The methods of eliminating vulnerabilities of zero-knowledge succinct non-interactive arguments of knowlede are considered. The methods are based on the security of public parameters formation in the form of common reference strings using a trusted third party and multilateral interaction. The multilateral formation of the common reference strings uses the only honest party with a fixed and unlimited set of participants, as well as verification of the reliability of the results. Examples of increasing the level of security of zero-knowledge succinct non-interactive arguments of knowledge based on the correction of proof verification equations and the values of the common reference strings, eliminating redundant elements from the common reference strings and the keys of proof formation are given. The protocols that develop the construction of the common reference strings from static to updatable and universal versions are mentioned.
The aim of this study is to examine the issues of inserting smart contracts into our operative contract law. In this context, I am examining the positive and negative effects of this technological achievement on contract law, as well as its potential dangers. Smart contracts, like traditional contracts, require the consensus of the parties at the time the contract is concluded. The only difference is that the performance of the contract in the case of a smart contract is completely independent of the parties. This attribute could lead to the potential outcome that the application of performance and breach of contract rules in the Hungarian Civil Code–and as well in other continental civil codes–, could become inapplicable due to the lack of possibility of breaching the contract.
Edmilson Silva Dias, André Luís Rocha de Souza, Thayse Santos da Cruz, Érica Ferreira Marques · 7 authors
Esta pesquisa teve por objetivo discutir as estratégias de tokenização para a proteção de direitos autorais no contexto das ICTs. A tokenização é uma técnica criptográfica utilizada para criar ativos digitais exclusivos, como obras de arte, música e livros, que podem ser negociados em plataformas blockchain. No entanto, a utilização de estratégias de tokenização em ICTs também suscita questões complexas sobre a proteção dos direitos autorais. Para examinar a literatura sobre direitos autorais e estratégias de tokenização, foi realizada uma pesquisa com finalidade exploratória, de natureza bibliográfica, com uma abordagem descritiva. Identificou-se que um dos principais desafios dos direitos autorais no Brasil é atualizar-se incorporando os aspectos tecnológicos e o avanço do ambiente cibernético, bem como as relações digitais e as diversas transações no contexto da internet. Por fim, conclui-se que os Non-Fungible Tokens - NFTs representam uma estratégia promissora para a proteção de ativos intangíveis, considerando a capacidade de garantir a autenticidade e exclusividade de um objeto digital, o que pode ser usado como complemento aos processos legais vigentes no país, proporcionando transparência, confiabilidade e rastreabilidade agregada.
Management of traditional construction contracts that is frequently preferred in the architecture, engineering, and construction (AEC) industries are affected by many factors due to the complexity and large number of contract documents.With the introduction of Web 3.0 technology, blockchain is considered as a suitable solution for solving many problems arising from traditional contracts and can be considered as an alternative method to traditional contracts in the AEC industry.Using cryptocurrencies, switching to blockchain-based contracts, and using smart contracts will be advantageous for AEC industry in many ways.However, in addition to these advantages, the existence of risk factors cannot be denied.With this background, this study aims to identify risk factors affecting blockchain-based smart contract use in AEC industry through a comprehensive literature review and to prioritize the identified risk factors using Analytic Hierarchy Process, respectively.The prominent risks were found to include implementation risks, followed by legal risks and contractual risks.The contributions of the study to the academic literature are the identification of the risks that may occur during the integration of blockchain-based contracts into the AEC industry and the diagnosis of any problems that may occur during the integration process.Professionals in the field of construction management can also benefit greatly from the findings of this study by analyzing those risks throughout their projects.
The article considers some aspects of legal regulation of smart contracts, which are becoming more and more relevant with the development of information technologies. The legislation and legal experience of foreign countries on conclusion and execution of "smart contracts" are studied in detail. As is known, currently there are several ways of integrating smart contract into transactions. The most relevant model of smart contract conclusion is the mixed model, the positive sides of using this form are analysed in the relevant provisions of the article. In its turn, the very legal nature of this type of contracts causes lively disputes in the civilistic environment, which is demonstrated by various opinions given in the article on the topic under consideration. There is no doubt that the widespread development of smart contracts in the near future can significantly help to reduce risks for the parties to the contract, exclude unscrupulous performers and suppliers from the market, as well as show a number of other advantages.
