CoChat
Sign Up
Cited by 3Digital Transformation in LawBlockchain Technology Applications and SecurityDigitalization, Law, and Regulation

Assessing the Legal and Regulatory Implications of Blockchain Technology on Smart Contracts, Digital Identity, and Cross-Border Transactions

Open access
Takuro, Kehinde Ojadamola·2022·World Journal of Advanced Research and Reviews
DOI 10.30574/wjarr.2022.16.3.1350
Open this paper in CoChat — free accountOpen PDF

Abstract

Blockchain technology has rapidly evolved from a financial innovation underpinning cryptocurrencies into a foundational infrastructure for secure digital transactions, smart contracts, and decentralized identity management. Its distributed ledger architecture offers transparency, immutability, and efficiency, yet it simultaneously challenges traditional legal and regulatory frameworks governing contractual enforcement, data protection, and cross-border commerce. This paper provides a comprehensive assessment of the legal and regulatory implications of blockchain technology, focusing on its transformative impact on smart contracts, digital identity systems, and international financial transactions. From a global perspective, it examines how jurisdictions across the European Union, the United States, and Asia are addressing issues such as contractual validity, jurisdictional enforcement, and liability allocation in decentralized networks. The study explores how smart contracts self-executing agreements encoded on blockchain redefine contractual obligations and dispute resolution mechanisms while raising questions about consent, interpretation, and legal recognition under existing civil and commercial laws. Similarly, the emergence of blockchain-based digital identities introduces opportunities for enhanced data sovereignty and privacy protection but also exposes gaps in governance, authentication, and cross-border data portability. In the context of cross-border transactions, the paper analyzes how blockchain’s borderless nature disrupts conventional regulatory oversight and compliance regimes, including anti-money laundering (AML) and know-your-customer (KYC) frameworks. By comparing legislative developments and regulatory experiments worldwide, the research identifies best practices and systemic risks associated with blockchain adoption. Ultimately, the paper proposes a harmonized legal and policy approach that balances innovation with accountability, fostering trust and interoperability in the evolving digital economy.

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.30574/wjarr.2022.16.3.1350

Cites

0 citation errors · 0 not checkable

Statistics

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

  • Under prevailing intellectual property doctrine, authorship is typically linked to a demonstrable act of human creativity, requiring proof that a natural person exercised meaningful control or contributed expressive judgment in the formation of a work.

    “Under prevailing intellectual property doctrine, authorship is typically linked to a demonstrable act of human creativity, requiring proof that a natural person exercised meaningful control or contributed expressive judgment in the formation of a work [12].”

    From Designing automated audit mechanisms to evaluate compliance of generative AI platforms with federal authorship and ownership disclosure requirements. (2023) · cites this paper as [12]

    Split into 2 atoms — 0 confirmed, 0 partially supported, 0 disputed, 0 misattributed, 2 unverifiable. Expand the claim to see per-atom verdicts.

    Experimental — accuracy not yet measured

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Cites

The publisher hasn’t deposited this paper’s reference list.

