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Since the advent, in 2008, of BitCoin—a completely peer-to-peer cash system free of third-party involvement—the interest in “blockchain” technology has increased. Blockchain protocol offers an alternative to the need for trusted third parties to prevent property fraud. However, it also requires the application of law other than property law to police blockchain activity. More particularly, contract and tort law are more applicable than property law to properly adjudicate blockchain property transactions.

When blockchain protocol is applied to property, it offers tangible benefits in comparison with traditional property tracking systems. Specifically, some of the benefits are: the elimination of the need for third parties and the cost of ensuring said parties are trustworthy; irreversible transactions; decreased transaction costs and associated fees; and prevention of record tampering. Since the application of blockchain protocol to property eliminates the role of trusted third parties, it renders property law ineffective for regulating and adjusting blockchain matters because property law requires trusted third parties to process claims properly.

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