An assessment of the potential for legal redress for systematic errors in unpermissioned blockchain technology under English law

El Menshawy, A., 2023. An assessment of the potential for legal redress for systematic errors in unpermissioned blockchain technology under English law. PhD, Nottingham Trent University.

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This thesis focuses on the potential for legal redress to be afforded to users who suffer loss resulting from transactions impacted by systematic errors in unpermissioned blockchains. Blockchain technology, which enables a cryptographically secure form of record keeping, is an emerging topic that has the potential to be adopted in many contexts, notably in cryptocurrencies. Unpermissioned blockchain technology provides a unique and decentralised technology in which anyone can participate or alter, and it gives rise to questions as to its compatibility with traditional legal frameworks. The regulatory landscape concerning unpermissioned blockchain technology has hitherto largely focused on the issue of money laundering via cryptocurrencies. However, this has resulted in limited legal protection for users in respect of liability for systematic errors. This thesis will explore the potential for development of the current English legal framework to enable protection to users who suffer loss attributable to systematic errors. Further to this, there shall be the exploration of creative legal solutions for regulating unpermissioned blockchain with the aim of enhanced clarity and legal protection for users in three different contexts: peer to peer, cryptocurrency exchange and DeFi exchange transactions. The public are most likely to encounter unpermissioned blockchain technology in these contexts, through cryptocurrency trading, and therefore risks in each instance may present the most likely case for regulation. Employing a decentred view of regulation, Ostrom’s self-management principles are drawn upon as one potential model of self-regulation that might be adapted for unpermissioned blockchain technology.

Item Type: Thesis
Creators: El Menshawy, A.
Parry, R.Thesis
Kastrinou, A.Thesis
Date: March 2023
Rights: The copyright in this work is held by the author. You may copy up to 5% of this work for private study, or personal, non-commercial research. Any re-use of the information contained within this document should be fully referenced, quoting the author, title, university, degree level and pagination. Queries or requests for any other use, or if a more substantial copy is required, should be directed to the author.
Divisions: Schools > Nottingham Law School
Record created by: Linda Sullivan
Date Added: 27 Sep 2023 10:16
Last Modified: 27 Sep 2023 10:16

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