Blockchain Demystified

53 Pages Posted: 21 Dec 2017 Last revised: 5 Nov 2018

See all articles by Jean Bacon

Jean Bacon

University of Cambridge - Computer Laboratory

Johan David Michels

Queen Mary University of London, School of Law

Christopher Millard

Queen Mary University of London, School of Law - Centre for Commercial Law Studies; Oxford Internet Institute

Jatinder Singh

University of Cambridge -- Dept. Computer Science & Technology (Computer Laboratory)

Date Written: December 20, 2017

Abstract

This paper provides an introduction to blockchain technology and its legal implications. It explains how the underlying technology works and can be deployed in various ways to create applications with different features, including distributed and centralised platforms. It analyses the technology’s implications for law enforcement, private law (including contracts, companies, and securities), and EU data protection law. The purpose of this paper is to help legal and other professional advisors understand blockchain technology, so they can tailor appropriate advice, and to alert users of blockchain technology to the current legal uncertainty and associated risks.

This is a draft working paper. A shorter version of this paper, with an updated legal analysis, will be published forthcoming in JOLT, citation: Jean Bacon, Johan David Michels, Christopher Millard, Jatinder Singh, Blockchain Demystified: A Technical and Legal Introduction to Distributed and Centralised Ledgers, 25 Rich. J.L. & Tech. 2 (2018).

JEL Classification: C88, C99, K00, K12, K14, K2, K20, K21, K22, K29, K30, K42, K49, L86, O34, O38

Suggested Citation

Bacon, Jean and Michels, Johan David and Millard, Christopher and Singh, Jatinder, Blockchain Demystified (December 20, 2017). Queen Mary School of Law Legal Studies Research Paper No. 268/2017. Available at SSRN: https://ssrn.com/abstract=3091218

Jean Bacon (Contact Author)

University of Cambridge - Computer Laboratory ( email )

15 JJ Thomson Avenue
William Gates Building
Cambridge, CB3 0FD
United Kingdom

Johan David Michels

Queen Mary University of London, School of Law ( email )

67-69
Lincoln's Inn Fields
Holborn, London WC2A 3JB
United Kingdom

Christopher Millard

Queen Mary University of London, School of Law - Centre for Commercial Law Studies ( email )

67-69 Lincoln's Inn Fields
London, EC2A 3JB
United Kingdom

HOME PAGE: http://www.law.qmul.ac.uk/staff/millard.html

Oxford Internet Institute

1 St Giles
Oxford, OX1 3JS
United Kingdom

HOME PAGE: http://www.oii.ox.ac.uk/

Jatinder Singh

University of Cambridge -- Dept. Computer Science & Technology (Computer Laboratory) ( email )

15 JJ Thomson Avenue
William Gates Building
Cambridge, CB3 0FD
United Kingdom

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