Potential Legal Challenges for Blockchain Technology in Competition Law

Abstract

Abstract Since decentralized organizations such as blockchain are not recognized as legal persons, questions arise regarding the ability to detect anti-competitive practices and their perpetrators. Under certain circumstances, if a competitor is unreasonably refused in access to technology, it may well be interpreted as creating an obstacle to his/her entry into the market, which may constitute a violation of the legislation of a country on the protection of economic competition. The exchange of information between players of the same market can present antitrust risks if it helps to fix prices for their products/services or to establish other forms of coordination between such players. The purpose of this study is to provide a description of current EU anticompetitive practices in the field of blockchain-technologies application, as well as to identify challenges in the EU antitrust law related to the emergence of blockchain. This article highlights the challenges blockchain poses for analyzing unilateral anti-competitive practices. This study suggests that EU competition law has a lack of operational and measurement tools to map competitive interactions taking place outside the relevant market, which could lead to rather short-sighted competition law enforcement focusing only on horizontal competition restrictions on relevant markets. The relevance of the topic is associated with the fact that the increased popularity of the use of blockchain technology requires an answer to the question of its legal nature and inclusion in the legal field in order to balance the interests of all parties to economic and legal relations.