Its structure, limited to the actors of the ecosystem and its very slow spread, restrict opinions and evaluations on how the blockchain can be used in different sectors, how it works with smart contracts and how it can change legal processes. Although we do not encounter it very often, new generation technologies are used examples It has proven to us that companies do not completely exclude this technology and wink at it from afar. For this reason, there are inevitable benefits in understanding blockchain technology well and starting to discuss its legal infrastructure.
To list the benefits that blockchain technology will bring to companies and sectors;
Productivity Increase: Blockchain-based smart contracts can increase efficiency by enabling the automation of business processes. By using this technology, companies can free contract processes from manual processes and reduce time-consuming negotiations. Smart contracts can contribute to the efficient operation of businesses thanks to their automatic enforceability.
Transparency and Trust: Companies can gain transparency and reliability benefits through blockchain-based smart contracts. Since blockchain has a decentralized structure, it provides complete transparency between parties and ensures that everyone has access to the same data set. This can help prevent disagreements and reduce trust problems.
Cost reducing: Using blockchain-based smart contracts can reduce costs. When digitally executed smart contracts are used instead of the paper-based processes of traditional contracts, paper, postal and other physical costs will be saved. At the same time, with the reduced role of intermediaries, businesses can do business at lower costs.
Traceability and Auditability: Blockchain records each transaction as a block, allowing all network participants to reliably track it. By running smart contracts on the blockchain, companies can increase the traceability and auditability of transactions. This makes it easier for companies to transparently document their activities and detect fraudulent, erroneous or fraudulent transactions.
New Business Models and Collaborations: Blockchain-based smart contracts can offer new business models and collaborations to companies in Turkey. For example, this model is likely to become widespread in areas such as the shared economy, supply chain management and financial services.
However, the most important question that comes to mind here is whether the current legal regulations will be sufficient to resolve disputes arising in blockchain and smart contract-based transactions. Although it seems possible to evaluate smart contracts within the scope of contracts regulated in the Turkish Code of Obligations, the Turkish Code of Obligations generally regulates issues such as validity, interpretation, performance, amendment, termination and liability of contracts. Smart contracts, on the other hand, are digital contracts that, unlike traditional contracts, operate on blockchain technology and enable the automatic execution of contract conditions. For this reason, it does not seem possible for now to reach a definitive conclusion regarding the validity conditions and applicability of smart contracts within the scope of the Turkish Code of Obligations. Making legal regulations on technological developments such as blockchain and smart contracts can ensure that these developments become widespread and used safely, thus encouraging the development of innovative applications.
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