‘Lex Cryptographia,’ ‘Cloud Crypto Land’ or What? – Blockchain Technology on the Legal Hype Cycle

Abstract

Based on an analysis of the literature on the interaction of law and DLT/blockchain, the paper argues that hype cycle dynamics apply in legal discourse. Thinking in hype cycle categories provides a structured way for analysing the potential legal implications of a particular innovation. This critical engagement with enthusiasts, sceptics and pragmatists throughout the different stages may help to present a more realistic picture of DLT/Blockchain’s potential from a legal perspective in the short and medium term. Consequently, the paper discusses the potential for disruption to the legal system envisaged by enthusiasts at the height of inflated expectations, attempts to deconstruct the arguments levelled at the technology by its detractors during the trough of disillusionment, charts the emerging legal landscape that seeks to accommodate and harness the potential of DLT/blockchain on the slope of enlightenment, and concludes by risking a glimpse towards the plateau of productivity.