ABSTRACT
This chapter considers the prospects of Blockchain’s success both by examining its outlook in various areas, and by outlining a number of outstanding legal challenges that must be met if the product is truly to succeed. The best-known use of Blockchain technologies for consumers comes in the form of cryptocurrencies. Cryptocurrency promoters need to give consumers a reason to make a switch–particularly when existing payment mechanisms such as credit cards do help to eliminate some of the risks for consumers in disputes between consumers and merchants. Central bank authorities have taken a rather apprehensive approach when examining the desirability of cryptocurrencies to become a substitute for fiat currencies. In January 2018, Mark Carney spoke of some benefits being derived from distributed ledgers, particularly in the context of improvements in efficiency that could be realised by rationalising some of the overnight functions that are traditionally performed by central banks.
