Blockchains and the Law
Perhaps no technology today is more disruptive to business and the law than
the blockchain. Blockchains are simply a 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.
The discussion of Blockchains and the Law is divided into the following sections: