The use of smart contracts in areas such as DeFi and tokenization has not yet reached the desired efficiency level. It can be said that there are many reasons for this. First, since smart contracts are a piece of code, creating smart contracts requires coding knowledge. Even if the best software developer writes this code, it may contain bugs. Smart contracts cannot automatically adapt to these changes when conditions change for transaction parties, because these software programs lack dynamic decision-making feature. Smart contracts are closed to change due to the “tamper-proof” feature of the blockchain. The programming language used in smart contracts is rigid. Additionally, difficulties are encountered in the enforcement of court decisions in the blockchain ecosystem in general. Finally, undesirable results may occur in the execution of smart contracts due to incorrect data provided by oracles that carry external data to smart contracts.

Smart contracts were the subject of many studies, reports, and articles, especially between 2016 and 2018, when ICOs began to become widespread. The term "contract" in the concept attracted especially lawyers to this new formation like a magnet. Studies examining smart contracts directly and conceptually have given way to application areas of smart contracts, such as tokenization, NFTs, decentralized finance, and decentralized autonomous organizations. These developments do not mean that smart contracts have lost their importance. On the contrary, it should be said that a new era has entered in smart contracts: the era of smart contract 2.0.

Tokens can be created in many ways, represent different assets, and serve various purposes. Therefore, it is not easy to determine the legal nature of tokens. The same is also true for NFTs, which are a kind of tokens. Especially considering that there are different types of NFTs, such as d-NFT (dynamic NFT) or f-NFT (fractionalized NFT), it becomes difficult to determine the legal nature of the token and which fields of law it concerns within this framework. Looking around the world, it can be seen that NFT issuances are inspected in terms of financial crimes, consumer protection, intellectual property, and especially capital market law rules.

NFTs entered our lives with record sales figures in 2021. Artists, celebrities, and collectors literally fly into NFTs. The digital collage named “Everydays: The First 5000 Days” made by Beeple, one of the first names that come to mind when it comes to NFT artworks, was sold for 69.3 million dollars, and still maintains the top spot on the famous NFT marketplace Opensea. Some trendy NFT projects have also emerged from Turkey. Refik Anadol's work “Machine Hallucinations” was sold for 5.1 million dollars at the auction house Sothebys. The artist nicknamed Pak is a titleholder of being the most expensive NFT project to date: The dynamic NFT project named “The Merge” is a collection worth $ 91.8 million.

It is confirmed every day with the emergence of new usage scenarios that blockchain is not just Bitcoin and cryptocurrencies. It has long been stated that blockchain technology and tokenization have significant potential in terms of trade finance, logistics, insurance, and supply chains. The implementation of smart contracts regarding letters of credit was on the agenda.

Blockchain technology is being used in different sectors at an increasing rate. In parallel, indirect or direct regulation studies on blockchain technology are accelerating in 2023. A legal transformation triggered by blockchain is taking place in many different areas, from crypto-asset markets to electronic trading documents, from decentralized autonomous organizations to central bank digital currencies.

The increase in digitalization and hygiene concerns with the COVID-19 pandemic has resulted in many people avoiding cash and moving their financial transactions to the digital environment. The transaction volume of digital branches of banks and other financial institutions has increased significantly. Simultaneously, the proliferation of disruptive technologies such as blockchain led to significant transformations in financial services. The blockchain's decentralized, immutable, and pseudonymous nature has allowed for some groundbreaking changes in payments. At this point, cryptocurrencies were followed by stable coins and central bank digital currencies (CBDC).

First, with the entrance of cryptocurrencies and other crypto assets into our lives, the issues of “what” the assets owned by individuals and “what rights” they have on these began to come to the fore. Payments with cryptocurrencies, usage of NFTs as collateral, and transactions with stablecoins... With these, the use of crypto assets in business and trade life has increased.

The new agenda of the last period in the field of digital security has been “transaction signing”. In the digitalization process, which started with an electronic signature and continued with remote identification processes, a brand new door is now opening for users.

Web 3.0 technologies, namely artificial intelligence, blockchain, the Internet of Things, and big data applications have transformed many sectors by offering new business and investment opportunities. Traditional services have begun to move to decentralized structures. While the development and diffusion of these technologies offer options to individuals and institutions, on the other hand, legal uncertainties stand as an obstacle to the widespread adoption of these technologies and their full benefits.

As an immutable, transparent, and reliable electronic database Blockchain allows transactions in many different sectors to be carried out quickly, efficiently, and automatically. Undoubtedly, smart contracts running on the blockchain have a significant role in this. With smart contracts, transactions such as cross-border fundraising, digital rights management, syndicated loans, NFT trading, or trade finance can be completed more quickly, at less cost, without human intervention.

Nick Szabo first used the term “smart contract” in the early 1990s. This concept is experiencing its golden age after the development of the Ethereum blockchain. Smart contracts are used in many sectors conducive to digitization, from NFTs to supply chains, from intellectual property management to trade finance.

Being the CEO of a company is the highest point an employee can reach in the competitive world of the private sector. The abbreviation "Chief Executive Officer" is actually translated into Turkish as "chief executive" as the most important decision maker of an institution.

STOs (Security Token Offering) is one of the fundraising processes carried out by smart contracts, just like ICOs (initial coin offering). It is an alternative financing tool for companies to raise capital and investors to invest more safely and transparently. Within the scope of STOs, funds are collected for projects by issuing tokens to investors. Although they have similarities with ICOs, the most crucial difference here is that there are usually no physical assets or securities behind tokens in ICOs, while securities such as stocks, bonds, or other instruments are involved in STOs. Therefore, STO processes are subject to capital market legislation and supervision.