Research works printed but not linked: 41

  1. Laroiya C, Saxena D, Komalavalli C. Applications of blockchain technology. InHandbook of research on blockchain technology 2020 Jan 1 (pp. 213-243). Academic press.
  2. Wang Y, Han JH, Beynon-Davies P. Understanding blockchain technology for future supply chains: a systematic literature review and research agenda. Supply Chain Management: An International Journal. 2019 Mar 4;24(1):62-84.
  3. Adel H, ElBakary M, ElDahshan K, Salah D. BC-HRM: A blockchain-based human resource management system utilizing smart contracts. InThe International Conference on Deep Learning, Big Data and Blockchain 2021 Aug 8 (pp. 91-105). Cham: Springer International Publishing.
  4. Lee E. Technology-driven solutions to banks' de-risking practices in Hong Kong: FinTech and blockchain-based smart contracts for financial inclusion. Common Law World Review. 2022 Jun;51(1-2):83-108.
  5. Fanti G, Pocher N. Privacy in cross-border digital currency. A transatlantic approach. InFrankfurt Forum on US- European GeoEconomics 2022 (pp. 1-25). Atlantic Council GeoEconomics Center and Atlantik Brücke.
  6. Koh L, Dolgui A, Sarkis J. Blockchain in transport and logistics-paradigms and transitions. International Journal of Production Research. 2020 Apr 2;58(7):2054-62.
  7. Daniel ONI. TOURISM INNOVATION IN THE U.S. THRIVES THROUGH GOVERNMENTBACKED HOSPITALITY PROGRAMS EMPHASIZING CULTURAL PRESERVATION, ECONOMIC GROWTH, AND INCLUSIVITY. International Journal Of Engineering Technology Research & Management (IJETRM). 2022Dec21;06(12):132-45.
  8. Natanelov V, Cao S, Foth M, Dulleck U. Blockchain smart contracts for supply chain finance: Mapping the innovation potential in Australia-China beef supply chains. Journal of Industrial Information Integration. 2022 Nov 1;30:100389.
  9. Rumbidzai Derera. HOW FORENSIC ACCOUNTING TECHNIQUES CAN DETECT EARNINGS MANIPULATION TO PREVENT MISPRICED CREDIT DEFAULT SWAPS AND BOND UNDERWRITING FAILURES. International Journal of Engineering Technology Research & Management (IJETRM). 2017Dec21;01(12):112-27.
  10. Emmanuel Damilola Atanda. EXAMINING HOW ILLIQUIDITY PREMIUM IN PRIVATE CREDIT COMPENSATES ABSENCE OF MARK-TO-MARKET OPPORTUNITIES UNDER NEUTRAL INTEREST RATE ENVIRONMENTS. International Journal Of Engineering Technology Research and Management (IJETRM). 2018Dec21;02(12):151- 64.
  11. Gunasekera D, Valenzuela E. Adoption of blockchain technology in the australian grains trade: An assessment of potential economic effects. Economic Papers: A journal of applied economics and policy. 2020 Jun;39(2):152-61.
  12. Autade R. Financial Security And Transparency With Blockchain Solutions. Turkish Online Journal of Qualitative Inquiry. 2021 May 1.
  13. Zhang X, Aranguiz M, Xu D, Zhang X, Xu X. Utilizing blockchain for better enforcement of green finance law and regulations. InTransforming climate finance and green investment with blockchains 2018 Jan 1 (pp. 289-301). Academic Press.
  14. Emmanuel Damilola Atanda. EXAMINING HOW ILLIQUIDITY PREMIUM IN PRIVATE CREDIT COMPENSATES ABSENCE OF MARK-TO-MARKET OPPORTUNITIES UNDER NEUTRAL INTEREST RATE ENVIRONMENTS. International Journal Of Engineering Technology Research & Management (IJETRM). 2018Dec21;02(12):151- 64.
  15. Matta SS, Bolli M. BLOCKCHAIN-BASED DECENTRALIZED IDENTITY FOR CROSS-BORDER AUTHENTICATION: ENHANCING CYBERSECURITY AND IMMIGRATION APPLICATIONS. ASRC Procedia: Global Perspectives in Science and Scholarship. 2022 Apr 29;2(1):63-88.
  16. Suau GG. Blockchain-based smart contracts and conflict rules for business-to-business operations. Revista electrónica de estudios internacionales (REEI). 2021(41):15.
  17. Ullah H. BLOCKCHAIN TECHNOLOGY AND ITS IMPACT ON DIGITAL SECURITY. Computer Science Bulletin. 2018 Dec 31;1(02):121-30.
  18. Takuro KO. Analyzing Intellectual Property Rights adaptation to Artificial Intelligence-created works and automated innovation in the global knowledge economy. International Journal of Computer Applications Technology and Research. 2021;10(12):414-424. doi:10.7753/IJCATR1012.1014. · DOI
  19. Truby J, Dahdal A, Caudevilla O. Global blockchain-based trade finance solutions: analysis of governance models and impact on local laws in six jurisdictions. Global Journal of Comparative Law. 2022 Jul 12;11(2):167-96.
  20. Poncibò C. The Digitalization of Contracts in International Trade and Finance: Comparative Law Perspectives on Smart Contracts. InDigitalization and Firm Performance: Examining the Strategic Impact 2021 Dec 3 (pp. 131- 155). Cham: Springer International Publishing.
  21. Daniel ONI. TOURISM INNOVATION IN THE U.S. THRIVES THROUGH GOVERNMENTBACKED HOSPITALITY PROGRAMS EMPHASIZING CULTURAL PRESERVATION, ECONOMIC GROWTH, AND INCLUSIVITY. International Journal Of Engineering Technology Research and Management (IJETRM). 2022Dec21;06(12):132-45.
  22. Ganne E. Blockchain's practical and legal implications for global trade and global trade law. Burri (Ed.), Big Data and Global Trade Law, Cambridge. 2021:128-59.
  23. Dimitropoulos G. The law of blockchain. Wash. L. Rev.. 2020;95:1117.
  24. Islam MM, Islam MK, Shahjalal M, Chowdhury MZ, Jang YM. A low-cost cross-border payment system based on auditable cryptocurrency with consortium blockchain: Joint digital currency. IEEE Transactions on Services Computing. 2022 Sep 16;16(3):1616-29.