Emergence of non-fungible tokens (NFTs) has led to considerable changes in the creative industries markets associated with the emergence of fundamentally new opportunities for the transfer and protection of intellectual property rights. The explosive growth of the NFT market has led to close attention of both regulators and market participants to the problems of legal regulation of the turnover of these digital assets. The lack of a legal definition gives rise to problems related to the delimitation of NFTs from other digital assets named in the legislation. This article examines the legal nature of NFTs, distinguishes them from securities, digital rights, digital financial assets, digital currencies and utilitarian digital rights. The author analyses the draft law on NFT and draws conclusions about the prospects for legal regulation with special emphasis on the legal problems of acquiring NFTs. Based on the study, the author concludes that it is possible to classify NFT as "other property" and that it is necessary to develop a special legal regime.
The issue surrounding the nature and function of smart contracts in the context of legal relationships has garnered significant attention from the European and national legislators, regulatory bodies and legal scholarship. Sections I and II of this essay give an account of the results of the ongoing doctrinal debate, which is not univocal. The objective is to provide an assessment of both the advantages and limitations associated with smart legal contracts. In Section III, the authors introduce a novel negotiation process termed "contracts on chain". This process enables parties to engage in negotiations, formalize agreements and execute contracts directly on the blockchain . Consequently, this negotiation approach serves as a potential bridge between the realms of Web 2 and Web 3. Further, it offers a user experience akin to online contracts but benefits from the inherent capabilities of third-generation blockchains. Albeit on-chain contracts can be deployed on both private and public blockchains, the authors express a preference for their use on the public blockchain within a "logical platform". This choice allows to enhance regulatory compliance and mitigate the effects of decentralization on liability regimes, while simultaneously optimizing the efficiency gains of public blockchains. Notably, this approach ensures a level of protection commensurate with that offered by private blockchains. The ultimate goal of this innovative process is to streamline the ongoing technological transition and cultivate greater trust within the market for emerging technologies.
Omar Farouk Al Mashhour, Ahmad Shamsul Abd Aziz, Nor Azlina Mohd Noor
As one of the fundamental technologies of blockchain, smart contracts have become one of popular and indispensable for certain businesses. Smart contracts have been introduced by Nick Szabo in 1997. However, the actual implementation was after the introduction of Blockchain, in particular, Ethereum. The enforceability of these contracts has always been dubious due to their unique characteristics and their considerable potential for abuse in criminal activities. The uncertainty stems mostly from these unique qualities and their connection to blockchain technology and cryptocurrencies. Consequently, determining the legal approach governing smart contracts is vital to ensuring the legal validity and the legal viability of such technology. This paper aims to provide a thorough overview and synthesis of prior literature on smart contracts and related regulatory implications (2016-2021). A thorough literature search of Scopus, Web of Science (WoS), Springer, and Emerald was done using two different combinations of key terms: “Smart Contracts AND Legality” and “Smart Legal Contracts AND Regulatory”. The final relevant articles were 22 articles found from 2016 to 2021. The narrowing of the literature search shows that smart contracts are a relatively new area that must be legally studied rather than merely focusing on the technical aspects. Ignoring the legal aspect would create uncertainly and inconsistency which might result in various legal dispute due to the nature of smart contracts. the novelty and lack of research represent one of the most major limitations of this research. However, it is crucial to highlight that the number of scientific journals published has increased significantly over the past five years, particularly in 2019 and 2020. This paper offers some guiding principles for academics, legal advisors, practitioners, and policymakers for their future research on smart contracts from a legal perspective.
The article is devoted to technologies of digitalization of educationzero-knowledge proof, blockchain and artificial intelligence.It analyzes the features of these technologies and lists possible uses in terms of the public good.
