Verhaalsbeslag op bitcoins Verhaalsbeslag op bitcoins is mogelijk door (1) de drager waarop de privésleutel staat waarmee over bitcoins kan worden beschikt (de paper of hardware wallet ) als waardepapier te kwalificeren, (2) op die wallet conservatoir verhaalsbeslag te leggen en als de toegang tot die wallet beveiligd is met een code, de schuldenaar te dwingen die code prijs te geven, (3) de bitcoins naar een andere, door een bank of DNB nieuw geopende bitcoinrekening over te maken, en (4) de paper of hardware wallet van die nieuwe bitcoinrekening te zijner tijd executoriaal te verkopen.
The bill of lading has, for centuries, been an integral component in the maritime shipping industry. However, the stagnation in the development of this legal instrument is contrasted with the exponential rate of development in other areas of commercial practice, which highlights the financial costs and delays associated with the use of bills of lading. The purpose of this paper is to present a modern alternative to the current paper-based bill of lading system that accounts for the practical and legal requirements of the incumbent instrument and also overcomes the deficiencies inherent in paper-based bills of lading. In the context of the regulatory uncertainty of bills of lading based on distributed ledger technology, this paper discusses approaches to regulating this new technology so as to achieve the same legal effects that the traditional, paper-based bill of lading provides. This paper presents two methods for regulating distributed ledger technology when applied to maritime shipping: the first is based on the principle of functional equivalence, which can be employed in domestic legislation, and the second is based on the Model Law on Electronic Transferable Records. I conclude that, while both approaches represent steps in the right direction, the latter would imbue this technology with sufficient legal certainty so as to spark a marine cargo carriage revolution and facilitate a productive disruption of the current industry practice.
Abstract This paper critically examines the intersection and interactions between conventional law produced and enforced by national legal systems (ie the ‘code of law’) and the internal rules of blockchain systems, which take the form of executable software code and cryptographic algorithms operating across a distributed computing network (‘code as law’). In so doing, it seeks to identify whether, and to what extent, ‘regulation by blockchain’ will successfully avoid governance by conventional law. It identifies three different ways in which the code of law is likely to interact with code as law, based primarily on the intended motives and purposes of those engaged in activities in developing, maintaining or undertaking transactions upon the network. It argues that these different classes of case are likely to generate different kinds of dynamic interaction between the blockchain code and conventional legal systems, and critically examines the normative foundations of these emerging and anticipated interactions.
A decade after the financial market started experimenting with blockchain, the prevailing view of EU regulators has been that blockchain based transactions do not fit into the current regulatory regime. This was illustrated by the European Banking Authority’s warning to the consumers issued in 2013 of the absence of specific legal regime designed to protect the consumers dealing with exchange platforms. A similar position was adopted by the European Securities and Market Authority in its 2017 investor alert indicating that ICO operating in unregulated spaces pose several risks the consumers should be aware of.By Examining developments until December 2018, this article argues that the extent of regulatory uncertainty is overstated and recommends a functional approach to regulation. It posits that although blockchain and cryptocurrencies are new technologies, the legal transactions they enable are not entirely novel and could largely be regulated under the existing legal rules without the need for sweeping reform.
In honor of the seventy-fifth anniversary of The Business Lawyer (TBL), we reviewed the roughly 400 papers published in TBL on secured transactions since inception, in 1946. We find that, while TBL has always provided excellent coverage of secured credit, earlier works were more likely to focus on questions of policy than those published more recently, which tend to be more technical. This is curious, both because secured transactions have been the subject of sometimes ferocious academic debates in other journals about their distributive effects, and because TBL often includes policy-oriented scholarship in other business-law fields (e.g., corporate governance). We argue that TBL should actively seek papers on secured credit policy, in part because technologies like distributed ledgers may threaten to render all secured transactions . .. academic.
Rainer Schmidt, Michael Möhring, Barbara Keller, Fabian B. Fuchs · 6 authors
Smart contracts are highly relevant due to their support for new decentralized business models and processes. We empirically investigate the benefit of implementing smart contracts. Our approach measures the benefit by capturing the impact of implementing smart contracts on processes directly. Thus, our research supersedes previous research that uses deductive approaches for deriving beneficial effects from technical and architectural properties of smart contracts and blockchains. We conduct a systematic approach using the aspects cost, quality, time and flexibility, and their impact on the four process phases interest, agreement, fulfillment, and assessment. Our research enables decision-makers to make decisions on implementing smart contracts more precisely. Furthermore, decision-makers become able to develop more target-oriented initiatives.
