Blockchain Papers

Robert Herian

During this chapter I offer a brief account of technologies with legal education and present a case for the importance of studying technological effects on law. At the heart of that relationship is a tension between the latter (slowly) recognizing the unavoidability of the former in its future. The following discussion draws on aspects of my research on blockchains within Anglo-American common law jurisdictions, and my wider research on law, data, and technologies. Distributed ledger technologies (DLTs), of which blockchains are a species, are a form of ICT infrastructure used across commercial and civic sectors. The Bank of England explains the operation of DLTs as ‘a database architecture which enables the keeping and sharing of records in a distributed and decentralized way, while ensuring its integrity through the use of consensus-based validation protocols and cryptographic signatures.’ In reality, the bulk of present DLT use-cases involve financial services. These ‘ledgers’ are cryptographically secure databases for storing and recording novel forms of digital property (e.g. tokenized securities), relying on quasi-legal forms, chiefly ‘smart contracts’, to transact across networks without prejudice. Here I am interested in two aspects of DLTs. First, how DLTs and their stakeholders make use of and exert control over particular legal forms and vernacular (i.e. property, contracts, etc.). Second, how legal education, in providing the underpinnings for legal practice and helping to shape legal ideas, confronts and deals with technological phenomena such as DLTs to ensure the integrity of tomorrow’s lawyers and legal thinkers.

Erik Schäfer

This chapter examines the relevance of artificial intelligence (AI) for construction disputes, focusing on LegalTec related to AI, machine learning, Distributed Ledger Technology (blockchain), Integrated Engineering or Construction ERP (Enterprise Resource Planning) systems and Building Information Modeling (BIM). Construction ERP and BIM use (virtual) central storage of all project data in databases that can be queried in real time and track all project related activities, which can also be more easily correlated by the operators. They create massive amounts of data in machine readable and standardized formats with potential for use in machine learning, AI and predictive technologies. If one considers the complexity, duration, the associated cost of most construction disputes and the often-voiced need in the construction industry for swifter resolution this kind of reduction of issues to be decided and the simplification concerning the establishment of facts seem to indicate that there should be a sufficiently great market for such functionalities that operate at the pre-legal dispute level.

Gook-Mi Shin, Jin Kim, GiSeung Kim

분산성, 보안성, 투명성을 특징으로 하는 블록체인 기술이 처음 소개된 이후 암호화폐를 필두로 사회･경제적으로 다양한 분야에서 블록체인 기술의 활용이 시도되고 있다. 특히 스마트계약은 최근 주목받고 있는 블록체인 기술의 응용영역 중 하나로서 우리 정부는 부동산거래에 블록체인 기술을 도입하는 방안을 추진하고 있다. 이 글은 사람들의 실생활에 직접적인 영향을 미치는 부동산 거래에 스마트계약을 도입할 때 발생할 수 있는 법적 쟁점 사항에 관해 살펴보았다. 먼저 스마트계약을 현행 민법의 적용이 가능한 계약의 범주에 포섭시킬 수 있는지 둘째, 포섭시키는 경우 관련 사안에서 계약법리의 적용여부를 검토하고 셋째, 부동산거래에 스마트계약을 도입하기 위해서는 블록체인의 특성상 부동산소유권의 디지털자산화(스마트자산화)가 이루어져야 하는데 이 경우 블록체인의 외부에 있는 부동산에 대해 물권변동과 점유를 어떻게 이전시킬 것인지, 즉 블록체인과 현실세계 사이의 간극을 어떻게 메울 것인지에 대해 다루었다.

Sophie Nappert, Sarah Chojecki

Rapid advancements in digital technologies and their accelerating adoption throughout all sectors of the economy have radically transformed our lives. Stepping through the looking glass of the digital economy and the nascent Web3, this article explores how new forms of tech-enhanced evidence – involving artificial intelligence, blockchain, drone, and extended reality technologies – are emerging. Building upon this backdrop, the article focuses on the influence of these new technologies on the subject of evidence in international arbitration.1 It examines the opportunities and risks presented by these technologies through various use-cases, considering their potential to enhance efficiency, accessibility, fairness, and due process. While recognizing the significance of tech-enhanced arbitration to meet the needs of the 21st century, the article underscores the importance of understanding the benefits and limitations of these technologies. It concludes that, although the technological advancements are essential, the human factor remains pivotal in upholding the fairness and legitimacy of the arbitral system.

