Blockchain technology is a new general-purpose technology that poses significant challenges to the existing state of law, economy, and society (Dimitropoulos, 2020). Blockchain similar to other technological innovations are changing existing social patterns and putting pressure on the legal status quo. One feature of the blockchain which makes it more distinctive than other disruptive innovations is that it is a global and transnational technology by nature and design. Blockchain was initially developed as Bitcoin blockchain to a by-pass commercial financial institution and central banks, while later recognised as general-purpose technology that can be used to achieve multiple goals and welcomed by various private and public commercial actors and bodies.
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