The Governance of Blockchain Financial Networks

38 Pages Posted: 21 Nov 2017

See all articles by Philipp Paech

Philipp Paech

London School of Economics - Law School

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Date Written: November 2017


Since the emergence of the virtual currency Bitcoin in 2009, a new, Internet‐based way of recording entitlements and enforcing rights has increasingly captured the interest of businesses and governments. The technology is commonly called ‘blockchain’ and is often associated with a closely related phenomenon, the ‘smart contract’. The market is now exploring ways of using these concepts for financial assets, such as securities, fiat money and derivative contracts. This article develops a conceptual framework for the governance of blockchain‐based networks in financial markets. It constructs a vision of how financial regulation and private law should set the boundaries of this new technology in order to protect market participants and societies at large, while at the same time allowing the necessary room for innovation.

Suggested Citation

Paech, Philipp, The Governance of Blockchain Financial Networks (November 2017). The Modern Law Review, Vol. 80, Issue 6, pp. 1073-1110, 2017, Available at SSRN: or

Philipp Paech (Contact Author)

London School of Economics - Law School ( email )

Houghton Street
London WC2A 2AE, WC2A 2AE
United Kingdom

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