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.
Developments in Blockchain, smart contract, and decentralized application (âdAppsâ) technology have enabled new types of software that can improve efficiency within law firms by increasing speed at which attorneys may draft and execute contracts. Smart contracts and dApps are self-executing software that reside on a blockchain. Custom smart contracts can be built in a modular manner in order to emulate contracts that are commonly generated and executed in law firms. Such contracts include those for the transfer of services, goods, and title. This article explores exactly how implementations of smart contracts for law firms may look.
Explicit legal regulation is still lacking in many countries for cryptocurrencies like Bitcoin, Ripple, Ethereum, and others. This is not unusual for a new technology. On top of such cryptocurrencies, another new technology, so-called smart contracts, has been established. Smart contracts are specialized computer code with the aim to automate the exchange of (digital) assets. In decentralized applications (Ăapps), parts of the business logic and the data storage of traditional web applications are replaced with smart contracts. They are credited with considerable potential for commercial use, especially in FinTech but also beyond. Smart contracts mostly lack explicit legal regulation as well. Hitherto there is little experience in applying current law to them. Building a business on uncertain terrain is at least risky. We seek a clarification of smart contracts in the legal context, especially against the background of the Civil Code.
Blockchain, arguably the most discussed and promising of FinTech trends, has incredible potential to transform legal technology. Infamous as the technology behind cryptocurrencies, distributed ledger technology (DLT) has developed far beyond these origins and may prove far more valuable than the currency it supports. As a form of DLT, blockchain allows for secure decentralisation of peer-to-peer, irreversible exchanges, providing a transparent and irrevocable record as these occur. The technology is already used across the legal industry and a plethora of opportunities to extend its application bubble beneath the surface, under development, waiting to break into the current market.
In the early 1970s, the legal community grappled with whether to allow payment of legal fees by then-innovative means: the credit card. The first ABA opinion on the subject permitting payment of legal services by credit card was issued in 1974.
Today, attorneys are faced with another cutting-edge method of paying legal fees: virtual currency, also known as cryptocurrency. Cryptocurrency is not money - it is property. Attorneys accepting cryptocurrency in payment of fees raises a number of ethical and practical issues which should be addressed by the attorney in the engagement letter with the client.
Ibrahim Alnafrah, Elena Bogdanova, Tatiana Maximova
The aim of the study is to introduce a new application of machine-learning techniques (text mining, clustering and classification) and the blockchain technology within the intellectual property rights (IPRs) management system. Using such machine-learning techniques facilitates the management process of intellectual properties (IPs) and makes it more efficient. Additionally, using the blockchain technology for IPRs management purposes enables all stakeholders to utilise the extracted data of the IP objects from the blockchain network. In this study, a text-mining technique was used to identify the two types of IP documents based on specific categories, namely, patent and trademark. In order to achieve this objective, a range of machine-learning techniques was used for 5,500 patent documents and 400 trademark documents. The results of the logistic regression model showed a high level of prediction accuracy of document type at the pre-registration stage on the blockchain network. This high level of prediction accuracy demonstrates that using machine-learning and text-mining techniques will facilitate the IPRs management system. This new application of specific machine-learning techniques in the IPRs management process contributes essentially to solving the problem in a conventional IPRs system associated with rights protection and data availability.
The most disruptive technology to emerge in the past decade, blockchain technology has had an immediate impact on the legal industry to address the new issues that blockchain, cryptocurrencies, and distributed ledger technologies present. This panel discusses current and potential regulatory issues facing blockchain technology, including ICOs and securities regulation, prevention of blockchain use in criminal activities, the uncertain tax landscape, and the unique challenges of regulating a global borderless technology.
