Anyone who deals with the topics of blockchain, digital assets or virtual currencies for the first time will quickly be confronted with terminology that all sounds somewhat similar: To describe the same thing, for example, one could call it a decentrally-managed database, a decentralized account book, a decentralized digital register or a distributed booking system.
The decentralized nature of blockchain technology is emphasized again and again like a mantra. However, this property has so far largely been disregarded in the legal discord. With a professional article in the December issue of the Zeitschrift für Finanzrecht (ZFR), Oliver Völkel examines this revolutionary phenomenon and illustrates the effects of decentralization in Austrian private law.
You can find the article here.