Lakshmana Kumar Ramasamy, Seifedine Kadry

A smart contract is a technology that allows the creation of a negotiation process capable of running independently, without human intervention. This chapter intends to frame the figure of the “smart contract” from a legal point of view. It shows that the smart contract is an advanced tool in the context of a contractual relationship. The possibility of making a smart contract “the contract” in a legal meaning opens up scenarios which have hitherto been unexplored for contract law. It is still difficult to determine to what extent current rules are adequate to govern this phenomenon. The chapter will therefore conclude with a review of the strengths and weaknesses of the smart contract technology and with some suggestions for a future smart contract law.

Junggil Kim, Jung-Gil KIM

이 글은 계약법적 관점에서 스마트 계약의 성립에 중점을 두 고 논하고 있다. 여기에서 주목할 것은 스마트 계약의 성립이 전통적 계약 성립의 개념에 해당하는지 여부이다. 즉 스마트 계 약이 기존의 계약과 동일한 의미를 가지는지, 그렇지 않으면 계 약 성립의 끝을 의미하는지, 그에 따른 새로운 계약의 시작인지 의 문제를 살펴본다. 그리고 기존 계약법이 원칙적으로 스마트 계약의 성립을 통제할 수 있는지 검토한다. 그렇다면 스마트 계 약이 전통적 계약법을 넘어서는 혁신적 특성은 무엇인지에 대 해서 고찰한다. 이러한 문제의식을 가지고 다음 내용 순으로 살펴본다. 첫째, 계약의 발전 단계와 과학기술의 발전 과정에서 스마트 계약이 출현하게 된 배경을 살펴본다. 그리고 우리 사회에서 스마트 계 약을 어떻게 고려하고 있는지 살펴본다(Ⅱ). 둘째, 스마트 계약 의 개념에 관해 검토한다. 기술적 측면 및 법적 측면에서의 논 의를 정리한다(Ⅲ). 셋째, 계약의 성립을 중심으로 전통적 계약 과 스마트 계약의 정합성에 대하여 평가한다(Ⅳ). 끝으로 스마 트 계약이 계약법의 미래에 어떠한 영향을 미칠 수 있는지를 고찰한다(Ⅴ).

Carla Reyes

A contract generally only binds its parties. Security agreements, which create a security interest in specific personal property, stand out as a glaring exception to this rule. Under certain conditions, security interests not only bind the creditor and debtor, but also third-party creditors seeking to lend against the same collateral. To receive this extraordinary benefit, creditors must put the world on notice, usually by filing a financing statement with the state in which the debtor is located. Unfortunately, the Uniform Commercial Code (U.C.C.) Article 9 filing system fails to provide actual notice to interested parties and introduces risk of heavy financial losses. To solve this problem, this Article introduces a smart-contract-based U.C.C.-1 form built using Lexon, an innovative new programming language that enables the development of smart contracts in English. The proposed “Lexon U.C.C. Financing Statement” does much more than merely replicate the financing statement in digital form; it also performs several U.C.C. rules so that, for the first time, the filing system works as intended. In demonstrating that such a system remains compatible with existing law, the Lexon U.C.C. Financing Statement also reveals important lessons about the interaction of technology and commercial law. This Article brings cryptolaw to the U.C.C. in three parts. Part I examines the failure of the U.C.C. Article 9 filing system to achieve actual notice and argues that blockchain technology and smart contracts can help the system function as intended. Part II introduces the Lexon U.C.C. Financing Statement, demonstrating how the computer code implements U.C.C. provisions. Part II also examines the goals that influenced the design of the Lexon U.C.C. Financing Statement, discusses the new programming language used to build it, and argues that the prototype could be used now, under existing law. Part III proposes five innovations for the Article 9 filing system enabled by the Lexon U.C.C. Financing Statement. Part III then considers the broader implications of the project for commercial law, legal research around smart contracts, and the interplay between technology-neutral law and a lawyer’s increasingly important duty of technological competence. Ultimately, by providing the computer code needed to build the Lexon U.C.C. Financing Statement, this Article demonstrates not only that crypto-legal structures are possible, but that they can simplify the law and make it more accessible.

