Legal Frameworks for Blockchain Technology: Economic Implications

Abstract

Blockchain technology represents a transformative shift in digital transactions and data management, offering transparency, security, and decentralization. This paper examines the legal frameworks surrounding blockchain technology and their economic implications. It explores the regulatory landscape, the challenges of integrating blockchain into existing legal systems, and the potential economic impacts. By analyzing various jurisdictions and current legal approaches, the study highlights how regulatory frameworks can either foster innovation or hinder technological adoption. The paper concludes with recommendations for policymakers to balance innovation with regulatory oversight and outlines areas for further research on blockchain’s economic impact.