The Effectiveness of Blockchain Smart Contracts in Reshaping the Business Landscape in Nigeria

Nwafor, E. Ifeoma (2021) The Effectiveness of Blockchain Smart Contracts in Reshaping the Business Landscape in Nigeria. Business Law Review, 42 (4). pp. 195-200.

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Abstract

The Corona Virus Disease 2019 (COVID-19) pandemic has had, and continues to have, a stark economic impact/aftermath on all sectors of life, particularly the health and business sector. Businesses across the globe were compelled to shut down and drastically reduce operations. The impact of commercial transac tions coming to a halt resulted in changes that have affected commercial transactions and consumer behaviour. Reported sharp declines in businesses across the globe are unprecedented. At challenging times like this, information technology can come to the rescue to shape world trade and the future economy. Technological mechanisms, such as blockchain smart contracts, can be implemented to avoid economic uncertainty since physical contacts in contract formation and execution are almost impos sible during a pandemic. Smart contracts are automation appli cations that run on blockchain platforms to digitally accelerate the authentication, control, or performance of contract agree ments. It is faster, cheaper, accurate and provides a secure environment in multiple fields, from financial services, health care, voting and energy resources. This article adopts a doctrinal approach. It highlights the role and convergence of technology, law and commercial transactions under COVID-19 and beyond. It explores the benefits of smart contracts and canvasses for legal measures to regulate/supervise blockchain technology in Nigeria effectively.

Item Type: Article
Subjects: A General Works > AC Collections. Series. Collected works
Divisions: Faculty of Law, Arts and Social Sciences > School of Art
Depositing User: mrs chioma hannah
Date Deposited: 24 Apr 2026 14:58
Last Modified: 29 Apr 2026 14:10
URI: http://eprints.gouni.edu.ng/id/eprint/5625

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