LEGAL IMPLICATIONS OF BLOCKCHAIN TECHNOLOGY IN INDIA

Blockchain is one of the most revolutionary breakthroughs of the digital age. While blockchain initially was launched as the underlying technology for digital currency solutions like Bitcoin , it has already matured into a versatile technology having applications across finance healthcare creative industries and legal fields. Its core characteristics of decentralization, transparency and increased security have positioned blockchain as a highly promising technology to address issues of efficiency and corruption in digital transactions. In India, the public sector and private sector alike are diligently researching the scope of blockchain-based applications across land records banking health care, digital identity management systems, etc. But, throughout its development, the blockchain Technology world has generated major legal and regulatory concerns. The Indian legislation applicable to the applications of the blockchain Technology, the IT Act 2000, the Bharatiya Sakshya Adhiniyam 2023, the Digital Personal Data Protection Act, 2023 and the regulations- in specific sector, issued by the Reserve Bank of India, the Securities and Exchange Board of India and the Ministry of Electronics and Information Technology, have provided only limited details related to the specific scope of Blockchain projects. Some practical issues faced and yet to be faced include whether the smart contracts are enforceable, jurisdictional issues, data privacy policies or handling issues and evidential requirements of a blockchain-related case. This report, in particular, explores the legal challenges posed by the use of blockchain technology in India by analysing the current regulatory structure, highlighting important legal risks and compliance issues as well as assessing real-world applications and uses cases in the various industries and sectors involved. It discusses the ongoing judicial proceedings and policy measures as well as includes recommendations for a comprehensive regulatory structure in the field of adoption of blockchain technology for the future.