Legal challenges for Blockchain implementation in Colombia

Abstract

In Colombia, Blockchain is in an incipient state of development, especially in its applications in the industry beyond the financial sector. Different factors influence organizations to compete in the market of technological solutions based on Blockchain, among them, the legal one. The lack of direct regulation generates uncertainty in entrepreneurs wishing to implement this technology, becoming, in the long run, a demotivating factor. This study will analyze the state of Blockchain implementation in Colombia and will determine the main legal risks faced by public and private organizations wishing to venture into this technology.