Case Studies on the Regulatory Challenges Raised by Innovation and the Regulatory Responses
The pace and scope of innovation are challenging the way governments regulate. Existing regulatory frameworks might not be agile enough to accommodate the fast pace of technological development and, as a consequence, rules might become outdated. Beyond this pacing problem, technological innovation also blurs the traditional definition of markets, challenges enforcement and transcends administrative boundaries domestically and internationally.
This report, which results from a joint project between the OECD and the Korea Development Institute, presents a set of case studies illustrating the different regulatory challenges raised by emerging technologies and the diversity of regulatory responses used to address them. The case studies cover data-driven business models, digital innovation in finance, smart contracts relying on distributed ledger technologies, digital technologies for smart logistics, and the sharing economy.
Overview
The pace, scope and complexity of the changes caused by innovation, let alone the current societal and environmental changes afoot, are significantly affecting every facet of the economy and society. These changes raise a number of governance and regulatory challenges for governments that need to be properly understood to target appropriate regulatory responses. A key challenge is to design governance and regulatory approaches that prevent or mitigate the potential unintended negative consequences of technological developments while reaping the opportunities they provide and not stifling innovation. This chapter presents the key insights that can be drawn from the project conducted jointly by the Korea Development Institute (KDI) and the OECD to identify the governance and regulatory challenges raised by innovation and document emerging approaches to address them.
- Click to access:
-
Click to download PDF - 677.03KBPDF