ABSTRACT
Blockchain has been heralded by some as a potentially revolutionary technology, while others see it as a solution looking for a problem. In the field of law, particularly, novel technologies often collide with existing regulations, which may be too slow or rigid to adapt to the innovative functionalities explored, and blockchain is no exception to this. In this chapter, we take a look at blockchain’s promised benefits from the legal perspective in order to provide a general understanding on how the technology is seen to interact with three major fields of law. Firstly, with respect to contract law, we analyse, in particular, the implications blockchain technology may bring for smart contracts. Secondly, we deal with intellectual property law aspect, covering the potential benefits brought about by blockchain-based systems to holders – and users – of copyright, registered and unregistered trademarks and designs, as well as trade secrets. Thirdly, concerning personal data protection law, we focus on the contradictions between blockchain and the European General Data Protection Regulation – some merely apparent, while others unavoidable – and explore the ways in which the use of blockchain allows for, and even potentially enhances, the practical implementation of the principles of data protection by design and, more specifically, fairness by design.
