LEGAL FOUNDATIONS OF BLOCKCHAIN TECHNOLOGY IN EUROPEAN LAW
LEGAL FOUNDATIONS OF BLOCKCHAIN TECHNOLOGY IN EUROPEAN LAW

Summary/Abstract: The article examines, from a legal-academic perspective, the impact of blockchain technology on the European legal order, starting from the technical premises of distributed ledgers and moving towards the new regulatory frameworks. The first part clarifies the main concepts – DLT, blockchain, token, crypto-asset and services related to crypto-assets – highlighting the distinction between the technical infrastructure and the digital representations of value. It then analyses the potential legal functions of the distributed ledger, both as a market infrastructure and as an electronic means of proof, with a focus on the implications in terms of legal classification and allocation of liability. The central sections of the study are devoted to smart contracts and the tension between the "rule of law" and the "rule of code", discussing issues related to consent, algorithmic error and traditional remedies. At the normative level, the article presents the evolution from European programmatic documents to the adoption of Regulation (EU) 2023/1114 (MiCA) and the DLT pilot regime, emphasizing the paradigm shift in the treatment of crypto-assets and decentralized infrastructures. Finally, it analyses the relationship between blockchain and data protection, as well as digital identity projects, arguing for the need for a governance framework that combines technological innovation with the requirements of the rule of law and the effective protection of market participants.

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