If you don’t know what blockchain is, then it’s probably about time you find out. With this form of digital information distribution and replication becoming more important to the digitally decentralized currency that is Bitcoin, we’re only now starting to learn about the potential for other uses.
This period of learning is taking the tech world by storm, but it’s also creating headaches for law firms that aren’t forward-thinking enough to take on big blockchain-related cases, and legislators who have to find ways of regulating the new tech without much information on which to decide how best to do just that.
It’s for these reasons that blockchain and bitcoin are so important to business law. The technologies have the potential to completely subvert business as we know it, and we need to adapt now–before it’s too late.
If your business is curious about the potential of blockchain and need to know about potential legal consequences of the technology, then it’s time to find a qualified business lawyer to help answer those questions based on the individual needs of your business. The same goes if you think your business has been the victim of blockchain-related fraud or wrongdoing.
Anastasios Antoniou is a member of the EU Blockchain Observatory and Forum, and he believes we can learn a lot about how to deal with blockchain by comparing it to the problem of cyberspace security and regulation in the 90s.
For the moment, blockchain is new enough that it hasn’t yet been provided a stable framework inside the law. Instead, those who use it manage to wiggle around laws meant for other technologies. Antoniou wants blockchain and bitcoin developers to provide a voice for new regulation, working with governments, legislative bodies, and law firms to build new laws in order to standardize cases regarding the tech.
The fact that this hasn’t yet been done is part of the reason that blockchain hasn’t gone mainstream even though mass adoption should be relatively simple. Blockchain firms haven’t worked together to address standardization issues, and until they do the technology won’t reach its full potential.