TLE0022, Semester 2: Recent Blockchain Development Essay

This essay explores the recent developments in blockchain technology, focusing on a specific area as per the assignment brief. The essay examines recent case law, newspaper articles, legislation, news stories, and statutory developments related to blockchain. It provides an overview of the current landscape and discusses the implications of these developments. The essay includes an introduction, body paragraphs, and a conclusion, supported by references. The student has analyzed various sources, including news articles, legislation, and academic papers to provide a comprehensive overview of the topic. The essay highlights the increasing importance of blockchain technology and its impact on various industries, including financial services, government, and digital payments. The student's essay is a valuable resource for understanding the current state of blockchain technology and its potential future applications.

Running head: RECENT DEVELOPMENT OF BLOCKCHAIN
Recent Development of Blockchain
Name of the Student
Name of the University
Author note

1RECENT DEVELOPMENT OF BLOCKCHAIN
Introduction
Blockchain can be defined as a new form of technology based on digitized and shared,
which could not be once after the processing of a transaction. Each of the parties involved within
a transaction that would also include the number of third parties would be able to maintain a
certain copy of ledger. This report would discuss about the recent developments, recent
legislation and future developments that could be made over the technology.
Body
Recent Case Law Development of Blockchain
The recent case laws for the development of Blockchain technology is discussed as
follows:
1. In 2017, the Mexican Government has transformed the ways in which Blockchain
technology would be benefiting the people making use of this technology. The Central Banks
within Singapore and Canada have completed a project based on the transfer of crypto currencies
based within themselves.
2. Smart contracts can be enabled within Blockchain solutions based on holding,
executing and monitoring over contractual codes (McKinsey & Company, 2019). They could
take the form of digital rights management based on performing IP transactions.
Newspaper Paper Article Regarding Blockchain
Based on the newspaper article as published by Bitcoin.com (2019), it has been
mentioned that the Australian Government is moving towards the achievement of a proposed
legislation based on banning cash-based purchases. These purchases are worth 10,000 AUD

2RECENT DEVELOPMENT OF BLOCKCHAIN
based for the purchases within businesses. With the imposing of such kind of legislation, the
financial institutions would have the sole right to approve or deny any kind of purchases above a
certain limit.
Recent Legislation Development for Blockchain
In the Blockchain 2019 Legislation, it has been discussed that the Blockchain technology
is a technology based on distributed ledger and every network of users would be able to share the
technology (Ncsl.org, 2019). From this discussion, it has further been understood that twenty-
eight states have been in the process of introducing legislation in relation to the Blockchain since
the year 2019. This also includes resolutions and seven bills that have been adopted and enacted.
Recent New Story Regarding Blockchain
The more recent new story in relation to Blockchain is that that decentralisation would
become a major cause for gaining shared within any industry. This would further make the
technology to be more accessible to the people (CoinDesk, 2019). Hence, there are many
developers who would be sacrifice the benefits supported by decentralization based on the factor
of convenience.
Recent Statutory Development of Blockchain
Based on the recent form of statutory development, it can be discussed that the work by
McKinsey deals with the financial leaders who have focused over the Blockchain technology.
The statutory development made over the technology is that a dedicated network would be
defined based on the logic supported by Blockchain (McKinsey & Company, 2019). The
statutory developments have also focused over intense scrutiny and adoption of a targets towards
funding for development.

3RECENT DEVELOPMENT OF BLOCKCHAIN
Conclusion
Based on the discussion from the above report, it could be discussed that Blockchain
technology could be further improved. The recent laws and developments defined for Blockchain
should be followed and implemented properly. This would further help in improving the
technology and also making greater impacts for the future generation of digital payments.

4RECENT DEVELOPMENT OF BLOCKCHAIN
References
Bitcoin News. (2019). When Cash Is Banned, Centralized Cryptos Are Not Going to Save You -
Bitcoin News. [online] Available at: https://news.bitcoin.com/when-cash-is-banned-centralized-
cryptos-are-not-going-to-save-you/ [Accessed 19 Aug. 2019].
CoinDesk. (2019). The Real Benefits of Blockchain Are Here. They're Being Ignored - CoinDesk.
[online] Available at: https://www.coindesk.com/the-real-benefits-of-blockchain-are-here-
theyre-being-ignored [Accessed 19 Aug. 2019].
McKinsey & Company. (2019). Blockchain’s Occam problem. [online] Available at:
https://www.mckinsey.com/industries/financial-services/our-insights/blockchains-occam-
problem [Accessed 19 Aug. 2019].
Ncsl.org. (2019). Blockchain 2019 Legislation. [online] Available at:
http://www.ncsl.org/research/financial-services-and-commerce/blockchain-2019-legislation.aspx
[Accessed 19 Aug. 2019].