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What types of issues are giving rise to blockchain litigation?
What types of issues are giving rise to blockchain litigation?
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Blockchain is a relatively new term in the legal field, referring to distributed ledger technology. Most people are familiar with Bitcoin, which is a type of cryptocurrency that, along with Ethereum, relies on this distributed ledger technology. Having existed for about 15 years, blockchain technology has exploded into a $2 trillion economy, comparable to the size of the South Korean economy.
Blockchain litigation and cryptocurrency have created a distinct digital economy, with entire businesses built on this infrastructure. The issues arising in blockchain litigation are largely similar to those in modern commercial litigation. However, one significant difference is the technological expertise required to interpret the transactions occurring within the blockchain economy and to detect and prove wrongdoing or negligence.
Columbia, SC attorney Graham Newman talks about the types of issues that are giving rise to blockchain litigation. Blockchain is a relatively new concept in the legal field, denoting distributed ledger technology. Many individuals are familiar with Bitcoin, a form of cryptocurrency that, along with Ethereum, relies on this distributed ledger technology. Over the past 15 years, blockchain technology has surged into a $2 trillion economy, comparable in size to the South Korean economy.
The rise of blockchain litigation and cryptocurrency has led to the emergence of a distinct digital economy, with entire businesses built on this infrastructure. The issues that arise in blockchain litigation are largely akin to those found in modern commercial litigation. However, a significant difference lies in the technological expertise required to interpret the transactions within the blockchain economy and to detect and prove instances of wrongdoing or negligence.