Jim Mason

This chapter draws together few studies examining the views and perceptions of construction industry professionals. It aims to portray a sense of the underlying attitudes and the range of understanding towards smart contracts and information technology more generally. Smart contracts are deemed desirable because they will save cost and time in automating certain aspects of construction project performance while saving cost and time in transaction arrangements. The knowledge gap identified will necessitate a lengthy and costly education to ensure people fully understand the technology and its potential before considering adoption. The study is akin to taking the temperature of a patient during a health check. The responses captured a reflection of the industry. The importance of definitions in legal scholarship and contract writing is of great importance. The last reference to the application to manufacturing processes echoes the constraint about the vast scope of variables that would be experienced on a wider construction project.

Inbang Song, Yang young sik

No abstract is available for this record.

Catherine Martin Christopher

Explores the implications of transactional scripts used in situations where there is less than total trust between the parties. In particular, this Article asks the question of how parties to these next generation transactional scripts can seek redress and remedies in the event that the transactional script does not perform according to the parties' intent. Until parties feel safe that any errors can be corrected, large-scale implementation of transactional scripts will be hobbled. Part II of this Article articulates why the term "transactional scripts" is preferable to "smart contracts" and describes the utility and potential of transactional scripts. Part III identifies several factors that hinder greater expansion of the use of transactional scripts. It goes on to identify uncertainty of enforcement as the most important barrier to transactional script innovation, finding that parties will be reluctant to entrust bigger and more complex transactions to transactional scripts until the parties are comfortable that an external mechanism is capable of correcting errors in the execution of the transaction. This lack of reliable enforcement mechanisms is a problem exacerbated by the characteristic of distributed ledger technology, which is to move only forward, preventing revisions or reversals of preexisting entries. Part IV explores and critiques possible mechanisms that may be able to provide error correction, including statutory law, private law, online dispute resolution, public/private regulatory partnership, and common law. Part V concludes the Article, noting that the expansion of transactional scripts' utility will be tethered to the security provided by available error-correction mechanisms. Only as contracting parties become assured that the integrity of their transactional intent will be effectuated will transactional scripts be adopted for use.

Andrea Stazi

No abstract is available for this record.

Esq. Olca Buke Ozekin

No abstract is available for this record.

Mangal Chauhan

Smart Contracts and Smart Dispute Resolution: Just Hype or a Real Game Changer? This article explains the functioning of smart contracts and technology underlying blockchain. This contribution aims to compare smart contracts with traditional contracts and discuss their situation under the present contract law. It further discusses possible issues that may arise out of the application of smart contracts, for instance, coding errors and programming defects. It studies the possible application of smart contracts to specific fields, such as e-commerce and consumer transactions and possible disputes arising out of this application. It divides the smart contracts into categories based on their form and discusses legal issues in regard to their application. Against the common perception that smart contracts will replace the judicial enforcement of traditional contracts, it argues that smart contracts will not replace the system but are rather another form of contracts to be governed by it. In fact, the interplay of smart contracts and contractual law creates possible legal issues as to their validity, recognition and enforcement. It provides possible solutions as to the legal issues arising out of the application of smart contracts under present contract law. The study concludes that a robust and ‘smart’ dispute resolution mechanism is required for dealing with disputes arising out of the application of new technology. Online or blockchain arbitration and other online dispute resolution mechanisms are argued to be better suited to dealing with such disputes.

Hugo García Larriva, Carla Cepeda Altamirano

No es extraño escuchar sobre la posibilidad de que los abogados, jueces y árbitros sean reemplazados por máquinas o robots en el futuro. No es extraño escuchar acerca de la tecnología blockchain y como esta se utiliza con más frecuencia en transacciones comerciales. Es innegable que la tecnología avanza a pasos desmedidos para revolucionar la práctica jurídica, dejando atrás la regulación y el ejercicio profesional “tradicional”. Sin embargo, en Ecuador, sentimos que esta realidad es ajena a nuestro entorno, quizá porque tenemos una industria con reducido desarrollo tecnológico, porque culturalmente nos cuesta salir de tradiciones y ritualismos –especialmente respecto a la administración de justicia– o quizá porque los abogados tenemos fama de ser adversos al cambio y huir de conceptos técnicos que van más allá del Derecho. Este artículo busca traer algunas de las discusiones que se encuentran en auge en el foro arbitral internacional sobre la interacción de la tecnología y el arbitraje y aterrizarlas a la realidad actual del Ecuador.

