BEYOND BITCOIN: ISSUES IN REGULATING BLOCKCHAIN TRANSACTIONS

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Source : http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=3827&context=dlj

Extract from Abstract

The  buzz  surrounding  Bitcoin  has  reached  a  fever  pitch.  Yet  in  academic  legal  discussions,  disproportionate  emphasis  is  placed  on  bitcoins  (that  is,  virtual  currency),  and  little  mention  is  made  of  blockchain   technology ,the   true innovation   behind   the   Bitcoin   protocol. Simply, blockchain technology solves an elusive networking problem  by  enabling  “trustless” transactions:  value  exchanges  over  computer  networks  that  can  be  verified,  monitored,  and  enforced  without  central institutions  (for  example,  banks).  This  has  broad  implications for how we transact over electronic networks.  This   Note   integrates   current   research   from   leading   computer   scientists   and   cryptographers   to   elevate   the   legal  community’s   understanding  of blockchain  technology  and,  ultimately,  to  inform  policymakers  and  practitioners  as  they  consider  different regulatory  schemes. An examination of the economic properties of a blockchain-based currency suggests the technology’s true value lies in its potential to   facilitate   more   efficient   digital-asset   transfers.   For   example,   applications  of  special  interest  to  the  legal  community  include  more  efficient  document  and  authorship  verification,  title  transfers,  and  contract enforcement. Though a regulatory patchwork around virtual currencies  has  begun  to  form,  its  careful  analysis  reveals  much  uncertainty with respect to these alternative applications.

Author Details

TREVOR I.KIVIAT

Published in 2015