Legal and regulatory framework of blockchains and smart contracts
Autor(es):
European Union Blockchain Observatory and Forum
Editor: [S.l.] : EU Blockchain Observatory and Forum, 2019Descripción: 38 p. ; 1 documento PDFTipo de contenido: texto (visual)Tipo de medio: electrónico
Tipo de soporte: recurso en líneaTema(s): Tecnologías habilitadoras digitales | Blockchain | digital identity | legal regulatory | smart contractRecursos en línea: Acceso al documento Resumen: In this paper we examine the intersection of blockchain and the law. The analysis begins with an overview of legal issues as they pertain to blockchain technology per se, and in particular issues that arise due to the decentralised nature of many blockchain-based platforms. It look at the legal implications of different kinds of smart contracts, include smart legal contracts, which are smart contracts on a blockchain that represent - or that would like to represent - a legal contract as well as smart contracts with with legal implications, which are artefacts/constructs based on smart technology that clearly have legal implications, for instance in the form of digital assets, or decentralised autonomous organisations (DAOs) or other kinds of autonomous agents. If blockchain will indeed become the catalyst for innovation, jobs and economic growth in the EU that many hope, then there is no doubt that a key element will be a predictable legal and regulatory framework for blockchains and smart contracts. The new paradigms for platforms, applications, agreements and assets (among other things) enabled by blockchain are not necessarily easy to reconcile with existing legal and regulatory norms.
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In this paper we examine the intersection of blockchain and the law. The analysis begins with an overview of legal issues as they pertain to blockchain technology per se, and in particular issues that arise due to the decentralised nature of many blockchain-based platforms. It look at the legal implications of different kinds of smart contracts, include smart legal contracts, which are smart contracts on a blockchain that represent - or that would like to represent - a legal contract as well as smart contracts with with legal implications, which are artefacts/constructs based on smart technology that clearly have legal implications, for instance in the form of digital assets, or decentralised autonomous organisations (DAOs) or other kinds of autonomous agents. If blockchain will indeed become the catalyst for innovation, jobs and economic growth in the EU that many hope, then there is no doubt that a key element will be a predictable legal and regulatory framework for blockchains and smart contracts. The new paradigms for platforms, applications, agreements and assets (among other things) enabled by blockchain are not necessarily easy to reconcile with existing legal and regulatory norms.
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