  25. Garcia-Teruel RM. Legal challenges and opportunities of blockchain technology in the real estate sector. Journal of Property, Planning and Environmental Law. 2020 Jul 22;12(2):129-45.
  26. Guillaume F. Aspects of private international law related to blockchain transactions. InBlockchains, smart contracts, decentralised autonomous organisations and the law 2019 Apr 26 (pp. 49-82). Edward Elgar Publishing.
  27. Garcia AR, Garcia PH. Cryptocurrencies: the communication inside blockchain technology and the cross-border tax law. International Journal of Blockchains and Cryptocurrencies. 2019;1(1):22-41.
  28. Inshakova AO, Goncharov AI, Salikov DA. Electronic-digital smart contracts: modernization of legal tools for foreign economic activity. InInstitute of Scientific Communications Conference 2019 May 23 (pp. 3-13). Cham: Springer International Publishing.
  29. Jiang JC. Regulating blockchain? An ex-post regulatory impact assessment of the US Blockchain regulatory regime. Journal of Law and Cyber Warfare. 2022 Jul 1;8(2):5-8.
  30. Guarín Duque G, Zuluaga Torres JD. Enhancing E-commerce through blockchain (DLTs): the regulatory paradox for digital governance. Global Jurist. 2020 Aug 26;20(2):20190049.
  31. Shakhnazarov BA. Lex registrum as a system of regulation of cross-border relations aimed at protection of intellectual property implemented by means of blockchain technology. Kutafin Law Review. 2022 Jul 5;9(2):195- 226.
  32. Veerpalu A, Jürgen L, Rodrigues e Silva ED, Norta A. The hybrid smart contract agreement challenge to European electronic signature regulation. International Journal of Law and Information Technology. 2020 Jun 1;28(1):39- 84.
  33. Al Mashhour OF, Abd Aziz AS, Noor NA. Blockchain and its Entire Eco-System: A Legal Consideration to an International Cross-Border Technology. International Journal of Multidisciplinary Sciences and Advanced Technology. 2022;3(3):14-24.
  34. Soetan O, Olowonigba JK. Decentralized reinforcement learning collectives advancing autonomous automation strategies for dynamic, scalable and secure operations under adversarial environmental uncertainties. GSC Advanced Research and Reviews. 2021;9(3):164-183. doi:10.30574/gscarr.2021.9.3.0294. · DOI
  35. Zetzsche DA, Anker-Sørensen L, Passador ML, Wehrli A. DLT-based enhancement of cross-border payment efficiency-a legal and regulatory perspective. Law and Financial Markets Review. 2021 Apr 3;15(1-2):70-115.
  36. Pečarić M, Peronja I, Mostarac M. Application of "blockchain" and "smart contract" tehnology in international payments-the case of reimbursement banks. Pomorstvo. 2020 Jun 30;34(1):166-77.
  37. Chang Y, Iakovou E, Shi W. Blockchain in global supply chains and cross border trade: a critical synthesis of the state-of-the-art, challenges and opportunities. International Journal of Production Research. 2020 Apr 2;58(7):2082-99.
  38. De Caria, R., 2017. A digital revolution in international trade? The international legal framework for blockchain technologies, virtual currencies and smart contracts: challenges and opportunities. In Modernizing International Trade Law to Support Innovation and Sustainable Development. Proceedings of the Congress of the United Nations Commission on International Trade Law. Vienna, 4-6 July 2017. Volume 4: Papers presented at the Congress (pp. 105-117). United Nations.
  39. Takuro Kehinde Ojadamola. Analyzing Intellectual Property Rights Adaptation to Artificial Intelligence-Created Works and Automated Innovation in the Global Knowledge Economy. International Journal of Computer Applications Technology and Research. 2021;10(12):414-424. doi:10.7753/IJCATR1012.1014. · DOI
  40. Atanda ED. Dynamic risk-return interactions between crypto assets and traditional portfolios: testing regime- switching volatility models, contagion, and hedging effectiveness. International Journal of Computer Applications Technology and Research. 2016;5(12):797-807.
  41. Zhang Y. Developing cross-border blockchain financial transactions under the belt and road initiative. The Chinese Journal of Comparative Law. 2020 Jun 1;8(1):143-76.

Cited by

Sorted by citations

Related

Authors
Takuro, K. O.
Corresponding author
Takuro, Kehinde Ojadamola
Venue
World Journal of Advanced Research and Reviews
Publisher
GSC Online Press
Published
2022-12-31
Volume
16
Issue
3
Pages
1426-1442
ISSN
2581-9615 (ISSN-L)
DOI
10.30574/wjarr.2022.16.3.1350
OpenAlex
W4415605561
Cited by
1
References
0
Citations by year
2026: 1
FWCI
0.00
Type
journal article
Language
en
Open access
Licence
cc-by-nc-sa
Locations
World Journal of Advanced Research and Reviews (publishedVersion, cc-by-nc-sa)
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Law
  • Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
  • Social Sciences › Law › Digitalization, Law, and Regulation
Keywords
blockchain, smart contracts, digital identity, cross-border transactions, blockchain regulation, liability allocation, dispute resolution, data sovereignty, privacy preservation, anti-money laundering, know your customer, legal harmonization, decentralized identity

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review