POS (point-of-sale) applications.<sup>8<\/sup><\/p>\n\n\n<div>\n            <!-- Responsive picture tag -->\n        <picture class=\"picture-block\">\n            <source media=\"(min-width: 768px)\" srcset=\"https:\/\/www.getsmarter.com\/blog\/wp-content\/uploads\/2018\/06\/getsmarter_blog_desktop-graph1_blockchain-regulation-and-smart-contracts_750px.png\" >\n            <img decoding=\"async\" src=\"https:\/\/www.getsmarter.com\/blog\/wp-content\/uploads\/2018\/06\/getsmarter_blog_mobile-graph1_blockchain-regulation-and-smart-contracts_400px.png\" alt=\"\">\n        <\/picture>\n    <\/div>\n\n\n<p>Because of blockchain\u2019s decentralized nature, the need for regulation becomes a significant driver, which is often realized through smart contracts.<\/p>\n<h2>What is a smart contract?<\/h2>\n<p>Stored on a blockchain, this digital contract automatically performs a function when certain terms are met. A smart contract works in the following way:<sup>9<\/sup><\/p>\n<ol>\n<li>A contract between two parties is coded into the blockchain.<\/li>\n<li>The contract will execute a task or action based on the coded terms that have been established.<\/li>\n<li>The digital asset is transferred automatically and the transaction is undisputed.<\/li>\n<li>If the transactional activity needs to be reviewed, regulators have access to the blockchain.<\/li>\n<\/ol>\n<p>Smart contract transactions are recorded securely within the blockchain and are protected from changes. Such protection establishes trust in the process and the information.<\/p>\n<h3>Four key reasons for using smart contracts<\/h3>\n<p>The primary benefits of blockchain are reflected in the reasons for utilizing smart contracts. A blockchain smart contract ensures:<sup>10<\/sup><\/p>\n\n\n<div>\n            <!-- Responsive picture tag -->\n        <picture class=\"picture-block\">\n            <source media=\"(min-width: 768px)\" srcset=\"https:\/\/www.getsmarter.com\/blog\/wp-content\/uploads\/2018\/06\/getsmarter_blog_desktop-graph2_blockchain-regulation-and-smart-contracts_750px-1.png\" >\n            <img decoding=\"async\" src=\"https:\/\/www.getsmarter.com\/blog\/wp-content\/uploads\/2018\/06\/getsmarter_blog_mobile-graph2_blockchain-regulation-and-smart-contracts_400px.png\" alt=\"\">\n        <\/picture>\n    <\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"smart-contracts-and-blockchain-in-law\">Smart contracts and blockchain in law<\/h2>\n\n\n\n<p>It\u2019s now possible for firms to integrate blockchain technology within their practices. OpenLaw, a blockchain-based protocol for the creation and execution of legal agreements, is the first project to enable the creation of smart legal forms. Using OpenLaw, lawyers can efficiently engage in transactional work, and digitally sign and store legal agreements in a secure manner \u2013 leveraging blockchain-based smart contracts.<sup>11<\/sup><\/p>\n<p>Other legal use cases include:<sup>12<\/sup><\/p>\n<ul>\n<li>Property<\/li>\n<\/ul>\n<p>The real estate sector has multiple intermediaries. Blockchain can help the property owner bypass intermediaries and register their property on a public ledger. Sales are also transparent, with minimal transactional costs.<\/p>\n<ul>\n<li>Intellectual property rights<\/li>\n<\/ul>\n<p>Blockchain offers a secure and efficient way of storing and proving patents, copyrights, and trademarks. Moreover, smart contracts leverage non-fungible tokens, also known as NFTs, which use cryptographic tokens to indicate ownership.