Proof-of-Stake (PoS) algorithms, implemented as foundational components of the consensus mechanism of distributed ledgers, are defective cryptosystems by nature. This paper presents intuitive arguments for why PoS, by trying to improve the energy efficiency of Proof-of-Work (PoW) when implemented as a Sybil control mechanism in distributed ledgers, introduces a set of significant new flaws. Such systems are plutocratic, oligopolistic, and permissioned.
Hugo Leonardo Barboza, Ariê Scherreier Ferneda, Liz Beatriz Sass
O presente artigo tem como objetivo analisar a garantia de autenticidade por meio de Non-Fungible Tokens e a (in)validade para a proteção de obras intelectuais, com especial enfoque às obras artísticas. A pesquisa foi desenvolvida por meio do método hipotético-dedutivo, lastreado na revisão bibliográfica, e se justifica em razão do crescente número de comunidades de artistas que aderem à exposição e venda de suas criações em galerias digitais e transacionam em um Blockchain. Em um primeiro momento, estudou-se a proteção da propriedade intelectual, destacando-se convenções internacionais sobre a temática, bem como as disposições da legislação brasileira; e, em segundo momento, foi estudado o conceito de artes digitais, para fins de avaliar, posteriormente, a (in)validade do registro das obras por meio de NFT’s. Como resultado da pesquisa, conclui-se que o NFT se apresenta como uma possível solução para garantia de autoria e autenticidade das produções no espaço cibernético, embora ainda restem dúvidas sobre a segurança que esta tecnologia efetivamente possa atestar.
With the development of technology innovations it becomes possible to regulate relations between the parties through smart-contracts. Smart contracts are based on blockchain technology, which is a decentralized distributed ledger system consisting of a chain of computers connected to one server. This technology is so convenient for parties to the treaty, because it gives the participants of smart contract an opportunity to exchange property values without intermediaries such as notaries, guarantors, etc. It is to be noted that smart contracts are not resolved in most countries. Now in many countries, however, there is a formation of the legislative framework in the sphere of the smart contracts by considering a smart contract like an element of a legal transaction with the introduction of blockchain technology, which is explained by the desire to keep up with technical progress. There were some attempts in the International Private Law to conclude smart-contracts. As is well known the traditional question in the International Private Law is a conflict of law that is so popular now for smart contracts that using blockchain technology involve multiple jurisdictions. That’s why the choice-of-law issues in the regulation of relevant relations, including the projection concerning choice of law in those States where super-priority is adjusted for those innovations, requires further research. In this article the authors have analyzed the concept and essence of smart contracts (Smart Contracts), researched the problem of conflict of law, applicable to such contracts. In particular analysis focused specifically on the Rome I Regulation in the aspects of smart contract management. The paper also touches upon problematic aspects related to choice of law applicable to the smart contracts in Ukraine. In conclusion, the prospects for the use of smart contracts in International Private Law.
Dr Andres Guadamuz is Reader in Intellectual Property Law, University of Sussex. This article This article tackles various questions regarding non-fungible tokens (NFTs) and copyright, including whether an author can use an NFT to transfer copyright, several applications of tokens as digital rights management, and the issue of potential copyright infringement in NFTs. These questions are analysed from a UK perspective, specifically looking at cases from England and Wales and Scotland, while also covering a few relevant Court of Justice of the European Union decisions. This is a relatively recent technology, which will require a lengthier technical explanation to analyse the legal issues that are raised. In some instances, the public perception will be dealt with as well, as it has become evident that there is considerable misunderstanding not only about what an NFT really is but also about the ownership and copyright issues that surround the technology. The article analyses the use of NFTs for digital rights purposes, particularly the transfer of rights, and while assignment by electronic is it is not whether an NFT can transfer to copyright it is the of article that the of a not copyright, there be a to the In a by considerable to a potential copyright in is for use of but is also as an in in is and it for considerable of a for in it of the in is an that the with and that be a non-fungible of the NFTs are the in the and technology. 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Major cryptocurrencies such as bitcoin and etherium rely on the computationally expensive and energy inefficient Proof of Work (PoW) consensus mechanism to validate transactions and secure their networks. In response to such concerns digital coins that implement more energy efficient algorithms, e.g. Proof of Stake (PoS), have started to grow in popularity and some PoW based coins are planning to switch to PoS. We investigate linkages and transmission of price shocks across fourteen PoW and PoS/Other powered digital assets. PoW cryptocurrencies appear to be more strongly connected within the network of digital coins than are PoS/Other digital currencies. On average PoW coins export more uncertainty to other cryptocurrencies, while assets in both groups import similar levels of risk. PoS/Other cryptocurrency stakeholders need to be aware of the impact that PoW cryptocurrencies can exert on the riskiness of their assets.
