ON-TOPIC: BIG TECH - REGULATION - INFORMATION EXCHANGE - BANKING INDUSTRY - BLOCKCHAIN

The implications of bitcoin for competition, antitrust, and regulation in the banking industry

This series of articles explores the implications of blockhain for competition in the banking industry. Each of the articles takes a slightly different perspective on the issue. The first explores whether existing antitrust doctrine is suitable for assessing the potential benefits and harms associated with the development of blockchain applications in the banking industry. The second examines the implications of blockchain within the existing regulatory framework for the banking industry. The third discusses the challenge that some implementations of blockchain technologies to facilitate information exchange may face under existing competition law.

The Blockchain (R)evolution and the Role of Antitrust Renato Nazzini Professor of Law, King’s College London Partner, LMS Legal LLP, London I. Introduction 1. Blockchain is a technology that enables a secure, transparent, distributed, permanent, robust ledger that can be used to transact and record transactions over the internet. [1] It has the potential to revolutionise the way in which we deal in financial and physical assets, we record information, and we make and execute contracts. [2] This revolution has not occurred yet and we do not know whether it will ever materialise. However, since January 2009, when Bitcoin was first introduced, new blockchain projects have been launched every year. Interest in the blockchain has dramatically increased in 2017–2018, when the number of new

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Karthik Balisagar, Thomas P. Brown, Guillaume Duquesne, Miguel de la Mano, Renato Nazzini, The implications of bitcoin for competition, antitrust, and regulation in the banking industry, February 2019, Concurrences Review N° 1-2019, Art. N° 88667, pp. 26-43

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