Technologically Driven Legal Framework of Blockchain and Cryptocurrencies

Blockchain technology refers to a digital, immutable, distributed ledger that registers completed transactions in a well-ordered manner and near real time. Blockchain security creates a decentralized environment that bars any third-party organization from controlling the cryptographically validated transactions and data. Blockchain technology fosters business innovation by creating a peer-to-peer networking that prevents one central server from accessing as well as processing data belonging to all companies in the network. Cryptocurrency can be defined as a digital asset built to facilitate completed transactions using cryptography. It helps in providing protection to the completed transactions and controlling the creation of additional units of the currency. In the recent years, the application of blockchain technology has been associated with governance. Blockchain governance has been applied in different fields; for example, it can be used to create permanent laws that cannot be violated by any third party.