Blockchain Technology: Usages and Legal Implications in India

Abstract

Blockchain technology is a distributed ledger technology which helps to store information in a decentralized way. It can be put to use for various purposes ranging from the handling and transaction of virtual currency to maintenance of land registries. The adoption of the technology in India will surely enhance the efficiency and effectiveness of the various sectors. However, certain legal ramifications may arise. The three prominent usages of Blockchain technology are: Bitcoins, Smart Contracts and the Land Registry System. The legal ramifications of all the three usages under various Indian laws have been examined. Further, adoption of Blockchain technology in the Land Registry System will require certain structural changes. Therefore, the said structural changes have been examined and certain suggestions have been made for successful adoption of Blockchain technology in the Land Registry System in India.