Pietro Ortolani

No abstract is available for this record.

Diana Itzel Santana Galindo

The Role of the Seat in Smart Contract Disputes Over the past few decades, international commercial arbitration has experienced major developments in various fields. A major recent development that will spread widely in the years to come relates to technology and the necessity of international commercial arbitration to adapt to the new needs of the market. The path of technological development in commerce is determined by forces other than the needs of legal practitioners. Moreover, the lack of real connection to a sole place, in disputes where the multi-parties have not selected the seat, can create serious obstacles for the arbitral proceedings in blockchain technology disputes. In this regard, smart contracts, however, appear to have identifiable parties with an identified physical point of connection that ultimately can be adapted to the existing place of the arbitration theory within the international arbitration legal framework.

A. A. Volos

No abstract is available for this record.

Chin-Woo Kim

스마트계약과 관련하여 지금까지 미흡하게 다루어져 왔던 주제의 하나는 소비자 보호이다. 스마트계약을 이용한 거래에서 소비자가 어떻게 보호될 수 있는지 및 스마트 계약을 소비자에게 유리하게 사용할 수 있는지의 문제가 제기된다. 이에 본 연구는 정보제공의무와 소비자 철회권을 중심으로 살펴보았다. 현행법에 대한 분석뿐만 아니라 스마트계약에 의한 소비자보호의 추상적 가능성에 관하여도 개관하였다. 국가기관에 의한 권리실현 절차보다 효율적인 계약의 자동실행을 사력구제라고 하여 모두 부적법하다고 할 것은 아니다. 그러나 스마트계약을 통한 계약의 자동실행이 항상 합법적인 것도 아니다. 스마트계약의 자동실행은 현행법, 특히 강행법규가 허용하는 테두리 내에 있어야 한다. 강행법규는 항상 계약의 효력과 적법성을 위한 기준이 된다. 따라서 스마트계약을 이용한 거래가 소비자 보호의 사각지대가 되거나 스마트계약이 소비자계약법의 강행규정을 우회하는 수단으로 이용되어서는 안 된다. 그 때문에 스마트계약을 이용한 특수한 유형의 B2C 거래에서도 정보제공의무가 이행되어야 하며 철회권의 행사가 보장되어야 한다. 스마트계약의 자동실행은 강행규정이 허용하는 범위 내에서만 가능한 것이다. 스마트계약을 이용한 거래에서도 이미 현행법에 따라 일정 정보가 제공되어야 하고 소비자 철회권 행사가 가능할 수 있다. 또한, 스마트계약은 계약의 자동실행을 통해 소비자 보호 관련 법률조항으로 거의 제공할 수 없는 법적 안정성을 소비자에게 제공할 수 있다. 현재 소비자에 대한 최대의 위험은 스마트계약이 프로그래밍 오류를 일으킬 위험을 내재하고 있다는 점이다. 스마트계약의 기술적 안전성이 보장되면, 소비자 관련 스마트계약의 잠재력이 최대한 활용될 수 있을 것이다. 예컨대 사업자는 스마트계약에 일정 보안 검사를 하고 이 검사를 일종의 인증마크처럼 활용할 수 있을 것이다. 검사를 장려하는 유인책으로서, 검사를 거치지 아니한 스마트계약의 사용자는 소비자에 대하여 보안위험 및 행하여지지 아니한 검사를 소비자에게 명확하게 지적할 의무를 부과하는 방안을 고려할 수 있을 것이다.Zu den bisher lediglich rudimentär behandelten Themen im Zusammenhang mit Smart Contracts gehören jene des Verbrauchervertragsrechts. Die spezielle Eigenschaft und Mechanik von Blockchain basierten Smart Contracts kann gerade im Zusammenhang mit dem Verbrauchervertragsrecht ein gewisses Spannungsverhältnis auslösen. Dabei stellt sich sowohl die Frage, wie Verbraucher beim Einsatz eines Smart Contracts geschützt werden, als auch, wie diese zugunsten der Verbraucher eingesetzt werden können. Ein Schwerpunkt liegt dabei neben der Geltung von Verbraucherrechten auf Informationspflichten und Widerrufsrechten. Über die Analyse de lege late hinaus soll zudem ein Überblick über die abstrakten Möglichkeiten des Verbraucherschutzes durch Smart Contracts gegeben werden. Selbstverständlich müssen die Wirkungen eines Smart Contracts mit geltendem Recht in Einklang stehen. Dieses bildet stets den Maßstab für die Wirksamkeit und Rechtmäßigkeit des Vertrags. Sowohl die Bereitstellung gewisser spezifischer Informationen als auch die Ausübung eines etwaigen Widerrufsrechts können beim Einsatz eines Smart Contracts nach geltendem Recht bereits gewährleistet werden. Daneben bietet der Smart Contract seinerseits Verbrauchern durch die Automatisierung der Leistungspflichten eine Rechtsicherheit, die verbraucherschützende Normen kaum bieten können. Die größte Gefahr für Verbraucher dürfte aktuell im Risiko etwaiger Programmierfehler des Smart Contracts liegt. Die Pflicht im Rahmen der einschlägigen Informationspflichten über diese Risiken zu informieren, dürfte dem Verbraucher nur unzureichend helfen, insbesondere wenn man bedenkt, dass bereitgestellte Informationen von Verbrauchern klassischerweise wohl nicht einmal wahrgenommen werden dürften. Vielmehr dürfte das volle Potential von Smart Contracts im Zusammenhang mit Verbrauchern dann ausgeschöpft werden können, wenn die technische Sicherheit von Smart Contracts gewährleistet ist. Denkbar wäre etwa, dass Unternehmer den Smart Contract einer bestimmten Sicherheitsprüfung unterziehen und diese Überprüfung wie eine Art Prüfsiegel angeben können. Als Anreiz zur Überprüfung könnten die Verwender ungeprüfter Smart Contracts gegenüber Verbrauchern verpflichtet werden, auf das Sicherheitsrisiko beziehungsweise die nichterfolgte Prüfung ähnlich deutlich hinzuweisen.

