Today, blockchain is now widely known as the core technology of cryptocurrency.
However, the versatility of blockchain technology is not limited to its use in cryptocurrency.
In fact, there are a wide range of business related to blockchains, such as the research and development of blockchains and the technology related to blockchains.
Therefore, in areas requiring the sharing of information, it is expected that the use of blockchain technology will increase. At the same time, though, there will be a need to pay attention to the legal issues related to blockchain technology.
For example, transaction data recorded in a blockchains and so-called "smart contracts" using blockchains are valuable electronic evidence, but in principle do not regulate legal relationships between parties.
For this reason, it is necessary to establish legal rules between the parties through a separate contract.
In such contract, one must design the legal mechanisms for finality issues of trading using blockchains and for the sharing of responsibility in the event of unintended incidents.
In addition, because a blockchain is a method of recording information, one must consider the Personal Information Protection Law and the General Data Protection Regulation(GDPR).
GVA Law Office provides full support for legal issues related to blockchains through our attorneys who are focusing their research on legal issues related to blockchain technology.