Sofia Lopes Barata, Paulo Rupino da Cunha, Aguilar, José Ricardo
A contract that regulates the online sales of a fictitious wine shop. Physical form (legal contract) and its translation into digital format (smart contract) in Solidity.<br>This document is part of the paper:<br><br>Barata, S., & Cunha, P. R. (2019). Legal and Smart! An Exploratory Case Study on Understandability of Smart Contracts. In Conferência da Associação Portuguesa de Sistemas de Informação (CAPSI). Lisboa, Portugal.
Shares issued on a distributed ledger have already been designated as a future market standard. The potential of these dlt-shares is also acknowledged by the Swiss government, which has published a preliminary draft on the adaptation of federal law to developments in distributed ledger technology earlier this year. This essay focuses on various mainly private law issues related to the issuance…
In the rapidly developing cyber sphere dominated by cryptocurrencies and code, it is perhaps not uncommon for firms to focus on cutting-edge technological developments leaving the law behind as an ...
[excerpt] The concept of online dispute resolution (ODR) is not new. 1 But, with the advent of Web 3.0, the distributed web that facilitates pseudonymous and cross-border transactions via blockchain's distributed ledger technology, 2 the idea of, and pressing need for, appropriate dispute resolution models for blockchain-based disputes to support this novel system of distributed consensus and trust of which blockchain proponents boast, is a primary concern in rapid development. 3 The common goal of each project is to utilize smart contracts to facilitate "superior, quicker[,] and less expensive proceedings by eliminating so many of the tedious and protracted trappings of traditional arbitral proceedings, such as the sending and receiving of documents via courier.", Despite myriad approaches, all emerging blockchain-based dispute resolution services (BDR solutions) generally seek to bridge the divide between automated performance mechanisms, like smart contracts, and the human judgment traditionally required to settle legal disputes.5 How our existing legal frameworks must develop to ensure that smart contracts 6 facilitate, rather than frustrate, the parties' intent is a critically important question to ask as the blockchain stack's infrastructure and application layers are being built and, ultimately, scaled. Indeed, interest is high in the race to create alternative dispute resolution mechanisms to resolve disputes arising from blockchain-based commercial transactions that, due to the transnational, borderless, pseudonymous, and distributed nature of blockchain, clearly necessitate international solutions.7
Our study on smart contracts, self-executing agreements based on blockchain technology, can be placed in the field of inquiry within law and economics of contracts which explores new modes of contract enforcement as sources of market creation. We lay the foundations by characterising contract enforcement and trust mechanisms underlying contracts. Considering that trust reduces risks in economic exchange, we explain how the particular trust mechanism underlying smart contracts’ enforcement (no-party trust) provides opportunities for creating new markets and changing existing ones. We explore, among other things, whether using smart contracts could be a path to increasing the autonomy of consumers and offering a solution for democratising trade.
N. Sánchez-Gómez, L. Morales-Trujillo, Jesús Torres Valderrama
Immutability - the ability for a Blockchain (BC) Ledger to remain an unalterable, permanent and indelible \nhistory of transactions - is a feature that is highlighted as a key benefit of BC. This ability is very important \nwhen several companies work collaboratively to achieve common objectives. This collaboration is usually \nrepresented by using business process models. BC is considered as a suitable technology to reduce the \ncomplexity of designing these collaborative processes using Smart Contracts. This paper discusses how to \ncombine Model-based Software Development, modelling techniques, such as use cases models and activity \ndiagram models based on Unified Model Languages (UML) in order to simplify and improve the modelling, \nmanagement and execution of collaborative business processes between multiple companies in the BC \nnetwork. This paper includes the neccessity of using transformation protocols to obtain Smart Contract code. \nIn addition, it presents systematic mechanisms to evaluate and validate Smart Contract, applying early testing \ntechniques, before deploying the Smart Contract code in the BC network.
Smart contracts are the new norm, yet state legislatures and courts have not developed set rules and answers to legal disputes that these contracts create. Is traditional contract law sufficient? Or should we create an entirely new legislative or common law scheme to deal with these disputes? The common law has proven to be successful in dealing with new technologies and contracts, particularly because of its flexibility. Although a major overhaul may be in the future, there are still solutions that we can find today with the current legal landscape given the state of contract law and its evolution over time. One particularly analogous body of case law is instructive: the law of the vending machine. In the end, thinking about smart contracts as vending machines may be fruitful for the future of this evolving area of the law.