The Legal System of Blockchain Technology

Mohamed, Shimaa

doi:10.21608/ijdjl.2023.152992.1168

The Legal System of Blockchain Technology

Document Type : Original Article

Author

Shimaa Mohamed

Lawyer

10.21608/ijdjl.2023.152992.1168

Abstract

The first Internet Protocol was introduced at an international telecommunications conference over forty years ago. But it wasn't available to the public until the 1990s. Since then, the Internet has infiltrated virtually every industry and revolutionized all areas. This research addresses the definition and fundamental characteristics of blockchain technology and its own mechanisms, as well as standard applications such as cryptocurrency and smart contracts.

Blockchain technology, or Internet dealings, is one of the most important technological solutions associated with the fourth industrial revolution in the modern world. It is a secure cloud network through which transactions of all kinds are recorded, verified, and implemented information ", which is also a series of blocs whose function is to certify, restore and transmit information created or modified electronically. On the other hand, the blockchain above all prepares a database of all operations such as general ledger, land registry, classification protection, and intellectual property.

Today, more than 100 blockchain projects created to transform government systems are being conducted in more than 30 countries. Governments around the world are starting the explore the potential benefits and concerns of integrating blockchain-based applications into the public-private sector. What leads countries rapidly initiate blockchain projects? I argue that it is because blockchain is a technology directly related to social organization, unlike other technologies, a consensus mechanism forms the core of blockchain.

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