A key question for our Parliament and regulators will be the extent to which this technology is subject to existing legislation. At the moment our UK government is too concerned with BREXIT to be focused on regulation and legislation but from a legal perspective its essential you have certainty over the nature of the legal relationships created through its use.Â
What is it?
In simple terms Blockchain is a Database that is distributed amongst a series of users but is not held in one place. Those transactions are then shared through a p2p network amongst said users, provided they verify their own ienity and accuracy. All the data is tracked in digital form.
Although Bitcoin has been around some 9 years. This technology has thrown up a whole range of cryptocurrenciesÂ https://coinmarketcap.com/calculator/. But its got massive potentialÂ in respect of other financial transactions and dealings involving property and insurance and basically the wholeÂ commercial world.Â
The following are the issues as I see it as we enter October 2017Â
Financial services regulation.- how are member states reacting? How is China and the US reacting? Will Russia embrace the technology?
Data protection and anti-money laundering (AML) and taxation?
Contractual relations between users, who owns what rights and who is obliged to whom?Â
Who owns the assets and what about the IPRs?
Hacking and Cybersecurity.
Interesting times ahead!