Blockchain and Smart Contracts as Complex Self-Organizing Frameworks: Theoretical Perspective
Blockchain offers unprecedented opportunities for innovation in financial transactions with a whole new world of opportunities for banking, lending, insurance, and money transfers. Through its algorithms, digital security by decentralization, form smart contracts. Smart contracts allow the performance of credible transactions without third parties, the transactions premised by trackable and irreversible processes are superior to traditional contract law and greatly reduce other transaction costs associated with contracting. Globally, enterprises are undergoing a major transformation towards smart businesses that use intelligent systems integrated into planning for their daily routine. Blockchain technology and smart contacts termed disruptive technologies provide innovative solutions that cannot be ignored due to their inherent complexities. Regarded as complex systems, there is a need to have a theoretical view to understanding the hidden order to the evolution of these systems to bring out traits that are common and have a combination of independent actors behaving as a single unit responding and adapting to their existent setting, as self-organizing systems. This study significantly plays a unique role in contemporary science by explaining how blockchain and smart contracts unify run as nonlinearity complex system that adapts to their environment to bring about consistency hence their applicability.
