Blockchain technology has experienced a recent explosion in mainstream industries. Many businesses, especially financial institutions, manufacturers, and insurers and reinsurers, have recognized the potential benefits that blockchain offers and have begun incorporating the technology into their businesses. Blockchain is a decentralized computer ledger that permanently stores transactions made by the blockchain’s users in sequential blocks of computer code. A number of articles already discuss the functionality and benefits of blockchain, and this article will not discuss those topics in detail. Instead, this article focuses on some major legal issues that will inevitably arise with blockchains.
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