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4 - Blockchain and the Uniform Commercial Code

from Part I - Contemporary Technological Developments

Published online by Cambridge University Press:  08 February 2025

By
Stephen McJohn  and
Ian McJohn
Edited by
Stacy-Ann Elvy  and
Nancy S. Kim
Stacy-Ann Elvy
Affiliation:
University of California, Davis
Nancy S. Kim
Affiliation:
Chicago-Kent College of Law
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Summary

This chapter first discusses how Bitcoin works in functional terms (as opposed to technical aspects), focusing on the structure of a decentralized, pseudonymous payment system. The chapter next discusses possible applications of the underlying blockchain technology, such as stock trading, property records, peer-to-peer sharing services, and smart contracts. Turning to the law, the chapter discusses several matters that the Uniform Commercial Code Amendments in 2022 addressed: A legal definition applicable to blockchain technologies, the negotiability of digital assets, the use of digital assets as collateral, and whether cryptocurrencies are money. The chapter then discusses some remaining issues, such as whether bitcoin transactions be traced and whether smart contracts are subject to contract law, and whether parties could opt out of contract law. Finally, the chapter looks specifically at the application of secured lending law to analogous transactions using smart contracts.

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The Cambridge Handbook of Emerging Issues at the Intersection of Commercial Law and Technology , pp. 84 - 106
Publisher: Cambridge University Press
Print publication year: 2025

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