Blockchain technology has developed emphatically since its conception as Bitcoin’s core component. Since, it has evolved as arguably the safest, secure and accurate way to store, distribute and log information on a database.
In a world where technology is advancing at such a fast rate, it is difficult to preserve the rule of law that is adaptable to an evolving society. The digital age and introduction of the internet have caused headaches in the legal profession regarding data protection, online piracy, and cross-border disputes.
A transformation is essential to regulate advances on transactions by the invention of cryptocurrency and the decentralised nature of Blockchain technology being used as a database. This means that yet again, legal bodies around the globe will have to adapt and implement new legislation and make judicial decisions that are more appropriate to the prevalent use of this technology. At Lawdit, we have conducted research projects to explore existing law and how it can be applied to Blockchain technology, as well as the areas that can offer protection for users of this technology. Our finding was drawn towards various Directives and UK legislation such as those regarding data protection, the protection of databases, and the circumvention of technological measures. Since then we have been involved in work with Blockchain related disputes.
Blockchain technology has developed emphatically since its conception as Bitcoin’s core component. Since, it has evolved as arguably the safest, secure and accurate way to store, distribute and log information on a database. Due to its infancy, it doesn’t have any legal background that specifically supports it. We at Lawdit can assist in Blockchains application to the existing legal framework for data protection, the legal protection of databases and ownership rights. Our knowledge can support clients through a legal dispute that can arise. The music industry is in a digital age that has introduced the ability to stream music, piracy has increased, and artists have found themselves struggling to keep hold of ensuring royalties are paid correctly as well as retaining ownership of their work.