Blockchain and Law: Incompatible Codes?

Abstract

Blockchain has recently joined a long line of technological innovations that have been characterised as disruptive to, and possibly even subversive of, fundamental legal principles. This article looks behind the hype to examine how blockchain might - or might not - be compatible with established legal and regulatory models. Data protection is discussed as an example of an area of law that some have claimed cannot be reconciled with blockchain. Various other conflicts are also identified and concerns about blockchain are placed in the context of wider historical debates about new technologies vs law.

Keywords: Blockchain, Distributed Ledger, DLT, Bitcoin, Smart Contract, Data Protection, Privacy, GDPR, European Union, EU

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