W tekście tym odniesiono się do problemu, jaki niesie ze sobą próba zdefiniowania na podstawie projektu rozporządzenia w sprawie rynków kryptoaktywów i zmieniające dyrektywę (UE) 2019/1937 (MiCA) pojęcia DLT. W pierwszej kolejności umiejscowiono niezbędność definiowania w zakresie prawa cyberprzestrzeni jako prawa publicznego. Dokonano omówienia samego pojęcia według definicji technologicznej, aby w sposób możliwie przejrzysty wskazać na trzy modele stosowane w formułowaniu legalnego pojęcia DLT. Przytoczono propozycje wyspecjalizowanych organizacji międzynarodowych. Przedstawione modele omówiono, korzystając z przykładów prawodawstwa Japonii, Malty i Stanów Zjednoczonych, aby ukazać niebezpieczeństwo, jakie może potencjalnie wiązać się z każdym z nich oraz rozwiązaniem zastosowanym w MiCA. Za cel postawiono znalezienie odpowiedzi na pytania o definicję technologiczną DLT, konieczność jej ujęcia w akcie prawnym, możliwe formy definicji zastosowane w wybranych prawodawstwach oraz o właściwość wybranego sposobu na gruncie prawodawstwa Unii Europejskiej. Zwrócono uwagę, że definicja zastosowana w MiCA nie zapewnia odpowiedniej stabilności i bezpieczeństwa w systemie UE, gdzie za najwłaściwsze, uwzględniając aksjologiczne podstawy projektu rozporządzenia, uznano zastosowanie modelu odpowiadającemu rozwiązaniom przyjętym na Malcie. Do analizy wykorzystano następujące metody: teoretycznoprawną, komparatystyczną oraz, w mniejszym stopniu, aksjologiczną i dogmatyczną.
Blockchain technology has rapidly evolved from a financial innovation underpinning cryptocurrencies into a foundational infrastructure for secure digital transactions, smart contracts, and decentralized identity management. Its distributed ledger architecture offers transparency, immutability, and efficiency, yet it simultaneously challenges traditional legal and regulatory frameworks governing contractual enforcement, data protection, and cross-border commerce. This paper provides a comprehensive assessment of the legal and regulatory implications of blockchain technology, focusing on its transformative impact on smart contracts, digital identity systems, and international financial transactions. From a global perspective, it examines how jurisdictions across the European Union, the United States, and Asia are addressing issues such as contractual validity, jurisdictional enforcement, and liability allocation in decentralized networks. The study explores how smart contracts self-executing agreements encoded on blockchain redefine contractual obligations and dispute resolution mechanisms while raising questions about consent, interpretation, and legal recognition under existing civil and commercial laws. Similarly, the emergence of blockchain-based digital identities introduces opportunities for enhanced data sovereignty and privacy protection but also exposes gaps in governance, authentication, and cross-border data portability. In the context of cross-border transactions, the paper analyzes how blockchain’s borderless nature disrupts conventional regulatory oversight and compliance regimes, including anti-money laundering (AML) and know-your-customer (KYC) frameworks. By comparing legislative developments and regulatory experiments worldwide, the research identifies best practices and systemic risks associated with blockchain adoption. Ultimately, the paper proposes a harmonized legal and policy approach that balances innovation with accountability, fostering trust and interoperability in the evolving digital economy.
Smart contracts provide some benefits, such as better facilitation for contracting parties to monitor performance of their obligation and reducing the cost spent monitoring the contract. However, it is critical to understand various limitations of this concept as well as many legal and public policy uncertainties around it. Given the non-existence of an “universal rule” that governs smart contracts, the issues vary from jurisdiction to jurisdiction. The article applies comparative legal method to analyse the legal regulation of smart contracts in ASEAN+6 countries as well as the leading jurisdictions in the sphere of implementing digital technologies in the economy. Due to public policy considerations, there are different scenarios of smart contract development. The possible outlook is that ASEAN+6 countries would not accept smart contract as contract, cryptocurrency as property, and/or enforcing foreign awards that relate to smart contract disputes and/or cryptocurrency. Another possible way out of the deadlock is to govern relations under smart contracts by the UNIDROIT Principles. However, if the parties do not opt for such a solution, the determination of the applicable law will be left to the relevant conflict-of-laws rules with all of the uncertainties. Therefore, the author suggests that supranational laws is the better path for avoiding uncertainties in smart-contractual relationships.
