Date of Publication :5th April 2024

Abstract:India's rapid urbanization and ambitious infrastructure projects require transparent and effective contracting mechanisms in the built environment. Traditional paper contracts are slow and prone to disputes due to incomplete records. This study examines the state of smart contracts using blockchain technology in India, to facilitate efficient, transparent, and secure contract management, benefiting the built environment as part of the country's urban development efforts and the transformative potential of smart contracts. Smart contracts automate, improve security, and ensure transparency. They are autonomous and self-executing, minimizing errors and fraud risks. A comprehensive review of the current legal and regulatory frameworks governing contracts in India's built environment will be undertaken. This analysis seeks to decipher existing structures and their adaptability to the innovative model of smart contracts. The aim is to comprehensively understand smart contract adoption in India, considering the legal framework, standards, and adoption roadmap. This study examines the state of smart contracts in India, to facilitate efficient, transparent, and secure contract management, benefiting the built environment as part of the country's urban development. Considering the scope and limitations of this study, it is important to note that this study primarily focuses on the built environment sector in India. This industry orientation allows you to delve deeper into the specific subtleties and nuances of this field. However, this limited range may lead to limitations in the diversity of sample populations available for comprehensive data analysis. Additionally, due to geographical and industry constraints, the study recognizes potential limitations in its degree of generalization beyond the research context. Considering the transformative potential of smart contracts, this research will foster progress that will promote transparency, efficiency, and effectiveness in contracting practices and benefit stakeholders operating in India's built environment.

Reference :