Blockchain seems to be everywhere these days. It is touted as the new foolproof technology, which can be used for everything from cryptocurrencies, through land registries to identity cards and health records. Enthusiasts have predicted that it will bring about deep change, ensuring data security and identity authentication, while doing away with traditional intermediaries. With blockchain we are told that it is the ânew internet,â an application that will change the way we transactâstrengthening commitments and ensuring seamless execution. At the same time, and at an alarming frequency, we hear about mass scale fraudulent schemes attacking cryptocurrency exchanges, resulting in the loss of many millions of dollars. Aside from fraud, other problems abound, resulting from misunderstandings between transacting parties, loss of passwords and privacy risks, to name a few. The gap between the promise of an infallible, dispute-less environment and the inevitable reality of having to deal with disputes in the blockchain setting lies at the heart of this paper. It is, we contend, impossible to enjoy high levels of human interaction without generating conflict. The inevitability of disputes is enhanced in a potentially lucrative environment of innovation and complexity, such as the blockchain. In such settings, unexpected developments are bound to occur, and expectations of interacting parties are likely to differ. Indeed, this was our experience with the internet of the 1990s as the e-commerce setting began to flourish. Initially, disputes were not the focus of attention and avenues of redress were difficult to come by. Over time it became clear, that for e-commerce to evolve there needed to be trust by users, and for trust to be sustained, e-commerce platforms needed to institutionalize avenues for addressing and preventing disputes. These processes have come to be known as âonline dispute resolutionâ (or ODR). The lessons learned from the evolution of ODR are slowly penetrating the blockchain arena, as some entities are developing ODR tools and processes that are tailored to this environment. At the same time, for ODR to be adopted and used, some of the underlying assumptions driving the design and adoption of blockchain technology need to be relaxed, as they are in tension with the tenets of dispute systems design: recognizing the inevitability of conflict, understanding trust as a human construct, and assigning weight to individual needs alongside group ideology. This article establishes its main theses in the following order. Part II provides background on the history and evolution of the blockchain, highlighting its dominant applications and its principal features. We discuss governance and trust on blockchain, finding that despite a rhetoric of disintermediation and distribution of power, there are still some players that enjoy more power than others in the blockchain setting. Furthermore, we highlight the governance choices that can shape the extent to which power is concentrated, accountability is established, and avenues of redress are available. In Part III we briefly discuss the history of ODR and describe the leading ODR schemes that have emerged for the blockchain setting, illuminating similarities and distinctions among them. Despite growing interest in ODR for blockchain, the use of these initiatives has yet to spread. We explore the various barriers that stand in the way of ODR for blockchain gaining momentum in Part IV.
The synergy between computer programs and contract law has generated considerable attention among legal scholars. Smart contracts were first theoretically described in 1996 but they came to life in 2009, with the development of cryptocurrencies. Relying on the papers published in the European Journal of Private Law, the author presents the problems and dilemmas arising from contract digitalization. Irrespective of whether smart contracts are perceived as a revolutionary change in contract law or just as a new mode of concluding and executing a contract, the automatic performance of a contractual obligation and the immutability of smart contracts profoundly affect the existing contractual practices. Traditional concepts such as contract formation, interpretation and inability to perform have acquired new meanings and functions. Online protection of contracting parties, consumers and the public order requires a regulatory reform but it is also essential to adapt technology to the intrinsic nature of legal transactions in order to meet juristic requirements. A smart contract is comparable to a vending machine: it is immutable and blockchain-based. The paper focuses on the most important types of smart contracts, their characteristics and application. Smart contracts lack artificial intelligence and their legal effects have been challenged. However, smart contracts have a great potential in terms of facilitating legal transactions and reducing the risk of contractual breach.
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 ...
Digitalization of public relations allows right holders to achieve maximum protection of their rights and legitimate interests in the network. At the same time, platforms are being actively developed to meet the right holders and potential users who wish to use the results of intellectual property. In modern conditions, the development of technology blockchain network can provide not only the fixation of the protected object, but also the transfer of the exclusive right to it under the contract. The so-called smart contracts allow to carry out calculations and control the use of intellectual property under license agreements. At the same time, the gaps in legislation related, in particular, to the written form of contracts in the field of intellectual property have been identified.
