Blockchain Papers

Huiru Liu

No abstract is available for this record.

Gunnar Prause, H Thomas

The access to common-pool resources, i.e. to resources in limited common property, are legally distributed in a far more diverse way than limited private property resources. In transportation, a critical case for common-pool resources appear in Green Transport Corridors (GTC), that has been coined by European Union as being «sustainable logistics solutions for cargo transportation’ with a shared pool of resources aiming for multimodal trans-shipment routes with a concentration of freight traffic between significant hubs». Although there are already existing implementations of GTC concepts, there are still a lot of open questions concerning GTC governance and ownership models hindering easy marketing of the GTC approach. This paper discusses how and to which extent smart contracts in combination with blockchain technology as innovative solutions are able to facilitate GTC governance and how smart contracts can be applied to provide legal certainty by managing and allocating distributed access to common-pool resources. Smart contracts can be considered as computerised transaction protocols for the execution of underlying legal contracts, and they do not only target reducing transaction costs by realising trackable and irreversible transactions through blockchain technology for distributed databases, but also show high potential to strengthen cooperative business structures and to facilitate the entrepreneurial collaboration of cross-organisational business processes. From a legal perspective, it is controversial whether the use of smart contracts to distribute access to resources in terms of both general common-pool resources. GTCs implies an added value automatically for legal certainty and fair balance among different forms and degrees of access granted to different members of the cooperative. In cases of incorrect performance, change of circumstances or unduly induced contracts smart contracts fall considerably short on the protection of weaker parties, which the paper illustrates at the example of GTCs to be a decisive detriment of the cooperative members. The paper analyses these potentials and risks of smart contracts for the case of GTCs and showcases from both business and legal perspective in terms of their potential as viable means of distributing access to common-pool resources comprising infrastructure. Keywords common-pool resources, cooperative governance, blockchain, smart contracts, Green Transport Corridors.

Stephen Girvin, Elson Ong

No abstract is available for this record.

Anne Veerpalu, Liisi Jürgen, Eduardo da Cruz Rodrigues e Silva, Alex Norta

Abstract The article investigates the smart contract used in the Initial Coin Offering (ICO) process and its qualification under the typology of form of contract and the EU electronic signature regulation eIDAS.1 ICOs took the globe by storm in 2017 and created a lot of turmoil among the regulators due to a new form of raising funds globally. In addition to their effect on the capital market, another phenomenon that saw a rise in popularity was the smart contract. The smart contract is usually built into the ICO process as a protocol to execute the issue of a token. The article suggests that the contract in the ICO process does not only refer to the smart/contract code in silos but should be considered in the larger context as the so-called hybrid smart contract agreement with the smart contract protocol being merely the execution motor for the issuance of the token. The article qualifies the contract concluded during the ICO process under the general typology of forms of contract with the aim to identify whether the hybrid smart/contract agreement is in electronic form of contract. Some states in the USA and a few Member States in the EU have also introduced smart contract-specific regulation clearly stating that smart contracts are contracts either in electronic or written form. Still, as this is not prevalent in the EU law, the principle of functional equivalence is used to assess whether the signature on a smart contract used in an ICO process is functionally equivalent to the qualified electronic signature under eIDAS. The existence of a qualified electronic signature allows the contract to be qualified as a contract in electronic form equivalent to a paper-form agreement with hand-written signatures. Furthermore, the article investigates whether the centralized trust system of the eIDAS creates an infrastructural bias against the source of trust in case of distributed ledger technology that in itself could be non-compliant with the principle of technology neutrality.

Robert Philipp, Gunnar Prause, Laima Gerlitz

Abstract Smart contracts are scripts on the top of the blockchain technology. They represent a form of automation by what the layers of intermediaries can be reduced or even completely replaced. Accordingly, blockchain smart contracting systems decrease transaction and enforcement costs as well as process time. Moreover, we argue, blockchain and smart contracts can facilitate cross-organisational collaboration and their underlying business processes. Hence, they are able to support the integration of entrepreneurs and SMEs into trans-national supply chains by reducing high entry barriers and weakening the dominating position of big players. This paper discusses the research questions how blockchain smart contracting can facilitate the implementation of collaborative logistics structures and how the integration of SMEs into sustainable maritime supply chains can be safeguarded. The research bases on expert interviews and case studies. The results showcase the potentials of using blockchain smart contracting in the environment of trans-national and multimodal supply chains.

