As a result, there can be no one-size-fits-all legal response. It argues that understanding the different ways in which platforms can apply blockchain technology is often key to accurate legal analysis. The second part explores blockchain’s legal implications. The first part is an introduction to blockchain technology. This paper aims to demystify blockchain for a non-expert audience. As a result, many discussions of blockchain are marred by misunderstandings and can leave audiences mystified. Finally, the terminology used to describe blockchain is often unclear or inconsistent. Further, some sources fail to distinguish between the core components of blockchain technology, and the various ways in which the technology can be applied.
However, a lot of the existing material assumes that readers are familiar with the underpinning technologies. There are many tutorials and reports, and various books on blockchain. This flurry of activity sparked responses by legislators and regulators, including securities regulators in the United States and the EU. Organisations ranging from banks to charities publicly expressed their interest in using blockchain technology. Initial Coin Offerings (ICOs) raised an estimated U.S. $20,000 in December 2017, before plummeting to around U.S. The value of the two main cryptocurrencies, Bitcoin and Ethereum, has proved volatile with Bitcoin’s price increasing twentyfold, from U.S. Excitement about blockchain and related technologies is soaring to new heights. The purpose of this paper is to help legal and other professional advisors understand blockchain technology and to alert users of blockchain technology to the current legal uncertainty and associated risks. The second part analyses the technology’s implications for several areas of law that will be relevant to companies and other organisations that seek to use blockchain technology, namely: contract law, data protection law, securities law, property law, intellectual property, and company law. It explains how blockchain technology works and can be deployed in various ways to create applications with different features, including open, distributed and closed, and centralised platforms. The first part looks at the technology behind the hype. This paper provides an introduction to blockchain technology and its legal implications. Cite as: Jean Bacon, Johan David Michels, Christopher Millard & Jatinder Singh, Blockchain Demystified: A Technical and Legal Introduction to Distributed and Centralised Ledgers, 25 Rich.
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