Abstract
Blockchain is a sophisticated bookkeeping technology which can effectively record transactions between two parties in a peer-peer network. Blockchain introduces a new regime of online transactions through a network of participants rather than through a centralized computer in a traditional computer-based ledger system. This technology is foundational in nature. Therefore, it has various applications by way of cryptocurrencies and smart contracts among others. However, due to its unique nature, Blockchain also faces numerous legal issues. This article attempts to trace and analyze the legal implications in the adaptation of blockchain technology.
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