The scope and potential of Distributed Ledger Technologies (DLTs) including the Block Chain in the enhancement of economic development and effective governance are increasingly realized in various countries and markets around the world. The nature of the technology, warranting the development and use of different nodes of a network that could span across various borders, creates numerous technological and legal challenges, which needs to be comprehensively addressed in order to ensure the adoption of any transparent, reliable and efficient DLT applications.