Blockchain and its Applications: A Conceptual Legal Primer

ABSTRACT Blockchain is a potent buzzword and a potentially transformative technology. Diverse businesses are looking to leverage this technology to reap its alleged benefits of increased efficiency, reduced costs, enhanced transparency, and improved traceability. Yet, significant confusion persists...

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Bibliographic Details
Published in:Journal of international economic law 2023-06, Vol.26 (2), p.363-383
Main Authors: Buckley, Ross P, Didenko, Anton N, Trzecinski, Mia
Format: Article
Language:English
Subjects:
Bitcoin
Blockchains (Databases)
International finance
International trade
Technological innovations
World Trade Organization
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Summary:ABSTRACT Blockchain is a potent buzzword and a potentially transformative technology. Diverse businesses are looking to leverage this technology to reap its alleged benefits of increased efficiency, reduced costs, enhanced transparency, and improved traceability. Yet, significant confusion persists about the structure, utility, and applicability of blockchain technology. A clear understanding of what blockchain is and how it works is especially important for lawyers advising clients on the applications that use, or purport to use, it. This article aims to assist lawyers and regulators by providing conceptual clarity about what blockchain is, how it works, and its main use cases. These use cases include smart contracts, cryptoassets, and some central bank digital currencies. These applications may transform business practices, or even entire monetary and payment systems, so conceptual clarity among lawyers will only become more vital.
ISSN:1369-3034
1464-3758
DOI:10.1093/jiel/jgad010