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ARTICLE · 02 SEPTEMBER 2018

Legal Considerations Of Blockchain Technology

Miller Thomson
Miller Thomson
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Commonly known as Bitcoin's underlying technology, blockchain is widely discussed but poorly understood. According to an HSBC global survey

CanadaTechnology
Imran Ahmad
Imran Ahmad
Katherine Barbacki
Katherine Barbacki
Oleg Stratiev
Oleg Stratiev
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Commonly known as Bitcoin's underlying technology, blockchain is widely discussed but poorly understood. According to an HSBC global survey, 80% of individuals who have heard of "blockchain" said they do not understand it. While the technology has the potential to transform the way in which information and money is transferred and stored, it also presents important legal challenges for businesses contemplating incorporating this new technology into their operations.  

How does the technology work?

Blockchain is a decentralised database, maintained by a distributed network of computers that permanently record the history of all transactions on the network. The database is distributed in the sense that all network members, known as "nodes," store an up-to-date copy of the database and ensure its accuracy by validating transactions. Validated transactions are then grouped in a block, the size of which averages one megabyte. Each completed block is time-stamped

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