The Blockchain Technology and Legal Challenges
The Blockchain Technology and Legal Challenges

Summary/Abstract: The technology grows fast and it faces innovations. One of the recent innovations is the Blockchain technology that brought a significant change to international relations especially International trade, and its different aspects in Law and regulation policies. Blockchain and its applications have been a topic of debate among global economies and international trade actors in the field of regulatory concerns. There are many contradictions among legal experts as to understanding the concept of decentralized features of Blockchain and different aspects of smart contracts. There is no regulatory regime for Blockchain and smart contract which bring many challenges to the application of this innovation in national and international relations. Privacy concerns made different sectors reluctant to use this technology and its applications for their transactions. Crypto currencies are another application of Blockchain that their legal recognition as assets is an upcoming issue. Some countries try to ban the recognition of crypto assets because they believe that there is no financial support for them so they might be a bubble for the economy that would disappear soon. The smart contracts function in the framework of Blockchain that has no specific location for signatories to the contract and there is no „central administration” responsible for each Blockchain platform, is not very welcomed. all these characteristics result in ambiguity in defining the applicable law and jurisdiction to Blockchain based smart contracts.

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