Cryptocurrency and Privacy - Disruptive Technology Disarray the Laws
20 Pages Posted: 25 Aug 2020
Date Written: August 1, 2020
Cryptocurrency’s disruptive technology gained significant and growing attention from policymakers across the globe for its increased use by the malicious users to undermine legal controls prescribed under the existing laws and regulations.The technology in the Cryptocurrencies among other technical intricacies includes Data Security involving dimensions such as ‘Integrity’, ‘Non-repudiation’, ‘Authenticity’, ‘Confidentiality’ etc. Data Privacy relates to provision of data control including prevention against data delays or removal and data disclosure. Privacy is related to individual while Cyber security on the other hand is more complex and includes the entire ecosystem.
In the background as set above, the present work studies the structure and functionality of Bitcoin - the most popular Cryptocurrency in order to gain an understanding as to how the Cryptocurrency technology works with its players in the given platforms, what are the security and privacy threats involved in such technology. The work gives a glance at various cryptocurrency platforms with brief on technology use. The author opines that answers to some of these questions could be useful to take cognizance of the legal implications such technology creates. The most important thing is to comprehend what the technology can do and Cryptocurrency with its public distributed ledger based on blockchain technology and consensus protocols already made much inroads into financial and legal arena touching the core issues of Individual’s privacy rights and State’s law and financial security policies. The cryptocurrency technology has disrupted the existing laws and regulations calling for a global comprehensive approach from the policymakers. In the conclusion it is opined that technology involved in the cryptocurrency and its insights could be one of the guiding factors to the policymakers to frame effective regulations and control the illicit use of cryptocurrency technology.
Keywords: Cryptocurrency, Privacy, Disruptive Technology, Blockchain, Consensus Protocal, Proof of Work, Miners, Bitcoin, Litecoin, Dash, Iota Regulations
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