A decade ago, blockchain technology made its mainstream debut with the introduction of Bitcoin, a cryptocurrency that has generated a lot of buzz in the financial sector. Blockchain’s elegantly simple way of securely and reliably recording data gives the technology the power to disrupt multiple industries. Cryptocurrencies and smart contracts are blockchain’s most common applications, but it can be implemented in a variety of ways.
This article examines blockchain’s core characteristics and mechanics as they apply to its common applications like cryptocurrency and smart contracts, as well as other transactional uses. The author presents some of the legal issues that arise from the use of blockchain, and particular attention is paid to the tax treatment of cryptocurrency transactions, contract law challenges of smart contracts and blockchain’s role as an industry disruptor.
"Exploring the Legal Issues of Blockchain Applications,"
Akron Law Review: Vol. 52:
1, Article 5.
Available at: https://ideaexchange.uakron.edu/akronlawreview/vol52/iss1/5