Although blockchain technology allows for lots of innovation, there are always people looking to oppose the concept. Several lawyers have formed a coalition to protect the “constitutional right” to innovate with distributed ledgers. Under the DCLDC name, the group will focus on any and all legal issues pertaining to blockchain technology.
Lawyering Up When Dealing With Blockchain
Even though there is no legal definition prohibiting the usage of distributed ledgers, the concept asks some tough legal questions. Since a lot of distributed ledgers are used in the financial department, regulation of this technology suddenly becomes the new priority.
Unfortunately, that approach is also turning away a lot of potential innovators. No one wants to find themselves in “hot legal waters” for using this revolutionary technology. Thanks to the formation of the DCLDC, that will no longer be a problem, even though this initiative is still in the very early stages right now.
This group was created as a collaboration between academics and lawyers, with the purpose of protecting individual constitutional rights to use blockchains. They also focus on the usage of Bitcoin among individual users, which is another topic that may suffer from impending regulations sooner or later.
Fostering innovation in the Bitcoin and blockchain world is the number one priority for this coalition. Our society can benefit tremendously from embracing both Bitcoin and distributed ledgers in the future. So far, several companies, financial institutions, and even healthcare organizations have been keeping close tabs on these technologies.
To make this effort more tangible, DCLDC will offer pro bono attorney referrals to those who are unable to afford legal services regarding these matters. They will also submit amicus briefs on key issues about blockchain and Bitcoin in the future. This is a worthwhile initiative that can only benefit the decentralized ecosystem as a whole.
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