ABSTRACT
The fascination with blockchain technology is simple. As a form of distributed ledger technology, blockchain removes the need for a trusted third party in transactions. While blockchain technology has captured the public’s imagination, it is mired in unanswered questions. For example, in a decentralised network, who bears responsibility if an attacker exploits a vulnerability in the blockchain platform? Furthermore, what kind of responsibility do they owe?
This paper proposes that core blockchain platform developers owe fiduciary duties to users of the blockchain platform, either on an ad hoc basis or through Quistclose trust. To do so, this paper will first explore and establish a classification of core developer-user relationship. Subsequently, this paper will draw from real-life cases to illustrate the fiduciary nature of such relationships against Australian fiduciary law.
Shi, Xinyu, Do Core Developers Owe Fiduciary Duty to Users of Blockchain Platforms? (October 28, 2019).
First posted 2020-02-26 08:25:59
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