Unlock New Blockchain-Based Business Models, Markets & Efficiencies: Top Guide
With blockchain technology developing at such a fast rate – and businesses adopting more innovative solutions – the pace of change can be difficult to keep up with. Dr. Steven Wright is an expert in this field and covers some of the most important aspects in detail.
He examines the legal challenges that can arise when businesses introduce new technologies - noting the difference between commercial entities and cases that involve mass-market consumers.
The article begins by contextualizing blockchain technology and smart contracts before moving on to the applicability of existing regulations as new technology is introduced. The piece argues that, while existing regulations can often be applied through private law contracts, frameworks may need to be adjusted for mass-market consumers in order to accommodate the technology in the most effective way.
According to Finances Online, 88% of senior executives already believe blockchain will eventually achieve widespread adoption. However, as Dr. Wright outlines, technical, legal, and organizational hurdles remain - and these are the main points of focus in the piece.
He discusses the emergence of decentralized autonomous organizations (DAOs) built on blockchain networks. While some states’ corporate regulations allow DAOs to operate as legal entities, Dr. Wright suggests additional legislative initiatives may be necessary for blockchain and DAOs to reach their full disruptive potential. Questions about adherence to securities regulations and corporate governance requirements also persist.
For consumer applications, Dr. Wright notes blockchain-based smart contracts have drawn comparisons to standardized adhesion contracts, where consumers have little ability to negotiate terms, raising important legal questions around consumer rights and privacy. More broadly, he discusses how privacy, security, and trust in blockchain ecosystems extend beyond technical implementations to include wider organizational accountability and transparency.
Additional details are provided at https://www.drstevenawright.com/healthcare-blockchains-smart-contracts-technical-and-legal-challenges/
In addition to his technology expertise, Dr. Wright provides a unique perspective drawing from his backgrounds in computer engineering, law, business, and entrepreneurship. You can find more of his work on this topic in his book, which is described as a ‘comprehensive resource on ethics, law, and the societal impact of emerging technologies.’
He states: “There are very few public laws explicitly mentioning blockchain, though there has been some incremental progress at the State level in the USA, most of this is targeted as fintech applications of blockchains. In this environment, the legal uncertainty often reduces to assessing how the technology use case would be classified under the existing regulations.”
Do you want to learn more about the impact of blockchain on business? Read the full report!
Check out the link in the description for more info! Macadamia Solutions LLC City: Marietta Address: 1404 Valmont Ct NE Website https://www.DrStevenAWright.com Phone +1-770-881-4743 Email steve@macadamiasolutionsllc.com