Mimi Zou

While technology is playing an increasingly important role in courtrooms around the world, Chinese courts are adopting and experimenting with deep technologies at a much faster pace and on a greater scale than their counterparts in most other countries. In recent years, Chinese courts have seen major developments in online dispute resolution platforms, specialized Internet courts, and the wide use of AI tools across case management, dispute resolution and adjudication processes in personal injury claims. Other novel technologies such as distributed ledgers, blockchain and smart contracts solutions are currently being developed and rolled out in several local and specialised courts. The Chinese leadership has established a policy framework of “Smart Courts” with the aims of enhancing judicial efficiency, transparency, and effectiveness. This article provides an overview of how Chinese courts have swiftly embraced the adoption of new technologies under this framework over the past few years, with consideration of how Smart Courts may handle personal injury claims.

Changhee Kim

No abstract is available for this record.

Anna Montesano

The paper will focus on the latest changes of the transport sector due to the challenge of globalisation and to the advent of the digital age, that have offered new opportunities to the international maritime business, thus facilitating the development of more secure and streamlined services and data transactions. in such a perspective, this study provides an overview of the recent technological advancements and of the attempts, at the regulatory level, of settingup a system based on information and communication technologies (ICTS) in order to provide for electronic alternatives regarded as perfectly interchangeable with the paper transport documents. Particular attention is focused on the examination of the blockchain technology, whose influence on the logistics and transportation industry is going to keep growing. the research analyses the implications of the use of electronic documents and related to the development of smart contracts in the international trade and their substantial benefits, both in terms of transaction speed, efficiency and simplicity and in terms of cost reduction for transportation and logistics companies.

Han Jong Kyu

No abstract is available for this record.

Shaanan Cohney, David A. Hoffman

No abstract is available for this record.

Johanna Caterina Faliero

No abstract is available for this record.