Legal issues arising for the utilisation of blockchain based products in the 4th industrial revolution

Abstract

This contribution considers the nature of distributed ledger technology, or blockchain as it is otherwise known, analysing its key elements, the reasons for its emergence and development and its potential importance. The method by which it functions is analysed together with a discussion of the facilities that are being developed on it. There is also a consideration of the legal issues arising from its operation and of the facilities that utilise it. Further, there is also a consideration of the cost issues involved in using blockchain and the particular factors arising when shares and bonds are issued on a blockchain system. Criminal factors inevitably arise with the development of any new regime and key elements of this are considered. Finally, there is also an analysis of the inherent problems arising with such a system and the current situation in which the world now finds itself with blockchain, and the future issues that seem to be emerging.