The unprecedented Covid-19 global pandemic has brought to the forefront many challenges associated with exclusive rights, information sharing, affordability of medical treatment, and innovation. As I wrote for STAT in July1, it has raised questions like how we provide effective diagnostics, treatments and vaccines quickly and safely to the public. More specifically, how do we ensure that sufficient quantities of these health products are produced, that they are affordable, and that they are equitably distributed globally? Trade secrets play an enormous role in vaccine development, as well as the creation of diagnostics and treatments. From information like genomic data, to biologic resources, manufacturing know-how and negative information like research dead-ends, trade secrets pervade the battle against Covid.2 In that sense, finding Covid vaccines is no different from any other innovation schema, with trade secrecy operating alongside and in conjunction with patents, copyrights, and trade marks on the incentive side of the ledger. However, in the Covid space, there are a few significant differences. At their centre is the basic issue of whether the sharing of certain trade secret information would be a net benefit for the world, resulting in more rapid development and expanded supply capacity of and/or more affordable vaccines, treatments, and diagnostics. These are open questions, but there are good reasons to think that the answers would be “yes” because of three public health priorities: speed, adequacy of supply, and affordability. While the development of a Covid vaccine may be similar in process and methodology to any other vaccine development process, the continual loss of life, scale of economic impact, and general rendering of lives untenable, puts an enormous premium on speed. Speed, however, must not come at the cost of sacrificing oversight, safety, and efficacy. Therefore, in the interest of public health, there may be trade secrets, like discovery of vaccine development process dead-ends, that should be shared with competitors, researchers, and governments in order to speed development by avoiding time-wasting re-invention of the wheel. To be sure, sharing valuable secret information may lead to less overall revenue for an individual manufacturer, but does not automatically mean that the endeavour would be unprofitable. Pooling of resources could lead to safer and more effective vaccines, treatments, and diagnostics, which would create higher demand than a more suspect product. Given the billions of vaccine doses required by a desperate world, not to mention the related diagnostics and treatments, there should be plenty of revenue earned across related industry sectors. Moreover, because this is a global public health crisis, there is a moral and ethical mandate to assure that not only are Covid vaccines and treatments affordable for all, but that nationalism does not render them available first (or only) to wealthy countries and individuals. Unfortunately, nationalism has reared its ugly head in this battle, as governments vie for exclusive deals with pharmaceutical manufacturers, while the manufacturers seek the most lucrative results for their efforts. As Nature recently reported, “Wealthy countries have struck deals to buy more than two billion doses of coronavirus vaccine in a scramble that could leave limited supplies in the coming year. Meanwhile, an international effort to acquire vaccines for low- and middle-income countries is struggling to gain traction.”3 In countries like the United States, where the dominant utilitarian theory calls for intellectual property law to create incentives for innovation, there is no corollary that requires intellectual property owners to earn every last dime from their rights. Public health concerns can predominate. However, before one condemns these true statements as too extreme, it is important to note that they may make the point too strongly by overstating the costs of information sharing. Affordability through sharing trade secret information (and thereby driving down research and development costs) does not have to come at the price of profits. As I have explained in the articles cited above, voluntary licensing can be cost-prohibitive, although the possibility exists for less costly licensing and technology transfer through the World Health Organization’s COVID-19 Technology Access Pool (C-TAP) and the Medicines Patent Pool, if utilized. Additionally, there are no legislatively codified compulsory avenues for requiring non-registration and non-clinical trial trade secrets to be shared with competitors, much less civil society groups, or other “watchdog” or advocacy entities. Nonetheless, the gravity of the crisis requires creative thinking, bold measures, and a certain amount of policy risk-taking (which, as I’ve previously explained, is supported by the World Trade Organization’s Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)). Compulsory trade secret licensing of relevant trade