Abstract
In an age of rich data and information streams, the governments’ role with regard to new technology in terms of regulation is continuously changing. Novel areas for this era of big data must be considered when introducing new policies and issuing regulations. These areas cover privacy, security, retention, processing, ownership, and the integrity of information. In this paper, we have focused on the blockchain technology and its features such as distributed ledger and smart contracts in a regulation point of view. We have defined the current regulation landscape and initiatives across the globe and then highlighted some applications of the blockchain technology through regulation perspective in different sectors. We have emphasized some challenges faced by the blockchain technology and came up with some recommendations to tackle those challenges.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
Notes
- 1.
- 2.
- 3.
- 4.
- 5.
- 6.
- 7.
- 8.
- 9.
- 10.
- 11.
- 12.
- 13.
References
Marsal-Llacuna, M.-L., & Oliver-Riera, M. The standards revolution: Who will first put this new kid on the blockchain? In 2017 ITU kaleidoscope: Challenges for a data-driven society (ITU K) (Vol. 2017). IEEE.
Hyland-Wood, D., & Khatchadourian, S. (2018). A future history of international blockchain standards. The Journal of the British Blockchain Association, 1(1), 3724.
Gramoli, V., & Staples, M. (2018). Blockchain standard: Can we reach consensus? IEEE Communications Standards Magazine, 2(3), 16–21.
Deshpande, A., et al. (2017). Distributed Ledger Technologies/Blockchain: Challenges, opportunities and the prospects for standards. In Overview report (p. 40). The British Standards Institution (BSI).
Kakavand, Hossein, Nicolette Kost De Sevres, and Bart Chilton. "The blockchain revolution: an analysis of regulation and technology related to distributed ledger technologies." Available at SSRN 2849251 (2017).
Wang, Q., Min, S., & Li, R. (2020). Is China the world’s blockchain leader? Evidence, evolution and outlook of China’s blockchain research. Journal of Cleaner Production, 121742. Weernink, Marissa Oude, et al. “The blockchain potential for port logistics.” (2017).
Bocek, T., et al. (2017). Blockchains everywhere-a use-case of blockchains in the pharma supply-chain. In 2017 IFIP/IEEE symposium on integrated network and service management (IM). IEEE.
Jiang, S., et al. (2018). Blochie: a blockchain-based platform for healthcare information exchange. In 2018 IEEE international conference on smart computing (smartcomp). IEEE.
Esposito, C., et al. (2018). Blockchain: A panacea for healthcare cloud-based data security and privacy? IEEE Cloud Computing, 5(1), 31–37.
Carson, B., et al. (2018). Blockchain beyond the hype: What is the strategic business value (pp. 1–13). McKinsey & Company.
Mason, J. (2017). Intelligent contracts and the construction industry. Journal of Legal Affairs and Dispute Resolution in Engineering and Construction, 9(3), 04517012.
Giuda, D., Martino, G., et al. (2020). The construction contract execution through the integration of blockchain technology. In Digital transformation of the design, construction and management processes of the built environment (pp. 27–36). Springer.
Xiong, F., et al. (2019). A key protection scheme based on secret sharing for blockchain-based construction supply chain system. IEEE Access, 7, 126773–126786.
Lamb, K. "Blockchain and smart contracts: What the AEC sector needs to know, 2018."
Deloitte. (2020). Deloitte’s 2020 global blockchain survey from promise to reality. Deloitte Insights.
Al Salmi, H. (2020). Blockchain in post-trade: Blocked by regulations and legal challenges. Journal of Securities Operations & Custody, 12(1), 21–28.
Sakho, S., Jianbiao, Z., Essaf, F., & Mbyamm Kiki, M. J. (2019). Blockchain: Perspectives and issues. Journal of Intelligent & Fuzzy Systems, 37(6), 8029–8052.
Jurgita, M. (2018). Blockchain and virtual currency regulation in the EU. Journal of Investment Compliance, 19(3), 33–38.
Yeoh, P. (2017). Regulatory issues in blockchain technology. Journal of Financial Regulation and Compliance, 25(2), 196–208.
Harwood-Jones, M. (2016). Blockchain and T2S: A potential disruptor. Standard Chartered Bank.
De Filippi, P., & Hassan, S. (2018). Blockchain technology as a regulatory technology: From code is law to law is code. University of Illinois at Chicago Library.
Cermeño, J. S. (2016). Blockchain in financial services: Regulatory landscape and future challenges for its commercial application. BBVA Research Paper, 16(20), 1–33.
Ozili, P. K. (2019). Blockchain finance: Questions regulators ask. In Disruptive innovation in business and finance in the digital world (pp. 123–129). Emerald Publishing Limited.
Garcia-Teruel, R. M. (2020). Legal challenges and opportunities of blockchain technology in the real estate sector. Journal of Property, Planning and Environmental Law., 12(2), 129–145.
Meguerditchian, V. (2017). Roadmap for blockchain standards report. Standards Australia.
ITU-T Focus Group on Application of Distributed Ledger Technology (FG DLT). (2019). Technical Report FG DLT D4.1 Distributed ledger technology regulatory framework.
Li, Zhi, et al. (2018). Toward open manufacturing. Industrial Management & Data Systems.
Lee, Hau L., et al. (2017). Technology in agribusiness: Opportunities to drive value. White paper.
Kamilaris, A., Fonts, A., & Prenafeta-Boldύ, F. X. (2019). The rise of blockchain technology in agriculture and food supply chains. Trends in Food Science & Technology, 91, 640–652.
MarketsandMarkets. (2020). Blockchain IoT Market by Component (Hardware (IoT Sensors & Crypto-Wallets), Software and Platform, and Services), Application (Smart Contract, Security, and Asset Tracking and Management), Organization Size, Vertical, and Region – Global Forecast to 2026. MarketsandMarkets.
Acknowledgments
This publication was made possible by NPRP grant NPRP11S-1227-170135 from the Qatar National Research Fund (a member of Qatar Foundation). The statements made herein are solely the responsibility of the authors.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Hammi, A., Jinugu, A., Bouaoud, M., Hefnawy, A., Bouras, A. (2023). Blockchain Technology Regulation: Time for Standardized Frameworks. In: Bouras, A., Khalil, I., Aouni, B. (eds) Blockchain Driven Supply Chains and Enterprise Information Systems. Springer, Cham. https://doi.org/10.1007/978-3-030-96154-1_10
Download citation
DOI: https://doi.org/10.1007/978-3-030-96154-1_10
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-96153-4
Online ISBN: 978-3-030-96154-1
eBook Packages: EngineeringEngineering (R0)