BitLaw

Blockchains and the Law

Perhaps no technology today is more disruptive to business and the law than the blockchain. Like several other technologies, blockchains provide a publicly available decentralized data storage system. However, unlike other data storage systems, blockchains have unique properties that make them highly useful for digital currencies and tracking unique ownership of digital and physical property. Because of the existence of blockchains, over one trillion dollars is tied up in digital currencies, non-fungible tokens have provided opportunities for artists to sell work their works as NFTs in a digital environment where copying is otherwise painless, and smart contracts are being developed to manage all business and legal relationships between parties. This section of Bitlaw discusses the development of the blockchain and the legal consequences of this new technology.