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Cloud Crypto Land
Author(s) -
Schuster Edmund
Publication year - 2021
Publication title -
the modern law review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.37
H-Index - 22
eISSN - 1468-2230
pISSN - 0026-7961
DOI - 10.1111/1468-2230.12603
Subject(s) - cryptocurrency , blockchain , argument (complex analysis) , realm , computer security , computer science , simple (philosophy) , cloud computing , smart contract , disruptive technology , transformational leadership , data science , economics , law , political science , engineering , epistemology , management , manufacturing engineering , operating system , biochemistry , chemistry , philosophy
The supposed disruptive and transformational potential of blockchain technology has received widespread attention in the media, from legislators, and from academics across disciplines. While much of this attention has revolved around cryptocurrencies such as Bitcoin, many see the true promise of blockchain technology in its potential use for transactions in traditional assets, as well as for facilitating self‐executing ‘smart contracts’, which replace vague and imprecise natural language with unambiguous computer code. This article presents a simple legal argument against the feasibility of a meaningful blockchain‐based economic system. Blockchain‐based systems are shown to be unsuitable for transactions in traditional assets, unless design choices are made which render the use of the technology pointless. The same argument is shown to apply to smart contracts. Legal and practical obstacles therefore mean that, outside its original realm of cryptocurrencies, blockchain technology is highly unlikely to transform economic interactions in the real world.