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Article: The Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain
Title | The Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain |
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Authors | |
Keywords | Bitcoin Blockchain Distributed Ledger Technology Financial Infrastructure FinTech RegTech |
Issue Date | 2017 |
Publisher | University of Illinois at Urbana-Champaign * College of Law. The Journal's web site is located at http://home.law.uiuc.edu/lrev/ |
Citation | University of Illinois Law Review, 2017 How to Cite? |
Abstract | The transformative potential of distributed ledger technology, especially in the financial sector, is attracting enormous interest. Many financial institutions are investing heavily in proof of concept demonstrations and the rollout of pilot applications of DLT technology. Part of the attraction of distributed ledger systems, such as Blockchain, lies in transcending law and regulation. From a technological perspective, DLT is generally seen as offering unbreakable security, immutability and unparalleled transparency, so law and regulation are seen as unnecessary. Yet while the law may be dull and the technology exciting, the impact of the law cannot be simply wished away. With data distributed among many ledgers, legal risk will remain. DLT projects may well be found, by courts, to constitute joint ventures with liability spread across all owners and operators of systems serving as distributed ledgers. Regulators seeking to support appropriate approaches to twenty-first century financial infrastructure must focus on these legal consequences. |
Description | University of Luxembourg Law Working Paper No. 007/2017 UNSW Law Research Paper No. 52 Center for Business & Corporate Law (CBC) Working Paper 002/2017 |
Persistent Identifier | http://hdl.handle.net/10722/244310 |
ISSN | 2023 Impact Factor: 1.0 2023 SCImago Journal Rankings: 0.150 |
SSRN |
DC Field | Value | Language |
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dc.contributor.author | Zetzsche, DA | - |
dc.contributor.author | Buckley, RP | - |
dc.contributor.author | Arner, DW | - |
dc.date.accessioned | 2017-09-11T09:39:07Z | - |
dc.date.available | 2017-09-11T09:39:07Z | - |
dc.date.issued | 2017 | - |
dc.identifier.citation | University of Illinois Law Review, 2017 | - |
dc.identifier.issn | 0276-9948 | - |
dc.identifier.uri | http://hdl.handle.net/10722/244310 | - |
dc.description | University of Luxembourg Law Working Paper No. 007/2017 | - |
dc.description | UNSW Law Research Paper No. 52 | - |
dc.description | Center for Business & Corporate Law (CBC) Working Paper 002/2017 | - |
dc.description.abstract | The transformative potential of distributed ledger technology, especially in the financial sector, is attracting enormous interest. Many financial institutions are investing heavily in proof of concept demonstrations and the rollout of pilot applications of DLT technology. Part of the attraction of distributed ledger systems, such as Blockchain, lies in transcending law and regulation. From a technological perspective, DLT is generally seen as offering unbreakable security, immutability and unparalleled transparency, so law and regulation are seen as unnecessary. Yet while the law may be dull and the technology exciting, the impact of the law cannot be simply wished away. With data distributed among many ledgers, legal risk will remain. DLT projects may well be found, by courts, to constitute joint ventures with liability spread across all owners and operators of systems serving as distributed ledgers. Regulators seeking to support appropriate approaches to twenty-first century financial infrastructure must focus on these legal consequences. | - |
dc.language | eng | - |
dc.publisher | University of Illinois at Urbana-Champaign * College of Law. The Journal's web site is located at http://home.law.uiuc.edu/lrev/ | - |
dc.relation.ispartof | University of Illinois Law Review | - |
dc.subject | Bitcoin | - |
dc.subject | Blockchain | - |
dc.subject | Distributed Ledger Technology | - |
dc.subject | Financial Infrastructure | - |
dc.subject | FinTech | - |
dc.subject | RegTech | - |
dc.title | The Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain | - |
dc.type | Article | - |
dc.identifier.email | Arner, DW: douglas.arner@hku.hk | - |
dc.identifier.authority | Arner, DW=rp01237 | - |
dc.identifier.doi | 10.2139/ssrn.3018214 | - |
dc.publisher.place | United States | - |
dc.identifier.ssrn | 3018214 | - |
dc.identifier.hkulrp | 2017/020 | - |
dc.identifier.issnl | 0276-9948 | - |