A Critical Analysis Of Potential Legal Challenges For Blockchain Technology In Competition Law

Abstract

The block chain is a distributed database of records of all transactions or digital events that have been executed and shared among participating parties. Each transaction is verified by the majority of participants of the system. Bit Coin is the most popular crypto currency, an example of the block chain. Block chain Technology first came to light when a person named ‘Satoshi Nakamoto’ published a white paper on “Bit Coin: A peer to peer electronic cash system” in 2008. Block chain Technology Records Transaction in Digital Ledger which is distributed over the Network thus making it incorruptible. Anything of value like Land Assets, Cars, etc. can be recorded on Block chain as a Transaction.