Blockchain Papers

Jasper Verstappen

No abstract is available for this record.

Olivieri, Luca, PASETTO, Luca

peer reviewed

Li Guo

This paper aims to study the impact of legal technology, smart contracts, and automated enforcement technology on the future civil law system. As technology continues to advance, the digital revolution is posing new challenges and opportunities to traditional civil law systems. The rise of smart contracts and automated enforcement technology will bring about revolutionary changes in contract law and liability law, thereby increasing the efficiency of legal services, reducing the risks of disputes, and providing a broader range of possibilities for the future legal system. This paper will analyze the potential of these new technologies and explore the legal, ethical, and security issues associated with them in order to provide profound insights into the development of future civil law.

Ігор Василишин, A. P. NAZINTSEVA

No abstract is available for this record.

Vasyl Kozii

.., ..

RANEPA, I. GEYKINA

When implementing the expressed last will of the testator on the disposal of digital currency (cryptocurrency), one of the main problems that arises for a notary conducting an inheritance case is the problem of proving that the digital currency belongs to the testator, and, accordingly, the inclusion of digital currency in the estate. The article discusses the legal features of the difference between digital currency and cryptocurrency.

Jannik Woxholth, Dirk Andreas Zetzsche, Ross P. Buckley, Douglas W. Arner

Abstract At the height of the ‘crypto winter’, with several crypto intermediaries filing for insolvency and subjected to schemes of arrangement, who owns what and who has a claim on what becomes all important. At the same time, distributed ledger technologies are frequently presented as a digital solution to these perennial problems of competing claims to the same asset. This article makes two contributions to the literature. First, we show that neither current technology nor law solves the competing claims issue. Second, we suggest policy solutions based on a comparative legal analysis. In essence, the law must: (i) recognize property rights in crypto-assets; (ii) protect bona fide purchasers that receive crypto-assets from a transferor who exerts control over private keys; and (iii) facilitate the enforcement of titles in crypto-assets by the interplay of private and financial law. While full harmonization of national private laws is out of reach, some level of international consensus around these three principles would strengthen the impact of private law in the proper ordering and enforcement of claims to crypto-assets.

佳佳 宋

No abstract is available for this record.

Magdaléna Nováková

NTF copyright protection issues Abstract This thesis examines the new emergent phenomenon of non-fungible tokens known as "NFT". NFT reflects the direction in which today's society is moving, that is toward digitalization. Although this phenomenon crosses multiple branches of law, this thesis examines its role in the context of copyright law, with some intersection into other branches which are directly related to it. In particular, the aim of the thesis was to examine the relationship between the NFT, its underlaying material and various aspects of intellectual property rights, in particular the copyright law sector. Whether the application of these legal rules is relevant and the consequences the phenomenon will bring in the future. Last but not least, this thesis seeks to explain the potential that is behind the universality of possible use of NFTs. The challenging aspect has been the under-explored field in which the NFT is found, which offers possibilities of free reflection and speculation. Because of the lack of legal regulation, one of the main methods used in this thesis has been the analogy of legal norms that can be reasonably applied. The process of comparison with other digital assets and their placement in the context of the law also helped in understanding the role and function of NFTs. In...

Yining Li

No abstract is available for this record.

Mihajlo Cvetković

The paper examines the legal status and treatment of crypto assets in the context of contractual obligations. The analysis begins by considering the evolution from cryptocurrencies to crypto-goods, with special reference to definitions and terms used in the context of private law transactions. Then, the author focuses on the contractual parties under the EU Regulation on Markets in Crypto Asset (MiCa, 2023) and the Serbian Digital Assets Act (DA Act, 2020), where crypto-assets are predominantly treated as investment assets. Special attention is given to e-money tokens in the context of monetary obligations, as well as to Non-fungible tokens (NFTs) that have not yet been covered by regulations. The paper also refers to the contracting of crypto services, exploring how contractual relationships are formed and regulated, and elaborating on legal transactions based on contracts within the blockchain environment and tokenization. In conclusion, the paper draws attention to the problematic terminology used in the Serbian Digital Assets Act (2020), stating that the term "digital asset" (srb. "digitalna imovina") is too broad and inadequate, and proposes the term "crypto asset" (srb. "kripto dobro") which is defined through two key elements: the private nature of the good and the use of cryptography within the Digital Ledger Technology (DLT). This paper correlates the general theory of contract law and nominate contracts when the contractor's performance is in crypto.

Константин Бойко

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.

Yupeng Dong, Hong Wu

No abstract is available for this record.

Jackson Lanier

No abstract is available for this record.

Timothy T. Hsieh, Robert Wall Emerson, Larry D. Foster, Brian A. Link · 6 authors

No abstract is available for this record.

Burcu Yüksel Ripley

Cryptocurrencies, introduced in 2009 with the first cryptocurrency, Bitcoin, have grown significantly in recent years and attracted attention globally. One of the main characteristics of cryptocurrencies and their key innovation is that they are underpinned by distributed ledger technology (DLT) or blockchain as a type of DLT. This technology enables cryptocurrencies to be transferred, stored or traded electronically within DLT-based systems in a peer-to-peer manner among (pseudonymous) system participants across the world without the involvement of the usual central trusted authorities or intermediaries such as banks. This raises the question of if, and how, one should ascertain internationality for cryptocurrency transfers taking place within truly global systems underpinned by DLT for private international law purposes. This article aims to raise awareness of and address the question of internationality in the context of cryptocurrency transfers in DLT-based systems. It considers internationality in private international law, potential factors that might be relevant in ascertaining internationality for cryptocurrency transfers through a comparison to that for electronic funds transfers (EFTs), and the approaches of the International Institute for the Unification of Private Law (UNIDROIT) and the Hague Conference for Private International Law (HCCH) on internationality in their current projects concerning digital assets and digital economy respectively.

