Abstract
The study examines the regulations and laws governing blockchain in the system of labor relations. Labor relations have always been governed and controlled, due to the significant opportunism of the participants and continuous modification. The accumulation of changes should lead to the adaptation of the labor relations regulations. In this regard, the purpose of the work is to investigate the impact of the use of blockchain in the system of labor relations from the point of view of labor law to highlight opportunities and threats, to propose options for normative regulation of the use of distributed ledgers in the world of work. As a result of the study, gaps in labor law have been highlighted that do not allow using the full potential of blockchain. It is proposed to supplement the Labor Code of the Russian Federation with a section that regulates the use of digital technologies in the regulation of labor relations. The key conclusion of the study is that the positive impact of blockchain on labor relations is minimized due to the lack of a legal foundation in this area.
Highlights
Nowadays the system of labor relations undergoes serious changes caused by digital transformation, self-isolation because of COVID-19 pandemic, modification of social relations and many other factors
It is possible to predict that the legal foundation and regulations will be behind the process that has started in the sphere of labor management in the fields of regulation of working conditions, salary and forms of relations between the parties
From the point of view of the New Institutional Economics, opportunism is typical of market participants which damages their security, requires establishment of certain departments, principles, rules, systems of punishment to decrease uncertainty of labor relations results
Summary
Nowadays the system of labor relations undergoes serious changes caused by digital transformation, self-isolation because of COVID-19 pandemic, modification of social relations and many other factors. It is possible to predict that the legal foundation and regulations will be behind the process that has started in the sphere of labor management in the fields of regulation of working conditions, salary and forms of relations between the parties. This may result in higher risks of opportunism, as there are no mechanisms for its reduction. Researchers identify three stages in blockchain development (Fig. 1.)
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