Blockchain: A Trustless Network or a Technologically Disguised Shift of Trust?
37 Pages Posted: 23 Aug 2019
Date Written: March 20, 2018
The Blockchain technology has entered into our lives as the underlying technology of the popular cryptocurrency Bitcoin. However, Bitcoin is just an application, the most popular one, of the Blockchain. There is a certain hype around these terms and as a result of this hype created by the Bitcoin, the Blockchain technology is being discussed with a focus on permissionless blockchains and is claimed as trustless, immutable and distributed. This paper examines firstly how does the Blockchain technology work and, secondly, are these commonly-cited features, mainly the trustlessness, are valid.
Keywords: Blockchain, Law, Trust, Regulation, Cryptocurrency, Bitcoin, Decentralized Networks
Suggested Citation: Suggested Citation