Bitcoins as a game changer have virtually set people’s imagination into flight. Bitcoins are based on the blockchain technology. Increased exploration of the further uses of blockchain technologies have showed that there is immense promise in blockchain technologies. No wonder, blockchain contracts are now beginning to be viewed with increased seriousness. Blockchain contracts are contracts which are entered into using the blockchain technology. Unlike the actual world contract, blockchain contracts are different inasmuch as they are executed using the code embedded in the blockchain.
As more and more users of blockchain technologies are beginning to emerge, the significance of the blockchain contract is beginning to dawn on the stakeholders. The blockchain contracts bring with them, their own share of legal issues and challenges. World over, cyber legal jurisprudence has not even begun examining the legal nuances concerning the blockchain contract and how Cyberlaw needs to view the blockchain contract.
The unique nature of blockchain contracts and the distinctive role played by technology in enforcing blockchain contracts itself shows that complicated legal and policy issues pertaining to blockchain contracts need to be appropriately addressed as time passes by. This becomes more important, since blockchain technologies hold tremendous promise for the future.
This eBook examines the entire concept of blockchain contracts, their specialized features and parameters and connected legalities, more so in comparison with traditional contracts. There are large number of legal, policy and regulatory issues pertaining to blockchain contracts that are beginning to emerge on the horizon. This eBook encapsulates and covers some of the most significant legal and policy issues impacting blockchain contracts.
I hope this eBook would set the mind of its readers thinking as to what direction the law needs to take when it deals with complicated phenomenon like blockchain contracts.