Blockchain Business and Its Regulation
Makoto Yano, Chris Dai, Kenichi Masuda, Yoshio Kishimoto · Economics, law, and institutions in Asia Pacific · 2020
As the blockchainBlockchain industry becomes larger, a new decentralized financial ecosystemDecentralized financial ecosystem is now developing. New financial instruments, represented by terms like tokensTokens, coinsCoins, and ICOsInitial Coin Offering (ICO) are introduced to finance projects on blockchainBlockchain. BlockchainBlockchain is a technology that makes it possible to assign ownershipOwnership of each piece of data to individuals who create that piece. As Pu and Yano (Blockchain and Crypt Currency: A High-Quality Marketplace for Crypt Data. Springer, 2020) points out, that may be the first step towards creating a high quality marketHigh-quality markets. At the same time, like a lock, blockchainBlockchain is merely a technology that is designed to protect a type of property. Such a technology is of no use unless the society agrees a proper set of rules concerning how to prevent the abuse of the technology, what should be protected and how to protect it. The present study is concerned with this issue.