While Blockchain is getting widespread interest and use in various industries now, there are quite a few legal hurdles that are preventing global acceptance of the revolutionary concept. A lot of this has to do with the platform’s nature of focusing on anonymity and cutting out bureaucrats from transactions. It would seem that the system meant to foster “trust” needs to first rework laws to make it legally trustworthy.
In a recent article, The Next Web listed the seven laws that will need to be changed in order to accommodate the widespread use of Blockchain. Some of them include making Cryptocurrency like Bitcoin into legal tender and acceptable as a form of payment everywhere, as well as making some changes to Privacy laws.
While those particular legal issues are not particularly serious, the article also touches on topics such as money laundering and illegal financial transactions. So far, Blockchain has proven itself to be a reliable way of moving money around and is practically impervious to tampering. Unfortunately, its service doesn’t guarantee that everyone who uses it is of the decent sort.