Current Issues in the Application of LegalTech in Electronic Interactions in Entrepreneurial Activity

Abstract

This article explores the main trends in the development of electronic business and the role of LegalTech innovations in entrepreneurship. The digital transformation of business activities, especially through technologies like blockchain, artificial intelligence (AI), and machine learning (ML), has fundamentally reshaped the landscape of entrepreneurship. Blockchain technology, while reducing transaction costs, poses challenges in resolving disputes without a third-party intermediary. Additionally, AI and ML are becoming strategic priorities for businesses, allowing them to enhance productivity, improve customer experience, and personalize services. Moreover, augmented reality (AR) and virtual reality (VR) applications are transforming how businesses engage with consumers by enabling them to visualize products before purchase, reducing product returns. The article highlights that despite the opportunities provided by these technologies, businesses must reorganize their systems and processes to fully capitalize on digital innovations. Cloud computing and mobile payment systems are further advancing business efficiency, though concerns regarding data privacy and control remain. Ultimately, businesses must integrate these technologies while addressing new regulatory and infrastructural challenges to remain competitive in an increasingly digital economy.