Regulatory Standards and Measures

Abstract

Blockchain technology is an emerging technology which has caught the attention of practitioners, governments, business enterprises including the academic researchers in this present century. Its attraction is mainly due to its potential to enhance the human way of doing things including service delivery and consequently leading to happier consumers and stakeholders and providing an edge over competitors, resulting in an improved brand image. Unfortunately, the adoption of a new technology is not all other easy, it takes time and effort. The major issue of the technology is the lack of regulatory measure framework to boost its acceptability among many countries of the world. Both practitioners and scholars have agreed that the technology needs to be validated, regulated, and adopted. Unfortunately, this is yet to be achieved. The chapter examined regulatory standard measures of blockchain technology as a panacea for blockchain technology acceptability. It adopts a literature review approach with a content analysis technique where several but selected views and opinions of countries on the regulatory positions were analysed. Evidence shows that the absence of regulatory measure standard is fear to non-acceptability and accessibility of blockchain technology. It also revealed that a specific regulatory standard is needed to drive the acceptability and accessibility of blockchain technology not only in Saudi Arabia but also in the globe. This paper therefore concludes that a specific regulatory measure and standard is a panacea to the acceptability and accessibility of blockchain technology.