O riginally block chain (individual records called blocks are linked together in a single list) is a distributed ledger database containing information that can be simultaneously used and shared within a large decentralized, publicly accessible network.
Blockchain is used for recording transactions in a way that it creates trust in the information being recorded be-cause it eliminates the need for intermediaries and other third parties. Moreover, each transaction added to a blockchain is validated by multiple computers on the internet, thus excluding the addition of invalid blocks to the chain.
Each block is permanently recorded in the chronological order, which makes it impossible to alter the previous transactions. Even though, blockchain is safe and cost efficient chain, from legal perspective it touches upon a number ofdisciplines of law such as public law, private law, criminal law and financial and regulatory law.
The fact that the use of blockchain is not exhausted and its usage massively revolutionizes the legal sector (such as the introduction of smart contracts or any improved version of self-executing contract in the future), any legal practitioner and blockchain participant needs to be aware of the legal ramifications of the such technology in a timely manner.