What Are The Legal Concerns While Enabling Business Innovation With Blockchain?

by PRC Agency PR

With blockchain technology developing at such a fast rate – and businesses adopting more innovative solutions – the pace of change can be difficult to keep up with. Dr. Steven Wright is an expert in this field and covers some of the most important aspects in detail.

He examines the legal challenges that can arise when businesses introduce new technologies - noting the difference between commercial entities and cases that involve mass-market consumers.

Get all the details at https://www.drstevenawright.com/

The impact of blockchain & what it means for businesses

The article begins by contextualizing blockchain technology and smart contracts before moving on to the applicability of existing regulations as new technology is introduced. The piece argues that, while existing regulations can often be applied through private law contracts, frameworks may need to be adjusted for mass-market consumers in order to accommodate the technology in the most effective way.

According to Finances Online, 88% of senior executives already believe blockchain will eventually achieve widespread adoption. However, as Dr. Wright outlines, technical, legal, and organizational hurdles remain - and these are the main points of focus in the piece.

He discusses the emergence of decentralized autonomous organizations (DAOs) built on blockchain networks. While some states’ corporate regulations allow DAOs to operate as legal entities, Dr. Wright suggests additional legislative initiatives may be necessary for blockchain and DAOs to reach their full disruptive potential. Questions about adherence to securities regulations and corporate governance requirements also persist.

The challenges around smart contracts

For consumer applications, Dr. Wright notes blockchain-based smart contracts have drawn comparisons to standardized adhesion contracts, where consumers have little ability to negotiate terms, raising important legal questions around consumer rights and privacy. More broadly, he discusses how privacy, security, and trust in blockchain ecosystems extend beyond technical implementations to include wider organizational accountability and transparency.

Additional details are provided at https://www.drstevenawright.com/healthcare-blockchains-smart-contracts-technical-and-legal-challenges/

In addition to his technology expertise, Dr. Wright shares a unique perspective drawing from his backgrounds in computer engineering, law, business, and entrepreneurship. You can find more of his work on this topic in his book, which is described as a ‘comprehensive resource on ethics, law, and the societal impact of emerging technologies.’

He states: “There are very few public laws explicitly mentioning blockchain, though there has been some incremental progress at the State level in the USA, most of this is targeted as fintech applications of blockchains. In this environment, the legal uncertainty often reduces to assessing how the technology use case would be classified under the existing regulations.”

Do you want to learn more about the impact of blockchain on business? Read the full report!

Check out https://www.drstevenawright.com/daos-and-adss/ for any extra info you need!

Macadamia Solutions LLC City: Marietta Address: 1404 Valmont Ct NE Website https://www.DrStevenAWright.com Phone +1-770-881-4743

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Created on Dec 29th 2023 10:10. Viewed 65 times.

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