The Use of Blockchain Technology in Corporations and Its Legal Implications

Pelin Atila  Yörük

doi:10.55640/ijssll-06-01-12

Authors

Pelin Atila Yörük Ankara University Faculty of Law, Justice Vocational School Instructor Author https://orcid.org/0000-0001-9474-4454

DOI

https://doi.org/10.55640/ijssll-06-01-12 ↗

Abstract

This study comprehensively examines the areas of application of blockchain technology within corporations, the structural and functional transformations brought about by this technology, and the legal consequences it engenders, particularly from the perspective of Turkish law. The fundamental characteristics of blockchain—decentralization, immutability, transparency, and security—open the door to new governance models in corporate law. In this context, the functionality of blockchain applications in areas such as general assembly meetings, stock transactions, and corporate control mechanisms in joint-stock companies is addressed, and the impact of digital transformation on capital markets and shareholding structures is evaluated. In the following sections of the study, the compatibility of blockchain technology with the existing legal infrastructure within the framework of the Turkish Commercial Code is discussed, and comparative analyses from European and international legal perspectives are provided. Furthermore, the legal challenges of blockchain applications, such as the protection of personal data, the legal validity of smart contracts, jurisdiction issues, and cross-border data flows, are addressed in detail, and solutions to these problems are proposed. In conclusion, blockchain applications in joint-stock companies have the potential for comprehensive transformation not only at the technical level but also at the normative level. In this context, the need for innovative and comprehensive regulation has been highlighted from both private and public law perspectives.

Keywords

Blockchain , corporation , Turkish Commercial Code , smart contracts , data security

Downloads

Download data is not yet available.

References

1. Andhov, A. (2020). Corporations on blockchain: Opportunities & challenges. Cornell International Law Journal, 53, 1–30.

2. Antonopoulos, A. M. (2015). The internet of money. Merkle Bloom LLC.

3. Antonopoulos, A. M. (2017). Mastering Bitcoin: Programming the open blockchain (2nd ed.). O'Reilly Media.

4. Antonopoulos, A. M., & Wood, G. (2018). Mastering Ethereum: Building smart contracts and DApps. O'Reilly Media.

5. Aro, O. E., et al. (2024). Blockchain technology as a tool for corporate governance and transparency. International Journal of Science and Research Archive, 11(2), 45–62.

6. Aslan Aydoğdu, H. M., & Çakır, M. (2024). Blockchain teknolojisinin uygulama alanları ve finans sektörüne etkisi. Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 15(30), 101–128.

7. Balaban, M. F., & Kulular İbrahim, M. A. (2023). Sosyal medya ve unutulma hakkı: Meta Threads örneği. Bilişim Hukuku Dergisi, 5(2), 281–338.

8. Başar, M. O. (2022). Akıllı sözleşmeler ve özel hukuk uygulamasında ortaya çıkması muhtemel sorunlar. İstanbul Hukuk Mecmuası, 80(4), 1067–1103.

9. Bozkurt-Yüksel, A. E. (2024). Kurumsal dijital uyum (Corporate digital compliance). Yetkin Yayınevi.

10. Çağlayan Aksoy, P., Hüryaşar, M., & Şengöz, M. (2023). Tedarik zincirlerinde kağıtsız ticaret dönemine doğru: Dijital dünyadaki gelişmeler ve blokzincir teknolojisi elektronik ticaret dokümanları bakımından neler getirecek? Banking & Commercial Law Journal/Banka ve Ticaret Hukuku Dergisi, 39(1).

11. Chang, Y., et al. (2020). Blockchain in global supply chains and cross border trade: A critical synthesis of the state-of-the-art, challenges and opportunities. International Journal of Production Research, 58(7), 2082–2099.

12. Deni, H. E., & Demircioğlu, F. (2000). Türk dünyası ortak kripto para vizyonu: TDCoin. Burns.

13. Dimitropoulos, G. (2020). The law of blockchain. Washington Law Review, 95, 1117–1150.

14. Dülger, M. V. (2024). Kripto varlıkların suç gelirlerinin aklanmasında kullanılması ve alınması gereken önlemler. İstanbul Aydın Üniversitesi Hukuk Fakültesi Dergisi, 10(1), 41–94.

15. Eren, F. (2017). Borçlar hukuku genel hükümler. Yetkin Yayınları.

16. Ergun, H., & Esenkaya, A. (2022). Blockchain teknolojisi ile finansal piyasalarda yaşanan gelişmeler üzerine bir inceleme. Karatay İslam İktisadı ve Finans Dergisi, 1(1), 77–98.

17. Gauch, P., et al. (2020). Vertragsschluss und digitale Erklärung: Privatrechtliche Grundlagen der elektronischen Kommunikation. Stämpfli Verlag.

18. Güler, E. (2024). Anonim şirketlerde genel kurul gündemi ve genel kurul kararlarının geçerliliği üzerindeki sonuçları [Master's thesis, İstanbul Sabahattin Zaim Üniversitesi].

19. Güner, M. (2021). Blokzincir teknolojisinin muhasebede kullanımıyla ilgili algıların belirlenmesine yönelik bir ölçek geliştirme çalışması. Muhasebe ve Finansman Dergisi, 459–472.

20. Iliev, P., et al. (2015). Shareholder voting and corporate governance around the world. The Review of Financial Studies, 28(8), 2167–2202.

21. Jayasuriya Daluwathumullagamage, D., & Sims, A. (2020). Blockchain-enabled corporate governance and regulation. International Journal of Financial Studies, 8(2), 36.