<\/p>\n<p>As blockchain regulation and technology matures, we\u2019ll see it impacting and disrupting many different industries, organizations, and careers. It\u2019s important to understand how blockchain functions, the ecosystem within which it lives, the regulations that surround it, and how it can be incorporated into your business.<\/p>\n\n\n\n<p><strong>Gain insight into the potential of crypto assets and blockchain technology<\/strong><\/p>\n\n\n\n<div class=\"related-programme-block\">\n<div class=\"related-programme\" onclick=\"window.open('https:\/\/www.getsmarter.com\/products\/uct-blockchain-and-digital-currency-online-short-course', '_blank')\">\n    <div class=\"row\">\n        <div class=\"col-12 col-md-11\">\n            <div class=\"related-programme__school-logo-container\">\n            <a href=\"https:\/\/www.getsmarter.com\/universities\/university-of-cape-town\" target=\"_blank\" class=\"related-programme__school-logo-link\">\n                <img decoding=\"async\" src=\"https:\/\/www.getsmarter.com\/blog\/wp-content\/uploads\/2018\/09\/UCT_logo.png\" alt=\"School Logo\" class=\"related-programme__school-logo\">\n            <\/a>\n            <\/div>\n            <div class=\"related-programme__copy\">\n            <a href=\"https:\/\/www.getsmarter.com\/universities\/university-of-cape-town\" target=\"_blank\" class=\"related-programme__school-name\">\n                University of Cape Town (UCT)            <\/a><br>\n            <a href=\"https:\/\/www.getsmarter.com\/products\/uct-blockchain-and-digital-currency-online-short-course\" target=\"_blank\" class=\"related-programme__programme-name\">\n                Blockchain and Digital Currency: The Future of Money            <\/a>\n            <\/div>\n        <\/div>\n        <div class=\"col-md-1 related-programme__chevron-column\">\n            <div class=\"related-programme__icon-container\">\n                <img decoding=\"async\" class=\"add-btn\" src=\"https:\/\/www.getsmarter.com\/blog\/wp-content\/themes\/blog\/assets\/icn_arrow-circle_right.svg\" alt=\"Read More Icon\">\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n<\/div>\n\n\n\n<div id=\"accordion\">\n<div class=\"card\">\n<div id=\"headingOne\" class=\"card-header\">\n<h6 class=\"mb-0\"><button class=\"btn\" style=\"background-color: transparent;\" data-toggle=\"collapse\" data-target=\"#sources\" aria-expanded=\"true\" aria-controls=\"sources\"> <strong>Click here to view sources<\/strong> <\/button><\/h6>\n<\/div>\n<div id=\"sources\" class=\"collapse\" aria-labelledby=\"headingOne\" data-parent=\"#accordion\">\n<div class=\"card-body\">\n<ul class=\"mx-0\" style=\"list-style: none;\">\n\n<li class=\"mb-4\"><sup>1<\/sup> Conway, L. (Nov, 2021). \u2018Blockchain explained\u2019. Retrieved from <a href=\"https:\/\/www.investopedia.com\/terms\/b\/blockchain.asp\" target=\"_blank\" rel=\"noopener\"> Investopedia<\/a>. <\/li>\n\n<li class=\"mb-4\"><sup>2<\/sup> (Nd). \u2018Inclusion through distribution. How blockchain supports financial inclusion\u2019. Retrieved from <a href=\"https:\/\/www2.deloitte.com\/cn\/en\/pages\/financial-services\/articles\/how-blockchain-supports-financial-inclusion.html\" target=\"_blank\" rel=\"noopener\"> Deloitte China<\/a>. Accessed November 24, 2021.