Legal Systems and Blockchain Interactions

Hegadekatti, Kartik (2017): Legal Systems and Blockchain Interactions. Published in: Transnational Litigation/Arbitration, Private International Law, & Conflict of Laws eJournal , Vol. 04, No. 11 (2 March 2017)

Abstract

A large amount of money is spent globally in the litigation process. A significant chunk of litigations can actually be prevented from even arising if the policies, contracts and laws can be fully objectivised. Presently, the interpretation of law, contracts, policies etc. lead to a lot of confusion and ambiguities. This complicates the justice process. This paper deals with simplifying the legal procedures by using Blockchain Technology. Firstly I introduce the concept of Blockchains and Cryptocurrencies. Then we discuss the present legal services. The ways in which Blockchain technology can be applied to legal processes is identified. Civil and Common law systems are the most widespread in the world. The probable impact of Blockchain on law systems is evaluated. The paper concludes by summarizing the consequences and suitability of using Blockchain Technology in Law systems and Legal services.

• Item Type: MPRA Paper
• Language: English
• Keywords: blockchain, bitcoin, cryptocurrency, rsbc, nationcoins, K-Y Protocol
• Subjects: K - Law and Economics > K1 - Basic Areas of Law > K11 - Property Law; K - Law and Economics > K1 - Basic Areas of Law > K12 - Contract Law; K - Law and Economics > K4 - Legal Procedure, the Legal System, and Illegal Behavior > K41 - Litigation Process; K - Law and Economics > K4 - Legal Procedure, the Legal System, and Illegal Behavior > K42 - Illegal Behavior and the Enforcement of Law; L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance > L14 - Transactional Relationships ; Contracts and Reputation ; Networks; P - Economic Systems > P3 - Socialist Institutions and Their Transitions > P37 - Legal Institutions ; Illegal Behavior; P - Economic Systems > P4 - Other Economic Systems > P48 - Political Economy ; Legal Institutions ; Property Rights ; Natural Resources ; Energy ; Environment ; Regional Studies

References

[1] Hegadekatti, Kartik and S G, Yatish, The K-Y Protocol: The First Protocol for the Regulation of Crypto Currencies (E.g.-Bitcoin) (February 13, 2016).

[2] Hegadekatti, Kartik and S G, Yatish, Roadmap for a Controlled Block Chain Architecture (August 13, 2016).

[3] Joanne Harris (23 June 2016). "Revealed: Global 200 deliver £81bn revenue in 2015".