Mosaics from the legal regulation of blockchain technology

Abstract

The use of distributed ledger technology could bring breakthroughs in many sectors beyond the popular cryptocurrencies, such as Bitcoin, which remain the most exciting new developments in blockchain technology. As the decade-long euphoria surrounding the explosion of cryptocurrencies subsides, the underlying technology may gain prominence and find applications in various fields in the near future. Governments have recognised that the benefits of blockchain can be harnessed in the public sector, provided there is a suitable regulatory environment and safeguards. The growing number of governments using the technology to modernise their public services is clear evidence of this recognition. Blockchain technology can improve transaction efficiency, reduce costs, democratise data systems and increase trust. The use of blockchain technology can potentially reduce corruption and increase resilience to cyber-attacks. However, there are still many challenges to overcome in integrating distributed ledgers and fully realizing the transformative power of blockchain. The purpose of this research is to provide a snapshot of the legal issues and improvements of blockchain technology, identify legal opportunities, and draw some useful conclusions for both theory and practice by highlighting some of the main characteristics of the regulative landscape worldwide.