This scientific article discusses the issues of legal status of such terms as blockchain, blockchain technologies, as well as crypto assets, stable coins and tokens. The article reveals the issues of legal regulation of relations arising in course of cryptocurrency transactions and the use of blockchain technologies, which also include the activity of crypto exchanges, the use of smart contracts and the processes of buying and selling tokens. The author provides examples of countries where crypto assets are legalized, and conducts a comparative analysis of the legislation of the Republic of Uzbekistan, the Federal Republic of Germany and the Czech Republic regarding the mechanisms for carrying out cryptocurrency transactions and the use of blockchain technologies. When studying the legislation of Uzbekistan, attention is paid to the latest ongoing reforms in the field of digitalization and the development of the electronic economy and government in our country. When analyzing the legislation of countries such as Germany and the Czech Republic, relevant situations and examples of court decisions are given in order to determine the effectiveness of law enforcement in the field of blockchain technologies and cryptocurrency and identify existing problems in this area. At the end of the article, the relevant conclusions of the author and proposals for improving the legislation of the Republic of Uzbekistan are given.
Blockchain is a peer-to-peer distributed ledger technology that makes the records of any digital asset transparent and immutable and works without involving a third party. Hence, it is independent of a third party and termed as ‘decentralized’. Blockchain is an emerging technology and is gaining a lot of popularity, as it is scalable and also has the ability to manage risks. Blockchain is transforming the way value is exchanged, it has expanded technical capabilities to achieve a higher level of innovation and developer products. Blockchain is the most recent technology that can be adopted for data security. This paper aims to make any legal contracts, such as agreements, and property registries, as well as other assets in India using blockchain for solving issues like avoiding third parties, brokerage services, trusty transactions, etc. It makes it safer as well as non-repudiable. We are proposing a Web3 system that is providing a platform for both parties to make legal contracts using smart contracts and deploy it on blockchain to make safer contracts by inheriting blockchain properties. A smart contract is a digital contract that automatically executes the terms of an agreement by itself. In layman’s terms, it is a computer code that holds the terms of a contract. It stores in decentralized, distributed public blockchain networks that contracting parties can access from anywhere and at any time. With these designs, this digital type of contract runs on blockchain nodes that cannot be changed. This makes the smart contract legal contracting decentralized, free of brokerage services as well paperless that is digital. This solution demands transparency, participation and cooperation society demands. Hence, would help to obstruct corruption and make government services more efficient.
The metaverse is a concept of cyberspace built on the existing infrastructure of the Internet using emerging technologies of blockchains, cryptocurrency and non-fungible tokens (NFT). In the metaverse, people and various forms of algorithms and artificial intelligence will interact in virtual reality, buy and sell “real world” and “in the metaverse” goods and services and get into legal disputes just like in real life. Trademark law has a decisive role in the development and protection of the brand in virtual reality. The paper first presents the notion of NFT. Then, the protection of trademark in metaverse is analyzed. Special attention is paid to the European Intellectual Property Office Guidelines from July 2022 on its approach to classifying virtual goods and NFTs. Finally, a case from US judicial practice is presented – Hermes Int’l v. Rothschild. This decision provides useful guidance on how courts will treat this issue in the future.