<\/li>\n\n<li class=\"mb-4\"><sup>3<\/sup> Rejeb, A., et al. (Jan, 2021). \u2018Centralized vs. decentralized ledgers in the money supply process: A SWOT Analysis\u2019. Retrieved from <a href=\"https:\/\/www.aimspress.com\/article\/doi\/10.3934\/QFE.2021003?viewType=HTML\" target=\"_blank\" rel=\"noopener\"> AIMS Press<\/a>. <\/li>\n\n<li class=\"mb-4\"><sup>4<\/sup> Likos, P. (Sep, 2021). \u2018How blockchain can transform the financial services industry\u2019. Retrieved from <a href=\"https:\/\/money.usnews.com\/investing\/cryptocurrency\/articles\/how-blockchain-can-transform-the-financial-services-industry\" target=\"_blank\" rel=\"noopener\"> US News<\/a>. <\/li>\n\n<li class=\"mb-4\"><sup>5<\/sup> Pratt, M. (Jun, 2021). \u2018Top 10 benefits of blockchain technology for business\u2019. Retrieved from <a href=\"https:\/\/www.techtarget.com\/searchcio\/feature\/Top-10-benefits-of-blockchain-technology-for-business\" target=\"_blank\" rel=\"noopener\"> TechTarget<\/a>. <\/li>\n\n<li class=\"mb-4\"><sup>6<\/sup> (Nd). \u2018Benefits of blockchain\u2019. Retrieved from <a href=\"https:\/\/www.ibm.com\/topics\/benefits-of-blockchain\" target=\"_blank\" rel=\"noopener\"> IBM<\/a>. Accessed November 24, 2021.<\/li>\n\n<li class=\"mb-4\"><sup>7<\/sup> (Jun, 2021). \u2018Disadvantages of blockchain\u2019. Retrieved from <a href=\"https:\/\/www.day1tech.com\/disadvantages-of-blockchain\/\" target=\"_blank\" rel=\"noopener\"> Day One Tech<\/a>. <\/li>\n\n<li class=\"mb-4\"><sup>8<\/sup> K, L. (Jan, 2019). \u2018The blockchain scalability problem and the race for Visa-like transaction speed\u2019. Retrieved from <a href=\"https:\/\/towardsdatascience.com\/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44\" target=\"_blank\" rel=\"noopener\"> Towards Data Science<\/a>. <\/li>\n\n<li class=\"mb-4\"><sup>9<\/sup> (Nd). \u2018What are smart contracts on blockchain?\u2019. Retrieved from <a href=\"https:\/\/www.ibm.com\/sa-en\/topics\/smart-contracts\" target=\"_blank\" rel=\"noopener\"> IBM<\/a>. Accessed November 24, 2021.<\/li>\n\n<li class=\"mb-4\"><sup>10<\/sup> (Nd). \u2018What are smart contracts on blockchain?\u2019. Retrieved from <a href=\"https:\/\/www.ibm.com\/sa-en\/topics\/smart-contracts\" target=\"_blank\" rel=\"noopener\"> IBM<\/a>. Accessed November 24, 2021.<\/li>\n\n<li class=\"mb-4\"><sup>11<\/sup> (Nd). \u2018Real world contracts from Ethereum\u2019. Retrieved from <a href=\"https:\/\/www.openlaw.io\/\" target=\"_blank\" rel=\"noopener\"> OpenLaw<\/a>. Accessed November 25, 2021<\/li>\n\n<li class=\"mb-4\"><sup>12<\/sup> Malik, P. (Mar, 2021). \u2018What are smart contracts? +Benefits, limitations, use cases\u2019. Retrieved from <a href=\"https:\/\/whatfix.com\/blog\/smart-contracts-changing-legal-landscape\/\" target=\"_blank\" rel=\"noopener\"> WhatFix<\/a>. <\/li>\n\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n","protected":false},"excerpt":{"rendered":"<p>Enhance your knowledge and skills on the Blockchain and Digital Currency: The Future of Money online short course from the University of Cape Town (UCT). In six weeks, you\u2019ll learn how blockchain works and operates within the current and future financial system. Watch the course trailer to find out more. One of the most debated [&hellip;]<\/p>\n","protected":false},"author":74,"featured_media":40266,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[128,120],"article-format":[],"class_list":["post-26368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-career-advice","tag-finance","tag-systems-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Blockchain Regulation and Smart Contracts - GetSmarter Blog<\/title>\n<meta name=\"description\" content=\"Blockchain and smart contracts are transforming the business world and driving innovation. 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