Online payments have gained large traction and card based payment methods, credit and debit cards have become dominant. Lately, Blockchain digital technology has evolved further to aid in conducting financial transactions. It also discusses about how Blockchain technology can be used in the market to benefit the customers and the company to a great extent. In this paper, we are providing an introduction to Blockchain technology in a simplified style. Blockchain was not in fact created for its own intents and purposes originally, it was only an aspect of Bitcoin protocol, ensuring the secure transfer of the cryptocurrency. It has the ability to transform all aspects of the digital economy, including conducting business, shopping, enhancing education, delivering healthcare, and learning, entertainment, and staying connected with a social world. Blockchain brings digital technology into real time computing systems management. Many authors have explored the potential influence of Blockchain on the market. It is on everybody's lips, in particular in the banking and finance world where it finds its source. In the last decade, Blockchain has experienced a booming success. Keywords: Blockchain, Permissioned, Permission less, Smart Contract, Bitcoin, Ethereum, Hyperledger Fabric, Corda R3, Quorum, IOTA, Ripple, Kadena, Tezos, Sawlooth, NEM, MultiChain, HydraChain, BigChainDB, OpenChain. In Blockchain Code is the law and Smart Contracts are the new way of doing business. Blockchain is really a next big technological invention after Internet. Our research supports that Blockchain is revolutionizing and disrupting organizations across all industries. In this research article, authors are presenting comprehensive literature review of Blockchain Technologies and its applications in various sectors. There are substantial research growth on, how Blockchain can be useful in specific area? Objectives of this paper are to highlight some facts about Blockchain that were misinterpreted and misrepresented due to this sudden shift. Blockchain has left behind all other technologies as far as research initiatives, investments and financial funding are concern. From technical-financial opportunist, to evangelist, to researchers, to Tech enterprises, to financial institutions, to governments, the whole world is behind Blockchain and now it has the technological spot light. When Bitcoin jumps into the market, the whole world wanted to own it but now after Bitcoin and Cryptocurrency bubble, there are significant shift towards Blockchain related products, services, solution developments, researches and use-case studies. These organizations are very sensitive to change and value driven thus constant change is the only law for them to achieve their goals and to be in the market. Organizations with high motivation for growth and cost-effective operation efficiencies, are always trying to bring new technologies to their operations. Keywords: blockchain, civil liability, contractual liability, cryptocurrency, tortious liability. The purpose of all information provided by the thesis is to safeguard private actors’ interests, prevent damages in the future, and propose solutions that will alleviate existing risks in the cryptocurrency domain. The possible breach of statutory duty by crypto companies and developers has been also explored in the work. In particular, cryptocurrency platforms and programmers’ duty of care, as well as its breach, may lead to civil claims regarding the tort of negligence. The question of the tortious liability has been raised in the thesis. The research refers to findings in the relevant case law as well as gives an overview of legal provisions found in national legislation, regional and international frameworks that might help to eliminate the uncertainty of contractual liability. The thesis intends to outline the main pitfalls in contractual cryptocurrency relations and provide clarification of possible liability issues that may occur. Thus, many private actors – companies and users – are suffering from financial losses. The long-lasting status quo of governments and their refusal to quickly clarify the rights and obligations of cryptocurrency service providers and offerors of crypto-related contracts has given rise to uncertainty on civil liability issues in the crypto sphere. Despite all the advantages, the crypto domain also imposes challenges on the market participants. Cryptocurrencies and distributed ledger technology became a revolutionary and insightful phenomenon that provide benefits of decentralized payment system, quasi- or complete anonymity, and lower transaction fees for cryptocurrency users.
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