22. Karaca, H. (2023). Muhasebe uygulamalarının dijitalleşmesi: Kil tabletlerden akıllı muhasebe uygulamalarına. In Finansal piyasaların evrimi-II (pp. 119–138). Özgür Yayın Dağıtım.

23. Kılar, F. Ç. (2024). Türk anonim şirketler hukukunda blokzinciri teknolojisi kullanılarak genel kurul toplantısı yapılabilir mi? Akdeniz Üniversitesi Hukuk Fakültesi Dergisi, 14(2), 1269–1297.

24. Kılıçoğlu, A. M. (2019). Borçlar hukuku genel hükümler (19th ed.). Turhan Kitabevi.

25. Kılınç, Y. (2020). Blockchain teknolojisi: Muhasebe ve denetim mesleği açısından bir inceleme. Journal of Accounting and Taxation Studies, 13(3), 989–1011.

26. Köse, G. (2024). Dijitalleşen bankacılık sektöründe blockchain teknolojisinin potansiyel kullanımı. Holistic Economics, 3(2), 59–80.

27. Mougayar, W. (2016). The business blockchain: Promise, practice, and application of the next internet technology. Wiley.

28. Narayanan, A., et al. (2016). Bitcoin and cryptocurrency technologies: A comprehensive introduction. Princeton University Press.

29. Nuroğlu, E., & Nuroğlu, H. H. (2018). Türkiye ve Almanya’nın sanayide dijital dönüşümü: Yol haritaları ve şirketlerin karşılaştırması. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(Endüstri 4.0 Özel Sayı), 1537–1560.

30. Öztürk, L., & Sülüngür, E. (2023). Gümrük vergilerinde blockchain teknolojisinin kullanılması. Ekonomi Maliye İşletme Dergisi, 6(2), 100–111.

31. Pehlivanoğlu, M. C. (2022). Anonim şirketlerde metaverse ortamında genel kurul toplantısı yapılması. Dokuz Eylül Üniversitesi Hukuk Fakültesi Dergisi, 24(2), 743–770.

32. Razmetaeva, Y., & Razmetaev, S. (2021). Justice in the digital age: Technological solutions, hidden threats and enticing opportunities. Access to Justice in Eastern Europe, 104–120.

33. Rezapour, L., & Akova, O. (2024). Akıllı turizm gelişimi için yenilikçi bir çözüm olarak blok zincir teknolojisi üzerine sistematik bir inceleme. International Journal of Tourism and Destination Studies, 3(2), 118–135.

34. Sadat, S. N. (2023). Blokzinciri (Blockchain) teknolojisinin muhasebe, denetim ve finans alanlarına etkileri [Master's thesis, Selçuk Üniversitesi].

35. Schmidt, J. L., et al. (2024). Blockchain and the transition to the circular economy: A literature review. Corporate Social Responsibility and Environmental Management, 31(3), 2010–2032.

36. Silagadze, A., et al. (2025). Cryptocurrency regulation in post-Soviet countries: Balancing global practices and local specifics. Scientific Bulletin of Mukachevo State University. Series ‘Economics’, 12(1), 103–117.

37. Stocker, P. (2023). The potential of blockchain technology for share transfers in non-listed companies in Switzerland and the United Kingdom. European Business Organization Law Review, 24(3), 439–470.

38. Swan, M. (2015). Blockchain: Blueprint for a new economy. O'Reilly Media.

39. Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind Bitcoin is changing money, business, and the world. Penguin.

40. Taş, Ş. (2022). Blockchain sözleşmelerinin Türk özel hukukundaki yeri [Master's thesis, İstanbul Kültür Üniversitesi].

41. Tekinay, S. S., et al. (2019). Borçlar hukuku: Genel hükümler (7th ed.). Beta Yayınları.

42. UNIDROIT. (2016). Principles of international commercial contracts 2016. International Institute for the Unification of Private Law. https://www.unidroit.org/instruments/commercial-contracts/unidroit-principles-2016

43. Vigna, P., & Casey, M. J. (2015). The age of cryptocurrency: How Bitcoin and digital money are challenging the global economic order. Picador.

44. Voshmgir, S. (2020). Token economy: How the Web3 reinvents the internet (2nd ed.). BlockchainHub.

45. Werbach, K. (2018). The blockchain and the new architecture of trust. MIT Press.

46. Yermack, D. (2017). Corporate governance and blockchains. Review of Finance, 21(1), 7–31.

The Use of Blockchain Technology in Corporations and Its Legal Implications

Authors

DOI

Abstract

Keywords

Downloads

References

Similar Articles

Naval Contributions to Maritime Security, Prosperity, and Order: A Focus on the Indo-Pacific Region

Odeshi And the Epistemology of Indigenous Security in Igbo Thought

Beyond the Techno-Solutionist Narrative: Human, Ethical, And Structural Limits of Technology in Education, Health, And Food Security

Revisiting The Eu as A Regional Actor: A Strategic Approach

Backyard Bounty: Assessing the Impact of Small-Scale Agriculture on Poverty Reduction for Peri-Urban Households in Nigeria

Optimizing Workforce Outcomes: The Interplay of Training Design, Motivation, and Job Performance

Human Resource Management Practices and Employee Performance in Private Universities in South-West Nigeria: The Moderating Role of Organizational Culture

The nation-state as a structural actor of democratic metamorphosis

Border Enforcement and Human Rights: A Critical Examination of Violence and International Obligations

Digital Innovation, Psychological Empowerment, And Human Resource Capability as Determinants of Sme Performance in Southwestern Nigeria: A Socio-Technical Systems Approach

Search the journal