'Lex cryptographi(c)a,' 'cloud crypto land' or what?: - Blockchain technology on the legal hype cycle

Based on the reception of DLT/blockchain, this article argues that legal discourse is subject to hype cycle dynamics. Thinking in hype cycle categories provides a structured way for analysing the legal implications of a particular innovation. This critical engagement with enthusiasts, sceptics and p...

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Published inModern law review Vol. 86; no. 1; pp. 31 - 66
Main Author Anderson Schillig, Michael
Format Journal Article
LanguageEnglish
Published Oxford Blackwell Publishing Ltd 01.01.2023
Subjects
Bitcoin
Blockchain
Blockchains (Databases)
Cryptocurrencies
Discourse
Disruption
Enlightenment
Enthusiasts
Finance
Innovations
Legal system
Loans
Productivity
Technological innovations
Technology
Online AccessGet full text
ISSN0026-7961
1468-2230
1468-2230
DOI10.1111/1468-2230.12748

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Abstract Based on the reception of DLT/blockchain, this article argues that legal discourse is subject to hype cycle dynamics. Thinking in hype cycle categories provides a structured way for analysing the legal implications of a particular innovation. This critical engagement with enthusiasts, sceptics and pragmatists through the different stages may help to present a more realistic picture of DLT/blockchain's potential from a legal perspective in the short and medium term. Consequently, this article discusses the potential for disruption to the legal system envisaged by enthusiasts at the height of inflated expectations, attempts to deconstruct the arguments levelled at the technology by its detractors during the trough of disillusionment, charts the emerging legal landscape that seeks to harness the potential of DLT/blockchain up the slope of enlightenment, and concludes by risking a glimpse towards the plateau of productivity.
AbstractList Based on the reception of DLT/blockchain, this article argues that legal discourse is subject to hype cycle dynamics. Thinking in hype cycle categories provides a structured way for analysing the legal implications of a particular innovation. This critical engagement with enthusiasts, sceptics and pragmatists through the different stages may help to present a more realistic picture of DLT/blockchain's potential from a legal perspective in the short and medium term. Consequently, this article discusses the potential for disruption to the legal system envisaged by enthusiasts at the height of inflated expectations, attempts to deconstruct the arguments levelled at the technology by its detractors during the trough of disillusionment, charts the emerging legal landscape that seeks to harness the potential of DLT/blockchain up the slope of enlightenment, and concludes by risking a glimpse towards the plateau of productivity.
Author Michael Anderson Schillig
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Notes MODERN LAW REVIEW, Vol. 86, No. 1, Feb 2023, 31-66
Informit, Melbourne (Vic)
The Dickson Poon School of Law, King's College London. I am indebted to two anonymous reviewers and Roger Brownsword for insightful comments on an earlier draft. Any remaining mistakes are entirely my own. Research for this article has been generously supported by the British Academy in the form of a BA Mid‐Career Fellowship. Except where otherwise stated, all URLs were last visited on 3 May 2022.
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SubjectTerms Bitcoin
Blockchain
Blockchains (Databases)
Cryptocurrencies
Discourse
Disruption
Enlightenment
Enthusiasts
Finance
Innovations
Legal system
Loans
Productivity
Technological innovations
Technology
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