Stanisławska-Kloc, Sybilla

No abstract is available for this record.

Jakub Wyczik

This article addresses the lack of comprehensive studies on Web3 technologies, primarily due to lawyers' reluctance to explore technical intricacies. Understanding the underlying technological foundations is crucial to enhance the credibility of legal opinions. This article aims to illuminate these foundations, debunk myths, and concentrate on determining the legal status of crypto-assets in the context of property rights within the distributed economy. In addition, this article notes that the intangible nature of crypto-assets that derive value from distributed registries, and their resistance to deletion, makes crypto-assets more akin to the autonomy of intellectual property than physical media. The article presents illustrative examples from common law (United States, United Kingdom, New Zealand) and civil law (Germany, Austria, Poland) systems. Proposing a universal solution, it advocates a comprehensive framework safeguarding digital property - data ownership - extending beyond the confines of Web3. This article presents a comprehensive, multi-layered approach to the analysis of tokens as digital content and virtual goods. The approach, universally applicable to various of such goods, scrutinizes property on three distinct layers: first, the rights to the virtual good itself; second, the rights to the assets linked to the virtual good; and third, the rights to the intellectual property intricately associated with the token. Additionally, the paper provides concise analysis of the conflict of laws rules applicable to virtual goods. It also delves into issues concerning formal requirements for the transfer of intellectual property rights, licensing, the first sale (exhaustion) doctrine, the concept of the lawful acquirer, and other crucial aspects of intellectual property in the realm of virtual goods, particularly within the emerging metaverse.

Shruti Gatkal, Pornima Borole, Anushka Kawale, Abhijit Mahajan

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.

Nicolò Canal

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

Özgür Arıkan

NFT (non-fungible tokens) terimi, misli olmayan kripto varlıkları ifade etmek için kullanılmaktadır. Son günlerde bir yatırım aracı olarak oldukça yaygın hale gelen NFT’leri kripto paralar olarak da bilinen “fungible tokens” yani misli kripto varlıklardan ayıran yönü biri diğerinin yerine geçmeyen, eşsiz kripto varlıklar olmalarıdır. Her ikisinin ortak noktası ise blokzincir teknoloji altyapısını kullanması ve transferlerinin ağ üzerinden akıllı sözleşmeler vasıtasıyla gerçekleştirilmesidir. NFT’ler için bu durum Ethereum ERC 721 standardı ile mümkün hale gelmiştir. Her ne kadar dijitalleştirilebilen her şeyden NFT meydana getirmek mümkün olsa da bu teknoloji özellikle dijital eserler için yeni bir mecra sunmaktadır. Eserlerin yaygın bir şekilde NFT meydan getirmede kullanılması ise teknolojinin fikri mülkiyet hukuku ile kesiştiği ve hukukçular tarafından da değerlendirilmesi gereken yeni bir alan ortaya çıkarmıştır. Bu çalışma, Türk fikri haklar hukuku açısından söz konusu alana ilişkin değerlendirmeler içermektedir.

Radhika Nautiyal, Radhey Shyam Jha, Rajesh Bahuguna, Anita Gehlot · 6 authors

Technology development is in full swing during the fourth industrial revolution. Numerous modifications to the service platform throughout the years have begun to be apparent. Technology and copyright exist on a vague wavelength. Furthermore, blockchain is a flexible technology with a wide range of potential uses. In particular, the article looks at how copyright might use blockchain technology to manage and distribute works that are copyrighted. The problems and challenges that can arise from such use are also examined. Blockchains have attracted a lot of interest globally. There are undoubtedly many obstacles to be solved but if they are and blockchain-based systems are successful in proving their viability in the copyright arena they have the potential to completely change the way copyright law is exercised. Certainly, there are few challenges that need to be overcome but if they are and blockchain based systems are successful in demonstrating their viability in the copyright space, they have the potential to transform copyright.

Yongkie Yongkie, Hari Sutra Disemadi

Non-Fungible Tokens (NFTs) are one of the technological innovations that provide convenience for every human being, especially in the context of business and economic opportunities. Features such as anonymity, decentralization, and its online scope are undeniably a double-edged knife phenomenon. On the one hand, it makes things easier, but on the other hand, it has the potential to become a platform for criminal acts such as money laundering, personal data violations, and copyright plagiarism. So that the urgency of special regulations should be considered, but with a progressive nature and paradigm so that NFT innovation does not die just because the law does not adjust to the times. Progressive law is a solution and answer to the phenomena that occur, where the legal paradigm and its enforcement must be in accordance with the moral system, the times, and the values that live in society to achieve substantive justice. Practical breakthroughs such as utilizing the latest technology can be developed to assist the law enforcement process in cyberspace.

Evripidis Rizos

This article attempts to derive some principles concerning the legal treatment of bugs in smart contracts, namely errors in the smart contract code which may result to some unwanted or unexpected outcome at the execution of the contract. Before dealing with this main issue, the article concludes that despite the practical issues that arise concerning the application of traditional contract law rules and principles, these rules remain relevant, and that a smart contract is typically (but not necessarily) a mere tool for the performance of the contract and not a legal contract itself. Therefore, typically, bugs in smart contracts should be examined under the doctrines of the breach of contract and/or the unfair enrichment and not as reasons for any potential invalidity of the contract. Only in (rather unlikely cases) where a smart contract could be indeed perceived as the body of the legal contract itself, printing errors in the code or other expressional mistakes concerning the semantics of the code (albeit not its function) could be perceived as potential reasons for the invalidity of the contract, according to the relevant rules of each jurisdiction. Nevertheless, even in these cases, interpretation of the contract with objective standards should not be ruled out, even when the contract is concluded by means of artificial intelligence (AI). The article examines also contributory negligence issues.