Blockchain Legal Compliance

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Understanding the potential benefits, risks and technology behind blockchain Blockchain is increasingly in the news, but still primarily as the underlying software used for cryptocurrencies such as Bitcoin. Many businesses have yet to realize its potential and the extensive ways in which blockchain can be used to make processes more efficient or to develop new service offerings, but momentum is gathering as its applications are more widely understood. This paper takes a high level view of blockchain technology, its practicalities and how it can be applied to the legal landscape while also looking at future opportunities for the technology.

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What is blockchain?

  • At its simplest, blockchain involves recording information in a way that creates trust in the information recorded.

  • This provides value to users because it creates a transparent chain of data, eliminating the need for intermediaries and other third parties, while being both safe and cost efficient.

  • Smart contracts

    • As such the name smart contracts is a misnomer: they are neither smart (there is no cognitive component), nor a contract in a legal sense. Why then are they a useful element in blockchain?

    Legal manifestations

    • There are many possible legal applications for blockchain. While legal uses of blockchain are still being explored, a number of practical functions are being utilized.

    Legal issues

  • Blockchain participants need to be aware of the legal ramifications of the solution they are using including public law, private law, criminal law andfinancial and regulatory law.

  • We understand these challenges and we are able to provide solutions for all above challenges. Our team has a vast experience in providing legal compliance for organisations who want to implement Blockchain for their systems.

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