Prospects for the Use of Smart Contracts in the Development of Business Ecosystems

Abstract

This thesis explores the potential of smart contracts to transform modern business ecosystems. Using a literature review and case studies as a research method, it examines the technologies behind smart contracts, such as Ethereum and Solidity, and their applications in finance, insurance, and supply chain management. The study highlights their ability to enhance efficiency, reduce costs, and improve transparency. The paper also addresses the advantages and challenges of smart contracts, including scalability issues, regulatory uncertainties, and privacy concerns. Despite these hurdles, advancements like Layer-2 solutions and Ethereum 2.0 show promise for wider adoption. Key findings include smart contracts reduce costs and streamline transactions by removing intermediaries, Blockchain transparency fosters trust and accountability and technical and legal barriers remain significant but are being addressed through innovation. The thesis concludes by emphasizing the need for continued research into interoperability and scalability to unlock the full potential of smart contracts in business.