Blockchain Technology in Financial Sector and Its Legal Implications

Title

Blockchain Technology in Financial Sector and Its Legal Implications

Creator

Divyashree K.S.; Mishra A.

Description

The blockchain technology has reached the tipping point. Blockchain is a zero-level technology on different applications such as crypto, smart contract, tokens, and DAO function. The applications of blockchain technology have generated new paradigms posing significant challenges to the world. Although blockchain technology is evolving and is in its nascent stage, the financial world has started relying upon it and is heavily investing in blockchain applications. In such a scenario, there is every possibility of its being misused and used for illicit purposes like money laundering, hacking, privacy breach, Ponzi investment scheme, terrorist financing, etc. Keeping this in view, this paper aims to explore how blockchain technology is used in the financial sector and analyse the legal implications thereof. For this, the chapter will explain what blockchain technology is, how it is being applied in the financial sector, need for regulation, and lastly, draw conclusions and suggest a few corrective measures. 2023, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

Source

Lecture Notes in Networks and Systems, Vol-478, pp. 219-231.

Date

2023-01-01

Publisher

Springer Science and Business Media Deutschland GmbH

Subject

Blockchain; Financial sector; Regulation; Technology

Coverage

Divyashree K.S., School of Law, Christ University, Hosur Road, Karnataka, Bangalore, 560029, India; Mishra A., School of Law, Christ University, Hosur Road, Karnataka, Bangalore, 560029, India

Rights

Restricted Access

Relation

ISSN: 23673370

Format

Online

Language

English

Type

Book chapter

Identifier

https://doi.org/10.1007/978-981-19-2940-3_15

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85139159459&doi=10.1007%2f978-981-19-2940-3_15&partnerID=40&md5=760056bd67300bd51d6a714f3ac9f345