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Legal Ramifications of Blockchain Technology

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Decentralised Internet of Things

Part of the book series: Studies in Big Data ((SBD,volume 71))

  • The original version of this chapter was revised: The order of the author Akinyemi Omololu Akinrotimi’s name has been corrected. The correction to this chapter can be found at https://doi.org/10.1007/978-3-030-38677-1_12

Abstract

The Blockchain technology deals with, and assures the security of assets and information over its network. However, if a breach occurs in some of its security features, and financial crimes such as fraud or tax evasion occurs, the law will have to be evoked to take its full course. Also, the Blockchain technology and the processes that accompany its implementation, exemplify a major deviation from the existing state of affairs in most financial activities, especially in the exchange of a legal tender for goods and services. Blockchain applications present contemporary methods of initiating and embarking on financial transactions in ways that do not conform to current legal structures. As such, having the judiciary decide on punitive measures for blockchain related financial crimes will require a meticulous assessment and revision of the rules guiding legal practice. It may be necessary for most countries to establish a nexus between certain scientific modules and ratification processes, so as to ensure that the modus operandi of blockchain applications agree with the law. This chapter seeks to provide a broad view of the relationship between blockchain and the Law, its effects on legal activities and how the Law can be used as a tool of protection in blockchain related transactions.

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Change history

  • 09 June 2020

    In the original version of the book, the following belated correction has been incorporated: The order of the author’s name has been changed from Akinrotimi Akinyemi Omololu to Akinyemi Omololu Akinrotimi in chapter “Legal Ramifications of Blockchain Technology”. The chapter and book have been updated with the changes.

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Author information

Authors and Affiliations

  1. Department of Computer Science, University of Ilorin, Ilorin, Kwara, Nigeria

    Akinyemi Omololu Akinrotimi

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  1. Akinyemi Omololu Akinrotimi
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Correspondence to Akinyemi Omololu Akinrotimi .

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Editors and Affiliations

  1. College of Computing and Information Technology, University of Bisha, Bisha, Saudi Arabia

    Mohammad Ayoub Khan

  2. College of Computing and Information Technology, University of Bisha, Bisha, Saudi Arabia

    Mohammad Tabrez Quasim

  3. College of Computing and Information Technology, University of Bisha, Bisha, Saudi Arabia

    Fahad Algarni

  4. College of Computing and Information Technology, University of Bisha, Bisha, Saudi Arabia

    Abdullah Alharthi

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Akinrotimi, A.O. (2020). Legal Ramifications of Blockchain Technology. In: Khan, M., Quasim, M., Algarni, F., Alharthi, A. (eds) Decentralised Internet of Things. Studies in Big Data, vol 71. Springer, Cham. https://doi.org/10.1007/978-3-030-38677-1_10

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