secrets, in which trade secret owners are compensated for their investments and compelled sharing (assuming that the existence of a trade secret is proven, a separate necessary step), should now be considered. Unfortunately, creating a compulsory trade secret licensing mechanism would require legislative action, which would likely be contentious and time-consuming. Therefore, the short-term route to information sharing might have to come from global efforts by civil society groups and like-minded public officials, as well as the public itself, to convince researchers and manufacturers to share necessary information in the interest of global public health and welfare. While it may be true that industry would like to control their trade secrets and maximize profits, public concern and the general policy aversion to monopoly pricing that is baked into intellectual property law theory could be brought to bear in finding an industry consensus around access to and sharing of trade secrets. If adopted for purposes of addressing this unprecedented public health crisis, voluntary trade secret information sharing and/or compulsory trade secret licensing could be extended to any number of other areas where trade secrecy has been a barrier to more rapid information sharing and innovation, from climate change, to energy production, to the next pandemic. Because empirical studies have shown that few blanket modes of behaviour or application apply to trade secrets broadly, and because trade secret law usage is considered on an individualized and sector level, robust trade secret information sharing and/or compulsory trade secret licensing could become a logical advance in open innovation and equitable-access modelling on an individual sector, product, or process basis. The time for considering how to share trade secrets, in the interest of global public health and all of our lives, is now.
The subject of this research is the legal norms that regulate legal relations in the context of application of blockchain technology and smart contracts based on it in the area of online advertising and intellectual property. The object of this research is the social relations emerging in the indicated spheres. Analysis is conducted on the concepts and characteristics of blockchain technology and smart contracts. The author also reviews some controversial theoretical and practical issues, such as terminology, legal nature of blockchain, smart contracts, and related concepts. Examples are provided of the currently existing blockchain platforms and services premised on them. The novelty of the conducted research consists in focusing on the relevant problems that emerge in the conditions of network economy in such spheres as online advertising and intellectual property. On the example of blockchain platforms functioning in the indicated spheres, the author reveals the problems the can be resolved using such technologies. The author also underlines certain practical difficulties that arise in the process of application of blockchain and smart contracts, particularly associated with the absence of legal definition of a number of concepts. The examples of corresponding court decisions are provided. A proposal is made on the need for consolidation on the legislative level of definitions of such concepts as “blockchain”, “smart contract”, “cryptocurrency”, and “token”.
Property law has traditionally relied on tangible boundaries to delineate legal thinghood and to inform the bounds of in rem rights and duties. Unfortunately, property doctrines have fossilized around tangibility, causing fragmentation in the legal treatment of digital assets. In the United States, for example, cryptocurrencies and non-fungible tokens (NFTs) may simultaneously be classified as commodities, securities, currencies, assets, or not property at all, depending on the jurisdiction, domain, or specific asset in question. This fragmented system of overlapping legal treatments increases the information cost of using digital assets, decreases efficiency, and ultimately hinders future innovation.\nIn this Article, I propose a unified and tech-neutral approach to legal thinghood, providing a theoretically coherent and robust way to increase property law’s resilience in adapting to future technologies. Specifically, I deconstruct the conceptual purpose of tangibility in traditional doctrines of legal thinghood, uncovering its role as a technology (i.e., a tool) in property law to delineate rights. From this insight, I derive a coherent doctrinal test for distinguishing between digital assets that fulfill all conceptual requisites to be legal things and assets that do not. By doing so, I conclude that the traditional ontological categories of property law, such as choses in possession, are sufficiently robust to incorporate new and evolving digital assets. This tech-neutral approach paves the way toward an elegant and efficient legal treatment of digital assets and digital resource management in the twenty-first century.
