Governance and Legal Framework of Blockchain Technology as a Digital Economic Finance

Abstract

Blockchain (BC) provides an encrypted echo system to the users where they can securely mark their transactional entries in a distributed ledger. The ledger comprises of distributed and shared network of nodes that validate the authenticity of each transaction and keeps its authentic record for perusal. Keeping view of the enormous potential of this technology, numerous public and private entities are embarking the bandwagon of blockchain and integrating this technology for ensuring a transitioning in their digital finance operations. Apart from the financial realm, healthcare, agriculture, and education sectors are also benefiting from the security and reliability of BC. Incorporation of BC in the public sector at increased scale requires a review of existing governance and legislative structures and a recalibration of regulatory regimes. This paper presents a literature review on blockchain technology, its current usage trends, and its governance.