Blockchained

"Blockchains" are an open ledger that registers data and information (as transactions and valid ones as blocks) in an efficient, verifiable and permanent fashion through decentralized networks of computing and storage devices. Blockchains are like a centralized, trustworthy common on-line "registry" that documents the relationships ie the way in which the people and transactions are connected. Blockchains as a foundational technology to exchange value enable the right persons to manage global transactions at real time so that incidents are dealt with before emergencies arise.

Due to their accuracy, authenticity and efficiency, I think blockchained relationships should reduce transactional tension in international businesses from global supply chain issues to intellectual property licensing matters. Further, the disruptive common registry encourages constant value creation in the dynamic global market place. Now is the time for visionary entrepreneurs to help set standards and norms to steer and guide the application and development of various blockchained relationships.

Law governs human relationships anywhere and in any discipline, while people generally perceive law as lagging behind the ever-changing technology. The thought reminds me of my participation of a World Intellectual Property Organization Worldwide Symposium on the Impact of Digital Technology on Copyright and Neighbouring Rights at the Harvard Law School in April 1993. The expression "digital technology" was spelt out then, just like the expression "blockchains" these days.

Are blockchained relationships too complicated for the law to regulate them? I think not, having dealt with the interaction between law and technology at domestic and international levels since the late 1980s. While certain updating about the changing context might be necessary, the fundamental legal principles apply, as time and technology go by!