Regulation Of Blockchain & It's Legal Framework

Blockchain technology has revolutionized the way we store data, conduct transactions and interact with one another. As this innovative field continues to advance, it has become clear that establishing a comprehensive legal framework is necessary to regulate its activities. Blockchain is a decentralised system, that supports secure, immediate and transparent sharing of information and record keeping, in a business network, where requisite data is stored in a database and transactions across several computers are recorded in a ledger. Anything of value can be traded on a blockchain network. Each block in the chain contains a batch of transactions, securely linked to the previous block, creating a chronological history of data. Blockchain also provisions for smart contracts i.e., digital contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met.