Understanding the practical and legal challenges of blockchain

Businesses around the world are increasingly considering the use of blockchain, a rapidly emerging technology used to store, convey and safeguard information of all kinds. Having first emerged as the foundation for digital currencies like Bitcoin, blockchain technology is now also being used by financial services companies.

However, blockchain’s utility in recording, securing and sharing information is causing its use to spread quickly to other industries. For this reason, some technology experts anticipate that businesses across all sectors, including those in health care, real estate and insurance, will soon be taking advantage of blockchain. Businesses always face certain practical challenges in adapting to emerging technologies, such as implementing them into the organization, communicating costs and benefits to customers, and conforming conduct to a speedily changing legal and regulatory environment. Businesses seeking to understand and use blockchain technology are no different.

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