In 2021, the Collins English Dictionary named “NFT” as the word of the year, and within the first ten positions in its ranking are the terms “crypto” and “metaverse”. Thus, we can see how three words out of ten refer to concepts that are based on the same technology: the blockchain. This famous cryptographic tool, celebrated and criticized at the same time, is nowadays a worldwide phenomenon that goes well beyond the specific expertise of programmers and computer engineers and it intertwines with several other fields, such as the law. For this reason, I believe that any attempt to provide a legal analysis of the blockchain needs to be founded in a multidisciplinary approach in order to mirror the complexity of this object of inquire. Therefore, the current thesis aims at exploring the mutual influences between law and technology by adopting a specific methodology called, indeed, “Law and Technology”. In particular, this work presents two main goals, which are strictly linked: a) analyzing the interrelations between the blockchain technology and some of the main branches of the Italian private law: property (“proprietà”) and copyright (“diritto d’autore”); b) understanding how this technology is currently applied or can be potentially applied in order to achieve some of the objects proper to private law. It has to be noted that several words used in the current thesis belong to the ICT world and are, for this reason, in English. Wherever it is possible, an Italian translation is provided; but this kind of specific terminology often revealed to be hard or impossible to translate without confusing the correct meaning: consequently, I kept the original English terms. These technologies have been developed mainly in the US and in the UK and therefore they are conceived in common law systems. For this reason, the two abovementioned goals will be integrated with a comparative law approach, which will analyze the legal remedies for these technologies in the US and in England, chosen as major case studies. As it will be soon clear to the reader, this is exactly one of the most pressing issues of the topic analyzed: the legal protections of the intangibles applied in these two countries finds their justification in a legal tradition (common law) which is different from ours (civil law). The consequence is that, when “importing” this technology, possible misunderstandings can arise also in the legal field. Moving on to the thesis structure, the work has four chapters and a conclusion discussion at the end. The first chapter will describe the studied phenomenon focusing on its origins and functioning. Specifically, it will provide the definitions of the four primary technologies: blockchain, smart contract, digital token and NFT. In terms of methodology, such definitions will rely not only on the legal literature, but also on the ICT framework, in order to delineate an analysis as complete as possible. It will be immediately evident that, because of the on-going development of the topic, clearcut technical definitions are hard to establish, and this results in several statutory efforts that are not able to provide enough clarity to the subject. Moreover, the chapter will underline both the advantages (such as: disintermediation, protection, flexibility, etc.) and the disadvantages (block anonymity, oracles problem, the lack of environmental sustainability, etc.) related to these technologies, with a specific attention towards the possible legal implications. The second chapter will try to undercover the mutual interrelations between law and these technologies. To do so, firstly it will describe the development in the digital era of two categories which are primarily involved: property and copyright. On one hand, the chapter will explore the legal implications of the phenomenon of dematerialization on the concept of property and on the growing importance of access. On the other, it will summarize the primary “metamorphoses” of copyright in the digital era. In light of these considerations, the analysis will cover the legal framework concerning smart contract, crypto-asset and NFT within the Italian-European legal system, emphasising the complexity of a precise systematic placing. The third chapter is articulated into three case studies which aims at clarifying at a practical level the interrelations between law and blockchain within Italian legal system. In particular, the first paragraph will examine copyright: on one hand, advantages and disadvantages of the use of blockchain in the field of copyright will be discussed; on the other, the new artistic/financial phenomenon of cryptoart from a legal point of view. The second paragraph will discuss the possible implementation of the blockchain technology in the digital public ledgers in order to assess if this application can be suitable for the circulation of real estates. The third paragraph will illustrate the reasons for the application of this technology