DLT & Blockchain

Blockchain Compliance

Zitiervorschlag: , Blockchain Compliance, in: Jusletter IT 22. Februar 2018

This article explores options to embed blockchains and their applications in the legal context de lege lata and de lege ferenda. Blockchains introduce analog scarcity into digital abundance. Beyond the sucess of Bitcoins as digital currency, they promise new options to organize institutions, to manage public ledgers and to setup and complete deals with so-called «smart contracts». At the end of the day, the «blocks» are simply digital objects in an IT system and many established legal concepts can be applied problem-free. However, to create valid legal effects blockchains should be anchored prudently in the surrounding legal context and specific regulations will be supportive to unfold their potential in a sustainable way and in an international context.

Inhaltsverzeichnis

1. The Challenge
2. Critical Success Factors
3. Preliminary Remark: Compliance and Regulatory Efforts as a Myth of Sisyphos?
4. Blockchain Compliance de lege lata
- 4.1. Blockchains and its Applications as Humble Distributed Databases
- 4.2. The Spectacular Failure of the DAO
  - 4.2.1. Case Description
  - 4.2.2. Legal Findings
- 4.3. Establishing Valid Legal Contexts
  - 4.3.1. State Specific Differences
  - 4.3.2. General Options
5. Blockchain Compliance de lege ferenda
- 5.1. Power Consumption
- 5.2. Publicity of Blockchains / Identity Management
- 5.3. Transparency and Error Correction
- 5.4. Organizational Accountability
- 5.5. Regulation of ICOs
- 5.6. Legal Context for Smart Contracts
- 5.7. Local Regulation vs. International Regulation
6. How to Regulate Blockchain Regulation / a Plea for Human Rights
7. References