Technology has substantially impacted the many of the business functions of different companies across various industries, whether it be payroll systems or company intranets. Blockchain and smart contracts are new technologies which have been introduced to change the ways businesses fulfil these functions, bringing them up to speed with modern technology. Some of the issues they resolve include streamlining supply chain management, improving speed of pay, and providing greater transparency between all parties.

As these technologies are fairly new, many have raised questions about the security of using blockchain and smart contracts within your business, as well as their compliance to data protection regulations. In this article, we provide answers to the top questions about these technologies as well as providing insight into the legal implications of using them.

Overall, the use of smart contracts is an interesting concept and it is easy to see how it can revolutionise the way business is conducted. However, the technology is not yet as developed as needed for smart contracts to become a part of everyday work life, but there is certainly scope for it to reach that stage.

To find out whether smart contracts are legally binding, what advantages they could offer, and whether or not a lawyer is still needed, read this guide. 

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