Despite the potential benefits of blockchain and distributed ledger technologies, there are challenges associated with the broader adoption of blockchain and distributed ledger technologies in practice. For example, blockchain and distributed ledger technologies have the potential of triggering disruptive changes and can impact socioeconomic systems. Early identification of such technologies and their potential impact is a crucial first step for developing robust governance strategy, such that organizations can maximize their benefits while minimizing their risk exposure.
However, the increasing speed and nature of emerging technologies such as blockchain and distributed ledger technologies represent a challenge for policy and decision-makers trying to regulate such innovation. From a legal perspective, we cannot afford to continue to have slow-moving bureaucratic processes or overly broad legislation and regulation that may result in unintended consequences that impact on the broader adoption of blockchain and distributed ledger technologies.