Blockchain and Associated Legal Issues for Emerging Markets
Blockchain, or distributed ledger technology (DLT), is a tamper-evident and tamper-resistant digital ledger implemented in a distributed fashion.1 This emerging technology, which enables direct transactions within a ledger without need for a central authority or trusted intermediary, has the potential to re-engineer economic models and enable the creation of markets and products previously unavailable or unprofitable across emerging markets. However, in considering the potential benefits of blockchain, organizations must also consider the associated risks and how they can be managed. These risks include jurisdictional challenges, crypto assets, privacy and data protection, double spending, and distributed denial-of-service (DDoS) attacks. Several risks have been identified and overcome at similar innovative leaps in the recent past, including the commercialization of the Internet and cloud computing. It is essential that enterprises understand all risks inherent in blockchain systems, including being able to clearly identify who is accountable and legally responsible.
| Main Authors: | , |
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| Format: | Brief biblioteca |
| Language: | English |
| Published: |
International Finance Corporation, Washington, DC
2019-01
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| Subjects: | BLOCKCHAIN TECHNOLOGY, DISTRIBUTED LEDGER TECHNOLOGY, EMERGING MARKET ECONOMIES, DATA PRIVACY, CRYPTO ASSETS, LEGAL RESPONSIBILITY, ACCOUNTABILITY, LEGAL JURISDICTION, SMART CONTRACTS, TAXATION, REGULATION, GOVERNANCE, BANKING REFORM, |
| Online Access: | http://documents.worldbank.org/curated/en/658041547845804080/Blockchain-and-Associated-Legal-Issues-for-Emerging-Markets https://hdl.handle.net/10986/31202 |
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| Summary: | Blockchain, or distributed ledger
technology (DLT), is a tamper-evident and tamper-resistant
digital ledger implemented in a distributed fashion.1 This
emerging technology, which enables direct transactions
within a ledger without need for a central authority or
trusted intermediary, has the potential to re-engineer
economic models and enable the creation of markets and
products previously unavailable or unprofitable across
emerging markets. However, in considering the potential
benefits of blockchain, organizations must also consider the
associated risks and how they can be managed. These risks
include jurisdictional challenges, crypto assets, privacy
and data protection, double spending, and distributed
denial-of-service (DDoS) attacks. Several risks have been
identified and overcome at similar innovative leaps in the
recent past, including the commercialization of the Internet
and cloud computing. It is essential that enterprises
understand all risks inherent in blockchain systems,
including being able to clearly identify who is accountable
and legally responsible. |
|---|