Creation, institutionalization and legal regulation of Blockchain: aspects of international experience

: 224-232
Master of Laws

Discussion issues of the history of Blockchain technology creation and aspects of the international experience of its institutionalization and legal regulation are covered.

The origins of the technology are said to be linked to the names of two English inventors, Stuart Haber and W. Scott Stornett. In 1991, they received an algorithm of distributed records, which is generally associated with Blockchain. It is emphasized that the full-fledged impetus for the development of technology was given by the work of an anonymous author published in 2008 under the pseudonym Satoshi Nakamoto. The fully decentralized Blockchain-based e-cash system described in technical detail was soon seen as a universal solution for various spheres of society.

The process of Blockchain institutionalization is traced. The understanding of institutionalization as the definition of the order or even the establishment of a certain tradition of application, design of organizations, legal and other structures for the development of this technology in the world. It is concluded that the institutionalization of Blockchain was associated with the realization of the significant potential impact of technology as a tool to improve the lives of society in the coming years and decades. Examples of institutionalization of technology are given. Emphasis is placed on intensifying the process of institutionalization of Blockchain since 2018, when a number of documents and decisions were made at the international level aimed at studying the problems of Blockchain in general and finding areas for its most effective use, in particular.

The peculiarities of Blockchain legal regulation in the countries with the greatest distribution of technology are analyzed. It is emphasized that currently a common legal field is being developed and Blockchain models are being implemented in various business areas. It is noted that the legal regulation of such relations is currently very uneven. It is emphasized that Blockchain is quite difficult to limit to only one jurisdiction. It is suggested that the reason for this is the technical features of the technology

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