on the traceability of the supply chain, outlining the technical and legal advantages and disadvantages. In this section, a special focus on the food supply chain will be presented, as this sector includes several examples also in the Italian context. Within each case study, some examples of the contemporary use of the blockchain technology will be considered. At the end, brief concluding remarks will be discussed. The fourth chapter will try to provide a targeted summary of the phenomenon in the US and UK contexts of common law. The first paragraph has a brief introduction concerning the potentiality of comparative law to conceptualize the various aspects of a transnational phenomenon. Next, will be seen the main aspects and partitions of the law of property, emphasizing its "natural" propensity to protect intangibles things. At the end, the two approaches of the United States and England will be analysed, which are quite different despite belonging to the same legal family. In the former system we will see a predominant role of federal and state legislations, whereas in the latter an activist judiciary was inspired by non-binding acts of the executive in its case law. Il Collins English Dictionary nel 2021 ha eletto “NFT” [Non-Fungible Token] la parola dell’anno ed inoltre, fra le prime dieci posizioni, si possono leggere anche i termini “crypto” e “metaverse”2. Tre parole su dieci di questa classifica hanno dunque alla base lo stesso strumento informatico: la blockchain. Celebre, amata e odiata, questa tecnologia dell’era digitale è ormai un fenomeno internazionale che sconfina dal mondo dei programmatori e degli ingegneri informatici e si interseca con molte branche del sapere, tra cui il diritto. Per questo motivo, nell’analisi giuridica della blockchain è necessario adottare un approccio il più possibile multidisciplinare nel tentativo di delineare e precisare i contorni di questa complessa materia. L’elaborato si propone di ricercare le reciproche influenze tra diritto e questa tecnologia, attraverso il metodo definito, per l’appunto, “Law and Technology”. In particolare, questa tesi si prefigge due obiettivi strettamente collegati: a) analizzare le interazioni fra la blockchain ed alcuni istituti cardini del diritto civile, la proprietà ed il diritto d’autore; b) comprendere come questa tecnologia sia attualmente impiegata o possa essere utilizzata per perseguire alcune delle finalità proprie di detti due istituti civilistici. Sin dall’inizio della ricerca, sarà chiaro che molte parole presenti nel corso della trattazione appartengono all’area informatica ed esse, com’è noto, sono in lingua inglese. Ove possibile si è cercato di tradurre, ma in presenza di una terminologia tecnica che spesso risulta intraducibile oppure la cui traduzione rischia di sviarne il contenuto, si è conservato l’idioma originale. La maggior parte di questi strumenti informatici, infatti, provengono da oltreoceano e oltremanica e pertanto nascono in un sistema giuridico di common law, diverso da quello del nostro ordinamento. In tale direzione, sarà necessario anche adoperare gli strumenti propri del diritto comparato per perseguire gli obiettivi di questa tesi, esaminando, in particolare, quali siano le tutele apprestate per queste tecnologie dagli Stati Uniti e dall’Inghilterra, scelti come casi studio rilevanti. Come si vedrà, una delle più grandi problematiche risiede proprio in questo: le tutele dell’intangibile nel common law hanno alla base degli istituti giuridici in parte diversi rispetto al nostro ordinamento e per questo, “importando” la tecnologia, spesso si creano incomprensioni ed incertezze a livello giuridico. Quanto alla struttura dell’elaborato, il testo si articola in quattro capitoli e presenta al termine delle conclusioni finali. Nel primo capitolo vi sarà la descrizione del fenomeno tecnologico spiegandone l’origine ed il funzionamento. Nello specifico, saranno definiti i quattro principali strumenti oggetto della tesi: blockchain, smart contract (lett. “contratto intelligente”), digital token (“token digitale”) ed NFT. A livello metodologico si è cercato di tratteggiare queste tecnologie avvalendosi non solo della letteratura giuridica, ma anche, all’occorrenza, di quella informatica per dare un quadro il più possibile completo all’analisi. Sin da subito risulterà chiaro che, a causa dell’evoluzione della materia, difficilmente vi sono delle definizioni chiare a livello tecnico e questo spesso si riflette in tentativi legislativi che lasciano molti dubbi ermeneutici all’interprete. Inoltre, si cercherà di evidenziare i vantaggi (ad esempio: la disintermediazione, la sicurezza, la versatilità etc.) e gli svantaggi (l’anonimia del nodo, il problema degli oracoli, la scarsa sostenibilità ambientale etc.) che tali tecnologie comportano, con particolare attenzione a quelli che possono avere implicazioni giuridiche. Nel secondo capitolo, si cercheranno le reciproche influenze tra il diritto