Professional Development Workshops
Paper Number
1148
Paper Type
PDW
Description
Blockchain opens opportunities in a data-driven society. A prerequisite is building ‘trust in codes’ to support businesses across financial transactions, data exchange, identification, and decision-making. However, the media continuously introduces the friction of blockchain with several century-old regulations. Therefore, the PDW suggests three features of the blockchain architecture incompatible with the regulatory framework: decentralization, industrial multiplicity, and cross-borderness. Furthermore, the PDW discusses re-balancing between transparency and privacy, innovation and customer, and international and jurisdiction; and defining the legally responsible persons and the government’s intervening in the algorithm. Finally, the PDW will expand information systems theories to regulations from socio-economic-technological views.
Recommended Citation
Lee, Heung-No; Park, Jongbaek; Cheong, Woo Hyeon; Lee, Byungtae; and Kim, Kibae, "Challenges and Solutions to Reimagining the Regulations for Blockchain" (2021). ICIS 2021 Proceedings. 1.
https://aisel.aisnet.org/icis2021/pdw/pdw/1
Challenges and Solutions to Reimagining the Regulations for Blockchain
Blockchain opens opportunities in a data-driven society. A prerequisite is building ‘trust in codes’ to support businesses across financial transactions, data exchange, identification, and decision-making. However, the media continuously introduces the friction of blockchain with several century-old regulations. Therefore, the PDW suggests three features of the blockchain architecture incompatible with the regulatory framework: decentralization, industrial multiplicity, and cross-borderness. Furthermore, the PDW discusses re-balancing between transparency and privacy, innovation and customer, and international and jurisdiction; and defining the legally responsible persons and the government’s intervening in the algorithm. Finally, the PDW will expand information systems theories to regulations from socio-economic-technological views.
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Comments
24-PDW