A blockchain is a decentralized digital ledger that records transactions across many computers in such a way that the registered transactions cannot be altered retroactively. The Cyprus Weekly spoke with Antoniou McCollum & Co. LLC partner Anastasios A. Antoniou on blockchain technology and its potentially disruptive application.
An extract from the interview:
How blockchain ends up being applied also depends on the legal framework that may be put in place. Antoniou says there is an initiative in the European Parliament to legislate on blockchain, which he says could end up being redundant or impede the technology’s development.
“Blockchain is supposed to be left alone and be developed, exactly because it is destined to be an open-source situation and that is how we have that impenetrable element,” Antoniou says.
“Each transaction creates a block. That block created by each transaction is not amendable retrospectively.
“It perpetually sits in the chain, and that block is used in next transactions to verify those next transactions, and so forth. So it’s like a tree of blocks being created and manifesting online, and facilitating commerce.”
Our Digital and Data Expertise
Blockchain technology, the Internet of Things and artificial intelligence are some of the new technologies that have digitalised transactions and trade, leading to an uncertain regulatory landscape. Our Digital Law practice specialises in advising companies on these issues.
We offer practical and innovative advice on legal and commercial risk associated with technology-based activities in Cyprus. With the coming into force of the General Data Protection Regulation, companies are facing significant compliance requirements that impact their operations. We navigate data processors and controllers through these challenges, ensuring that agreements and operations comply with data protection laws.
Read more about our digital law and data protection work.
Solicitor (England and Wales) / Advocate (Cyprus)
Phone: +357 22 053 333