Blockchain Development and Fiduciary Duty

49 Pages Posted: 10 Jul 2019

See all articles by Raina Haque

Raina Haque

Wake Forest University School of Law

Rodrigo Seira

DLx Law

Brent Plummer

Wake Forest University, School of Law, Students ; Wake Forest University School of Law

Nelson Rosario

Chicago-Kent College of Law - Illinois Institute of Technology

Date Written: February 20, 2019

Abstract

This article is legal literature’s first detailed analysis of the operations and incentives involved in public blockchain development. We characterize the governance structures of public blockchain network participants and describe the cryptocurrency-based incentives aimed to align the motivations of network participants. We dissect the governance process of development to examine whether fiduciary obligations should be imposed on core developers for the benefit of owners of assets created through these networks. Our findings offer a foundational understanding of public blockchain and open source development for legal scholars, economists, and policymakers about the roles played by developers. This understanding will guide the creation of effective liability frameworks for public blockchain and open source innovation.

Keywords: blockchain, fiduciary, open source, liability, fintech, bitcoin

Suggested Citation

Haque, Raina and Seira, Rodrigo and Plummer, Brent and Rosario, Nelson, Blockchain Development and Fiduciary Duty (February 20, 2019). Available at SSRN: https://ssrn.com/abstract=3338270 or http://dx.doi.org/10.2139/ssrn.3338270

Raina Haque (Contact Author)

Wake Forest University School of Law ( email )

1834 Wake Forest Road
Winston-Salem, NC 27109
United States

Rodrigo Seira

DLx Law ( email )

United States

Brent Plummer

Wake Forest University, School of Law, Students ( email )

Winston-Salem, NC
United States
865-776-4699 (Phone)

Wake Forest University School of Law ( email )

1834 Wake Forest Road
Winston-Salem, NC 27109
United States
865-776-4699 (Phone)

Nelson Rosario

Chicago-Kent College of Law - Illinois Institute of Technology ( email )

565 W. Adams St.
Chicago, IL 60661-3691
United States

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