Oxford University: Blockchain sector on ‘silent collision’ course with the law
In an analysis of the relationship between blockchain developers and the rule of law, the University of Oxford claims the blockchain industry is on a “silent collision course” with lawmakers.
“The primary source of friction between blockchain and law can be traced to the implied proposition that code-driven frameworks running on blockchains can and should operate outside our jurisdictional legal orders.”
Pat O’Meara, CEO of Inveniam Capital Partners, believes that while a resolution is needed in the conflict between the code and the law, a resolution which eliminates the authority of law is unthinkable: “To think DL or blockchain will do away with lawyers and regulation is nonsensical. This is the role of on chain and off chain functionality for real world application of blockchain around capital market transactions.”