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Exploring Blockchain’s Impact On Corporate Transparency: Legal And Practical Challenges

Author(s) Prof. Simoli Sharma
Country India
Abstract This research paper investigates how blockchain technology intersects with corporate transparency, concentrating on the legal ramifications and challenges of incorporating blockchain into corporate governance structures. Blockchain, distinguished by its decentralized, immutable, and transparent nature, has significant potential to boost corporate transparency by offering tamper-resistant records, real-time data access, and automated compliance through smart contracts. The paper reviews the core principles of blockchain technology, its advantages for corporate governance, and its applications in areas like financial reporting, auditing, and supply chain management. The study also explores the legal and regulatory context of blockchain, highlighting concerns related to data privacy, security, and intellectual property. It identifies various technical, legal, and organizational obstacles companies may face when implementing blockchain for transparency. Through case studies and practical examples, the paper showcases successful applications and the lessons learned, providing guidance on best practices. The results indicate that while blockchain can significantly improve corporate transparency, it also introduces complex legal and regulatory issues that need to be carefully addressed. The paper concludes with recommendations for policymakers, business leaders, and other stakeholders on how to harness blockchain to enhance transparency while managing the associated risks. This research aims to advance the discussion on the role of emerging technologies in corporate governance and offer a thorough understanding of the implications and challenges of blockchain integration for transparency.
Keywords Blockchain
Field Engineering
Published In Volume 5, Issue 7, July 2024
Published On 2024-07-11
Cite This Exploring Blockchain’s Impact On Corporate Transparency: Legal And Practical Challenges - Prof. Simoli Sharma - IJLRP Volume 5, Issue 7, July 2024.
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