Licensing is one of the essential means of exploiting the monetary value of a musical work, and yet it is an area fraught with many issues and transactional costs which make it a difficult process for individuals and organizations. Many issues in music licensing arise from the legal complexity (e.g., national and international copyright law), business complexity (authentication, tracking, accounting, etc.), value web complexity (transparency of relationships among stakeholders), and technical complexity (e.g., establishing a global repertoire database for music, sufficient metadata standards) of working with music. Then, in addition to these issues, there are specific transactional costs (identification, negotiation, monitoring, and enforcement) associated with the licensing process. To mitigate the complexity and transactional costs associated with music and the licensing process, researchers and technologists have been investigating how new technologies and design models from the Web3 space, such as blockchain, linked data and Ricardian Contracts, can automate processes to reduce complexity, speed up payments, improve tracking, and provide other benefits in the music industry. In our report, we make our own attempt to reduce the complexity and transactional costs in the licensing process by developing an automated music license. In doing so, we first conducted a literature review scoping the intersection of music complexity and Web3 technologies to provide background and context to automating music licensing. Then we developed the Practical Tokenized Drafting (PTD) method, a set of core principles and practices for drafting Ricardian Contracts that interact with Web3 technologies (RC-Web3 Templates), and the Tokenized Music License (TML), an RC-Web3 Template standard form for music licensing on the OpenLaw platform. Both the PTD and TML can be adapted to meet the needs of music industry stakeholders and provide guidance to legal practitioners in drafting RC-Web3 Templates.
Taking into account the growing influence of technology across many industries, this paper demonstrates the implications of the use of blockchain by the fashion industry for protecting intellectual property. In the face of a lack of global regulations on the issue, this paper attempts to outline legal considerations of using blockchain in this new context. The analytical research was based on the European Parliament Resolution on Distributed Ledger Technologies and Blockchains as well as the American, Belarusian, Maltese and Gibraltar laws regulating blockchain. An outline of the blockchain technology leads into a description of how the blockchain technology may be beneficial in different sectors of the economy. This paper aims to present ways in which blockchain may influence intellectual property law and how it may be applied in the fashion industry. Additionally, by pointing out the risks associated with blockchain, this paper highlights the need for implementing international regulations regarding this technology.Technologia blockchain i jej znaczenie dla prawa własności intelektualnej w branży modyBiorąc pod uwagę rosnący wpływ technologii w wielu gałęziach przemysłu, autorka niniejszego opracowania przedstawia w nim konsekwencje wykorzystania technologii blockchain łańcucha bloków przez branżę mody w celu ochrony własności intelektualnej. W obliczu braku światowych regulacji w tym zakresie w artykule podjęto próbę nakreślenia prawnych aspektów wykorzystania technologii blockchain. Badania analityczne zostały przeprowadzone na podstawie Rezolucji Parlamentu Europejskiego w sprawie technologii rozproszonego rejestru i łańcuchów bloków oraz amerykańskich, białoruskich, maltańskich i gibraltarskich przepisów regulujących technologię blockchain. Omówienie zarysu działania technologii blockchain prowadzi do wskazania, w jaki sposób technologia ta może być przydatna w różnych sektorach gospodarki. Celem artykułu jest przedstawienie, w jaki sposób technologia blockchain może wpływać na prawo własności intelektualnej oraz jak może być stosowana w przemyśle mody. Ponadto, zwracając uwagę na zagrożenia związane z technologią blockchain, w tekście podkroślono potrzebę wprowadzenia międzynarodowych regulacji dotyczących tej technologii.
