Abstract
Blockchain1 is a technology that, similar to the World Wide Web (i.e., the Internet), was born by a desire to transact more freely, with less or no reliance on the State or third parties acting as intermediaries.2 Initially used in relation to Bitcoin,3 blockchain’s practical application has expanded significantly, and appears to be moving into the mainstream.4 Blockchain is believed to eventually become ubiquitous,5 particularly in light of the evolution of Artificial Intelligence, the Internet of Things, the ever growing importance of data, the need for secure storage, management and processing of large datasets, and the meteoric rise in the development and use of all things digital. It is against this background that the European Commission (the ‘Commission’) has launched a programme for the financing of blockchain-related projects.6 But what is blockchain, really? A blockchain is a type of distributed ledger technology (‘DLT’) that employs cryptography, mathematics, and algorithms to record and synchronise data in ‘chains of blocks’.7 Put simply, a blockchain is a database (or ledger), in which data are stored, shared, and synchronised across a distributed network of multiple nodes or computers,8 enabling parties that do not otherwise trust each other to transact on a peer-to-peer basis.
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