The Essence of the Blockchain Technology Used in the Smart Contract and Legal Problems

Abstract

Blockchain and its practical realization as cryptocurrency in particular, is the subject of serious discussions both in the world of computer technology and in the financial industry. People who have been able to access the basic aspects of blockchain networking principles are quite quick to conclude that the origin and subsequent development of this technology could significantly change the picture of the modern world. A document created by Satoshi Nakamoto in 2008 whats more, the Bitcoin project was the first practical implementation, based on blockchain technology, which turned out to be unnoticed by the world at that time. However, during this period, there were still people who paid their attention to it, it was also because they had a professional interest. However after some time when the society noticed how fast the price of one Bitcoin was rising and reached thousands of dollars they realized that it was not funny and on the contrary had a great future. The real representation of interest in blockchain projects started in the first half of 20162 From this period Georgia joins this project and the Public Registry is one of the first to start the land registration through blockchain.