This Article outlines a blockchain based system to solve the orphan works problem. Orphan works are works still ostensibly protected by copyright for which an author cannot be found. Orphan works represent a significant problem for the efficient dissemination of knowledge, since users cannot license the works, and as a result may choose not to use them. Our proposal uses a blockchain to register attempts to find the authors of orphan works, and otherwise to facilitate use of those works. There are three elements to our proposal. First, we propose a number of mechanisms, included automated systems, to perform a diligent search for a rights holder. Second, we propose a blockchain register where every search for a work’s owner can be recorded. Third, we propose a legal mechanism that delivers works into orphanhood, and affords a right to use those works after a search for a rights holder is deemed diligent. These changes would provide any user of an orphan work with an assurance that they were acting legally as long as they had consulted the register and/or performed a diligent search for the work’s owner. The Article demonstrates a range of complementary legal and technological architectures that, in various formations, can be deployed to address the orphan works problem. We show that these technological systems are useful for enhancement of the public domain more generally, through the existence of a growing registry of gray status works and clarified conditions for their use. The selection and design of any particular implementation is a choice for policy makers and technologists. Rather than specify how that choice should look, the goal here is to demonstrate the utility of the technology and to clarify and promote its role in reforming this vexed area of law.
Cryptocurrencies like Bitcoin may turn upside down not only the system of currencies but that of the international trade.One of the most intriguing questions is how a currency, like Bitcoin, intended to be used globally, can be inserted in the soundly elaborated system of the Vienna Convention on International Sales of Goods (CISG).The paper focuses on the following topics: the nature of Bitcoin, exchange rate fluctuation and hardship, and the determination of late payment interest.
Abstract Blockchains are increasingly being used for content distribution, sometimes as an unwanted side effect of blockchain applications that have other primary purposes, sometimes as intended content distribution. The typical characteristics of a blockchain such as its claimed immutability raise new questions as to what preventive measures can reasonably be demanded from blockchain intermediaries, and managers of nodes in particular. The article asks whether the exemptions introduced in the Directive on e-Commerce can be applied, what mitigating or preventive measures other than Notice-and-Takedown can be applied and how governmental regulators should react.
... Recent years have shown a surge of interest from various enforcement agencies to remedy commercial behaviour exploiting the increasing information and power asymmetries between consumers and firms. What is particularly notable about this rise in attention is that enforcement actions demonstrate clear interactions between different legal fields that are traditionally applied and enforced in isolation. The present article will focus in particular on the growing interaction between competition, data protection, and consumer law. The Italian Competition, Communications and Data Protection Authority opened a joint ‘big data’ sector inquiry in May 2017 that not only aims to identify potential competition concerns but also to define ‘a regulatory framework able to foster competition in the markets of the digital economy, to protect privacy and consumers, and to promote pluralism within the digital ecosystem’.1 The Bundeskartellamt (German competition authority) announced its preliminary assessment in the Facebook competition investigation in December 2017, reaching the view that Facebook’s collection and use of data from third-party sources is abusive. According to the Bundeskartellamt, Facebook’s terms of service violate data protection provisions and thereby constitute abuse of dominance under competition law as well.2 On the basis of its new competence in the area of consumer protection,3 the Bundeskartellamt also opened two sector inquiries into online price comparison websites and smart TVs in October and December 2017, respectively. The sector inquiry into comparison websites aims to uncover possible violations of consumer law and to identify possible deficits in the enforcement of consumer rights that so far mainly takes place in individual private court proceedings.4 The sector inquiry into smart TVs investigates how producers of smart TVs handle user data. In particular, the Bundeskartellamt is looking to clarify to what extent smart TV manufacturers collect, use and pass on personal data, and whether individuals are appropriately informed of these practices in the contract terms.5
The paper proposes a legal definition of the notions of blockchain and smart contract from the point of view of the intellectual property right.Therefore, this research brings to light the effects of new technology on the positive law and, above all, on the notion of contract.By applying the blockchain technique, the parties optimize costs and significantly reduce the time needed to produce legal effects, particularly by eliminating third parties.However, this technique creates a real series of legal issues that already give jurists the opportunity to develop new theories of law by finding solutions to them.
blockchain-the-invisible-technology-thats-changing-the-wor [https://perma.cc/59QL-QDLJ](providing an introduction to the structure and usage of blockchain technology