"However, the distribution of the register across nodes in multiple jurisdictions raises a seemingly intractable problem – under current legal principles at least – as to where the situs should be.
"[8] Holding something on DLT, including smart contract or title to an asset, does not isolate it from the legal system and laws of respective jurisdiction.
[10] "Blockchain also poses questions concerning the ability to identify the parties to a transaction, to the extent a system utilizing this technology remains anonymous, which may rise a host of additional issues related to dispute resolution.
"[12] To facilitate the self-execution, a smart contract needs access to sources of event information through which the execution of its terms and conditions is assessed.
[15] The solution to the issue of access to information may require use of so-called 'Oracles' – an external party (or a machine) providing the judgement to determine whether or not respective conditions under the agreement have been met.
"[14] Ubiquitous dissemination of information technology and the Internet led to a discussion of two opposite legal theories of the regulation of cyberspace.
According to conservative approach the DLT law may be considered as a part of existent area of law, which may be applied to regulate different aspects of DLT use and new kind of legal relations on blockchain, such as issue of authorisation (electronic signature), admissibility of blockchain evidence in court, status of cryptocurrency and regulation of initial coin offering, use of smart contracts, status of DAO (decentralized autonomous organization) and other.
[24][25] "Before this new law was adopted, there was nothing specifically stopping a Delaware corporation from using blockchain technology to keep track of its stockholders, but there was also a great deal of regulatory uncertainty.
"[26] On January 31, 2018, Illinois regarded its role in the development of the blockchain ecosystem as one which "supports the distinct needs of the respective ecosystem stakeholders: entrepreneurs, capital providers, developers, governments, and academics to support and encourage the creation and growth of 15 blockchain companies in Illinois".