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Excitement about blockchain and related technologies is soaring to new heights.

The purpose of this paper is to help legal and other professional advisors understand blockchain technology and to alert users of blockchain technology to the current legal uncertainty and associated risks. The second part analyses the technology’s implications for several areas of law that will be relevant to companies and other organisations that seek to use blockchain technology, namely: contract law, data protection law, securities law, property law, intellectual property, and company law. It explains how blockchain technology works and can be deployed in various ways to create applications with different features, including open, distributed and closed, and centralised platforms.

The first part looks at the technology behind the hype. This paper provides an introduction to blockchain technology and its legal implications. Cite as: Jean Bacon, Johan David Michels, Christopher Millard & Jatinder Singh, Blockchain Demystified: A Technical and Legal Introduction to Distributed and Centralised Ledgers, 25 Rich.

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