THE DISTRIBUTED LIABILITY OF DISTRIBUTED LEDGERS: LEGAL RISKS OF BLOCKCHAIN

【Author】 Zetzsche, Dirk A.; Buckley, Ross P.; Arner, Douglas W.

【Source】UNIVERSITY OF ILLINOIS LAW REVIEW

【影响因子】0.857

【Abstract】The transformative potential of distributed ledger technology ("DLT"), especially in the financial sector, is attracting enormous interest. Many financial institutions are investing heavily in proof-of-concept demonstrations and the rollout of pilot applications of DLT technology. Part of the attraction of distributed ledger systems such as Blockchain lies in transcending law and regulation. From a technological perspective, DLT is generally seen as offering unbreakable security, immutability, and unparalleled transparency, making law and regulation unnecessary. Yet while the law may be dull and the technology exciting, the impact of the law cannot be simply wished away. With data distributed among many ledgers, legal risk remains. DLT projects may well be found by courts to constitute joint ventures, with liability spread across all owners and operators of systems serving as distributed ledgers. Instead of being subject to law nowhere, organizers may instead be subject to the law wherever there are system users. Regulators seeking to support appropriate approaches to twenty-first century financial infrastructure must focus on these legal consequences.

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【发表时间】2018

【收录时间】2022-01-02

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