Blockchain and Rule of Law.

Abstract

The present paper aims to examine the technology of blockchain in regard with the legal doctrine and especially the issues that this innovation raises for the rule law. Since, a blockchain is expected to bring about a revolution to the way of concluding transactions, it is important to examine the impact it may have on rights and obligations. In the following research the examination is done with a specific method: the author examines whether blockchain technology can comply with various existing legal norms. More specifically, it is examined if the applicable law in relationships between blockchain participants can be determined under Rome I Regulation, and so on for the jurisdiction of a crypto case under Brussels Ia Regulation; if the nature of blockchain can be considered as property and if it confers a right of ownership in common law and continental systems, and finally if a blockchain technology can comply with rights and obligations under General Data Protection Regulation (GDPR). The paper concludes that blockchain does not fit in the current legal regulations.