Regulating Block-Chain Technology In The Legal Field

Viswa Mohit, BBA LLB (Hons), Mahindra University

ABSTRACT

Blockchain technology is a subject which is clearly known to a smaller number of people, most people have ambiguity in this matter and most people still think that blockchain is still limited to the field of finance but this is not true! In this paper, the total over-view of what blockchain technology and its usage in different fields of the world will be explained. In the current world scenario, this technology is used in various fields such as healthcare, finance, software, law, etc. The regulation of the technology in such fields should be of major importance, and its effects and consequences should be considered, the analysis of such will shown in this paper.

Blockchain technology if used and implemented more in the field of law, there would be a lot of less ambiguity which still exists in this field. Usage of block-chain technology in this field can bring lots of changes such as management of automated agreements, reduction of in preparation, personalizing and maintaining legal documents using scripted text, etc. As this technology stores the data digital format electronically, guarantee and security of the data is fixed without the involvement of any third party. It also helps in maintaining a secure and decentralized transaction record.