Smart contracts are used in crowdfunding and similar financing projects to raise funds. Thanks to the self-execution and immutability features of smart contracts, it is possible to automate the fundraising process and manage the processes between the investor and the project owners more quickly and efficiently.

Smart contracts are blockchain-based computer programs that eliminate the need for traditional intermediaries. They ensure that if specific conditions are met, then specific actions are taken automatically. Since smart contracts are based on automation, the parties to the transaction do not need to know and trust each other personally. 

Financial Crimes Investigation Board (MASAK) made a new regulation change in the first days of April 2023. With the amendment, legal entities registered in the commercial registry have been added to the scope of remote identification applications, which were previously only available to real

Smart contracts are contracts that are encoded and stored in the blockchain. Smart contracts enable all parties to instantly confirm the result by automating the execution without the need for intermediaries of agreements. Here, what makes these contracts, which are closed to change and irrevocable, “smart” is that they are suitable for automation. Contracts that cannot be automated, in other words, cannot be executed by a computer program,

One of the first applications that come to mind when blockchain is mentioned is undoubtedly "smart contracts".  Generally, all legal experts, other social scientists, and people who focus on the technical side prefer the term: "smart contract", which refers to computer programs installed and/or executed on the blockchain. So, where did this concept come from, and how did it evolve; let's take a closer look:

The technology surrounding our lives has brought with it many new concepts that were not known to humanity in previous periods. The concept of “log in” is one of them. This concept, which is translated into Turkish as "Logging in", first appeared for website memberships.

With blockchain technology, many new concepts came into our lives: cryptocurrency, token, NFT (non-fungible token), CBDC (Central Bank Digital Currency), and DAO (decentralized autonomous organization) are just a few of these concepts..

Thanks to mobile applications and developing technology, there is no longer any need to deal with problems such as waiting at the branch or taking a queue for banking services. All users can perform money transfer or investment transactions through the applications at their homes, workplaces and even during their travels.

Blockchain has many different use cases far beyond cryptocurrency investments and trading. We witnessed one of them in the aftermath of the February 6 earthquakes: using cryptocurrencies to help people affected by disasters. A similar example was also seen in the charities to Ukraine last year: over $60 million worth of cryptocurrencies from all over the world were donated to Ukraine. 

Electricity, water or natural gas subscription processes can sometimes be troublesome for landlords and new tenants. The collection of documents, appointments from the authorized institution and, most importantly, longer waiting times can force applicants.

Turkey has made significant progress in the long-term digital transformation process. Today, almost all citizenship services can be offered, especially through e-Government and connected applications. With these applications, it is possible to reach official records related to population directorates, Social Security Institution, Tax and Judicial transactions.

The NFT frenzy we have witnessed in the last two years has attracted significant interest from various segments. A large market has emerged where digital art, games, sports cards, music, and many other digital contents are sold by tokenization. NFT dapps were among the best-performing apps in the crypto winter we experienced in 2022.

The fascinating development process that started with the Industrial Revolution started a historical journey from analog to digital, from digital to artificial intelligence. This process continues rapidly today. It is also possible to say that the Web 3.0 era is rapidly evolving into a robotic era. Now humanity can do all their work digitally. Moreover, these processes involve the use and development of human-specific elements.

Today, the most valuable assets are no longer just those with physical assets such as housing, land, and artwork. Virtual assets that came into our lives with digitalization have become so widespread and appreciated that, all around the world, a new category under the name of "digital assets" is needed. Regulation studies have already begun on this issue. Undoubtedly, crypto assets such as tokens, crypto money, and NFT, which have a place in our lives with the blockchain, take an essential role in the emergence of these ideas. 

In early 2021, NFTs walked into our lives at an unprecedented pace and gained a significant market share. It is a fact that NFTs have not yet reached an audience as widely as cryptocurrencies. Many people are interested in NFTs, as well as many who described them as a bubble. Furthermore, NFT sales have fallen like a stick significantly during the so-called "crypto winter" of 2022. The FTX scandal remained on the agenda for months and might have caused confidence in Web 3.0 technologies to be shaken a little. However, the interest in NFTs has never decreased.

Tokenization, one of the essential building stones of the blockchain ecosystem, enables the creation of new business models in many existing sectors. Tokens and tokenization have the potential to make a big difference in many industries, from art to logistics, from real estate to insurance. By diversifying investment vehicles, tokenization allows investors to expand their portfolios by adding new assets.

One of the most important parts of the new generation marketing approach is customer service, which is carried out effectively. The increase in product options and the understanding that customer behavior is one of the most critical factors in sales has led all businesses to improve customer service. Today, from the smallest enterprises to the most comprehensive companies, all businesses continue their pre-sales and after-sales marketing processes with mobile customer services.

With the introduction and widespread use of blockchain when we say digital assets, a great variety of assets such as tokens, stablecoins, and central bank digital currencies (CBDC) are coming into mind. Many companies have become in search of new business and growth opportunities in the face of these developments in digital assets. On the other hand, the rapid participation of digital assets into business life without an absolute legal basis has caused new risks for consumers, investors, and financial systems.

Identification and authentication processes are the most effective way to provide security in almost all transactions. Identification is an element that protects both business processes, businesses and customers when purchasing a product, bank transactions, money transfers and even when receiving products by courier.

In the financial systems we are used to, the intermediation of banks and financial institutions is needed to hold money, borrow capital, earn interest and perform other financial transactions. Banks and financial institutions can freeze assets; working hours and cash reserves are determined. They have power over their clients' funds. This traditional order is characterized as “centralized finance” (CeFi- centralized finance).