The Legal Status of Blockchain Technologies and the Regulation of Transactions

Abstract

Blockchain technologies have emerged as a transformative force in numerous sectors, with their potential to decentralize and secure digital transactions through cryptographic techniques. While blockchain initially gained prominence through cryptocurrencies like Bitcoin, its applications now extend beyond financial markets to fields such as healthcare, supply chains, and intellectual property. The legal status of blockchain and the regulation of transactions carried out through blockchain technologies, however, remain inconsistent and fragmented across international jurisdictions. This article explores the legal recognition of blockchain technologies, the challenges of regulating blockchain-based transactions, and the potential for harmonized international legal frameworks to ensure trust, security, and compliance in global trade and commerce.