Blockchain's Treacherous Vocabulary: One More Challenge for Regulators

Abstract

This paper explores the muddled, contested, and fluid vocabulary around blockchain technology, and the difficulties the problematic vocabulary raises for regulators and others seeking to understand and evaluate the technology. Failure to fully understand the technology can lead to inappropriate adoption of the technology in critical systems and flawed regulatory decisions. The paper recommends a detailed critical approach for regulators and others to take to fight through the vocabulary barriers.

Keywords: blockchain, DLT, distributed ledger technology, regulation, regulatory capture, regulatory arbitrage, regulation of innovation, shared ledger technology, terminology, standards