The main objective of this case study is to illustrate how a limited liability company could be founded fully digitally based on Corda- and Hyperledger Indy-distributed ledger technologies (DLTs). The second objective of the thesis is to analyze the profitability and key risks of introducing this technology through a Monte Carlo-based investment analysis simulation. The results of the simulation are interpreted using summary statistics and visualized by the net present value (NPV), internal rate of return (IRR), and discounted payback period (DPP) distributions. Input-values for the simulation are gathered by interviewing the Project Mercury participants with semi-structured interviews. The third objective of this study is to identify and analyze future opportunities and applications for a digitalized company founding process based on the case study and investment analysis simulation. \n \nThe data for this research is gathered from Project Mercury which carried out a proof-of-concept on the possibility of this technology used in the founding process of an LLC. Project Mercury is a Finnish-based collaboration that consists of organizations from various fields that are currently involved in the founding process of a limited liability company. The development of distributed ledger technologies is in a relatively novel stage, and no evidence of DLT being applied to the founding process of a limited liability company prior to Project Mercury has been found. \n \nDistributed ledger technologies are inspired by blockchain technologies such as Bitcoin and Ethereum, but possess different features compared to blockchains, most notably, are not fully public networks as blockchains are. As an important part of the company's digitalization process, a new kind of decentralized self-sovereign digital identity (SSI) is generated for the newly founded company based on the distributed ledger technology. This new digital identity enables, for example, the company to digitally assign representation rights for its stakeholders. In addition to that, the digital identity and the data related to it is fully owned and controlled by the company.\t\t \n \nAt the beginning of the study, a review of key technologies was made, and key concepts, blockchain, and distributed ledger technology were defined since there are no established definitions for these technologies. In the literature review previous DLT applications are introduced since this was the first time DLT was applied in the founding process of an LLC. Methodology and data chapters form the following chapters four and five. The digitalized founding process of a limited liability company using DLT and self-sovereign identity is illustrated empirically in chapter six. The results of the simulation-based investment analysis are presented in chapter seven, and the value propositions of Project Mercury for different stakeholders are discussed at the end of the chapter. \n \nThe benefits of this digitalized founding process for different stakeholders are abundant. Founders and company stakeholders are able to found the company digitally by using their bank services without any manual paper-work. Digitalized representation rights can be given to company stakeholders to represent the company on various occasions. Organizations involved in the DLT based business network can securely share and receive information related to the company and its stakeholders in real-time. Financial institutions that are part of the business network acquire cost savings, time benefits, and new business opportunities. The most important business opportunity is to digitalize and tokenize the shares of unlisted companies. In Finland alone, this could turn approximately 200 billion worth of wealth into a more liquid form. \n \nThe Monte Carlo simulation indicates that Project Mercury as an investment will be profitable on average, but the distribution between the different scenarios is wide, which indicates the riskiness of the investment and the difficulty of accurately predicting the future cash flows associated with this investment. Investments in this technology were seen more as a research and development activity. It is essential to stay updated within the field, in order to remain competitive in the future.
Economic and Technological Systems Analysis
Advanced Research in Systems and Signal Processing
Whereas Article 22 of the General Data Protection Regulation (âGDPRâ) prohibits solely automated data processing, the precise scope of this qualified prohibition as well as related requirements remain untested and unclear. Examining Article 22 GDPR from the perspective of smart contracts sheds light on the resulting uncertainties and inconsistencies. Smart contracts indeed appear to qualify as a form of solely automated data processing under Article 22(1) GDPR. This implies that they can only be used where they meet the requirements of Article 22(2) and implement the safeguards of Article 22(3) GDPR. Under Article 22(2) GDPR, solely automated data processing can only be used where it (i) is necessary for a contract between the data subject and controller, (ii) authorized by EU or Member State law, or (iii) based on the data subjectâs explicit consent. At first sight, these requirements can be met in the smart contract context just as in others. Yet, the research unveils that even where a smart contract is related to a legal contract, that contract may not be between the data subject and controller. Furthermore, consent may have limited value in this context as under EU data protection law, the data subject must be able to revoke consent, which is difficult where the data processing cannot be halted at the request of the data subject. Where the requirements of Article 22(2) GDPR are met, Article 22(3) requires that data controllers implement safeguarding measures including a right to human intervention by the controller. There are ongoing uncertainties and controversies regarding the scope of this obligation that also permeate the smart contract context. Yet, solutions are already being developed to create forms of smart contracts that may be responsive to these legal obligations, confirming the GDPRâs innovation-shaping function. 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The development of new technologies has different effects on the existing law. Smart contracts are one of the forms of the new technologies that questions the application of the traditional contract law on commercial transactions using smart contracts. In that context, the enforceability of contractual transactions concluded in the form of smart contracts represent one of the major legal questions. Moreover, the question is whether the existing English contract law needs to be modified in order to secure the enforceability of smart contracts. These issues will be, accordingly examined in this paper with the aim to understand better the relationship of the traditional contract law, on the one side, and, smart contracts, on the other side.
Given the ubiquity of artificial intelligence (AI) in modern societies, it is clear that individuals, corporations, and countries will be grappling with the legal and ethical issues of its use. As global problems require global solutions, we propose the establishment of an international AI regulatory agency that --- drawing on interdisciplinary expertise --- could create a unified framework for the regulation of AI technologies and inform the development of AI policies around the world. We urge that such an organization be developed with all deliberate haste, as issues such as cryptocurrencies, personalized political ad hacking, autonomous vehicles and autonomous weaponized agents are already a reality, affecting international trade, politics, and war.