Block Chain Application on Property Law: Meeting Legal Certainty for Creditors in Bankruptcy Cases

Gunardi Lie

School of law, Universitas Tarumanagara, Jakarta, Indonesia

Lewiandy

School of law, Universitas Tarumanagara, Jakarta, Indonesia

Abstract:

This paper aimed to analyze the possibilities of the Block chain technology in upgrading the Indonesian property law and its future utility in property-related transactions, especially with regard to the bankruptcy law regime. Both statutory and the case based approaches were used as the research methodology to collect authentic data related to block chain technology benefiting the upgradation of the property law. The statutory approach helped in understanding the pertinent laws and regulations while case based approach helped to study the social and financial implications of the law. The data analysis technique adopted was a descriptive-analytical approach. Since the study was made with a legal and economics perspective, the findings included a positive view of property law in Indonesia when block chain technology is adopted with some exceptions of bankruptcy cases where the execution failed due to property law problems. The study highlighted factors that could help the property regulations upgrade.

Keyword:

property law, block chain, cryptocurrencies, bankruptcy