Blockchain technology regulation: Time for standardized frameworks

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.