Jung-Ho Yang

Purpose - This paper investigates applicability of blockchain based bill of lading under the current legal environment. Legal requirements of electronic bill of lading will be analyzed based on the Rotterdam Rules and recently enacted UNCITRAL Model Law on Electronic Transferable Records. Using comparative analysis with the previous registry model for electronic bill of lading, this paper examines the advantages of blockchain based bill of lading. Design/methodology - This research reviewed previous efforts for dematerializing bill of lading with its limitation. Main features of blockchain technology which can make up for deficiencies of registry model also be investigated to analyze whether these features can satisfy the requirements for the legal validity of the negotiable electronic transport record or electronic transferable records under the Rotterdam Rules and the MLETR. Findings - Main findings of this research can be summarized as follows: Blockchain system operated in an open platform can improve transparency and scalability in transfer of electronic bill of lading by assuring easy access for transaction. Distributed ledger technology of blockchain makes it more difficult to forge or tamper with transactions because all participants equally shares identical transaction records. Consensus mechanism and timestamp in a blockchain transaction guarantee the integrity and uniqueness of a transaction. These features are enough to satisfy the requirements of electronic transferable records under the Rotterdam Rules and MLTER. Originality/value - This study has significance in that it provided implications for the introduction of electronic bill of lading by analyzing whether the blockchain based electronic bill of lading model meets the legal requirements under the current legal system prepared prior to the introduction of blockchain technology, and by presenting the advantages of the blockchain based bill of lading model through comparative analysis with the existing registry model.

Chung-Shan Yang

No abstract is available for this record.

Jelena Mamut

U radu je ukratko prikazana povijest pametnih ugovora. Kako bi njihov način rada bio jasniji, prikazani su Bitcoin blockchain te novosti koje je donio Ethereum, jedan od blockchain sustava koji se najčešće koristi kao temelj pametnih ugovora. Također, uz primjere iz prakse prikazana su neka od područja u kojima bi se pametni ugovori mogli koristiti. Potom se rad osvrnuo na moguće opasnosti i zloupotrebe koje pametni ugovori omogućuju. Kao zaključni dio rada obrađena je usporedba pametnih ugovora i ugovora u elektroničkom obliku kako bi se dao zaključak o kompatibilnosti načina rada pametnih ugovora sa zakonodavstvom Republike Hrvatske.

Dora Jurković

Ovim diplomskim radom želi se u jednoj cjelini obuhvatiti sažeto objašnjenje što su kriptovalute te na koji način one funkcioniraju. Iako su kriptovalute u današnjici popularan pojam, malotko zapravo zna što su one zapravo. Trenutno postoji tendencija u poslovnom svijetu ka tome da se kriptovalute uvrste kao platežno sredstvo. Problem je što sve države nemaju isti stav prema kriptovalutama pa je i njihov tretman različit, a kamoli sam pojam kriptovaluta. U jednoj državi su dozvoljene i oporezive te je reguliran sustav u kojemu se plaća kriptovalutama, dok su u drugoj državi u potpunosti zabranjene. Isto tako, problem se javlja kada je u pitanju zloupotreba kriptovaluta za izbjegavanje poreza, mogućnost pranja novca i druge mogućnosti koje one omogućavaju. No, bez obzira na rizike koje trenutno predstavljaju, činjenice idu u prilog kriptovalutama pa tako vidimo da se u samo desetak godina od razvoja prve kriptovalute, danas na svjetskom tržištu nalazi preko dvije tisuće raznih kriptovaluta što prikazuje da se one razvijaju kao platežno sredstvo i usavršavaju na poljima koja im trenutno i nisu najpouzdanija i sigurna. Obzirom da ih se toliko puno nalazi na tržištu, u ovome radu istaknute su samo neke kriptovalute koje istovremeno međusobno imaju sličnosti, ali i određene razlike koje će ovaj rad obuhvatiti.

Dragutin Andrić

U ovom radu su obrađene teme povijesti i razvoja novca, teorijski aspekt kriptovaluta, opis kako ide proces trgovanja kriptovalutama na jednoj od burzi, također su navedene razne kriptovalute koje imaju veliku uporabnu vrijednost i koje su prihvaćene od strane korisnika i institucija. Zadnje poglavlje je posvećeno blockchain tehnologiji i njezinim mogućim primjenama u pomorstvu. Zadatak rada je bio objasniti trgovanje kriptovalutama i pokazati kako blockchain tehnologija može revolucionirati pomorstvo te je isto pokazano sa brojnim blockchain inovacijama u sektoru pomorske industrije.

Francesco Munari

In this chapter, the author provides some profiles on possible developments in our legal fields of blockchain and smart contracts. Blockchain technology is gradually shaping many sectors of business. Tradelens is a permissioned blockchain, presented as a ‘neutral platform’ using ‘open standards’ and capable of allowing all members of the blockchain to have relevant information concerning any moving cargo in real time. The availability of all information concerning a given number of carriers might be capable of generating anti-competitive effects, in so far as sensitive information could become available among competitors. Information which is in the blockchain is per se transparent and accessible, but will remain forever available and accessible, and should not therefore contain personal or sensitive data. The digital economy and e-commerce have profoundly changed the patterns of transport. One might assume that, in the shipping and transport industry, the transmission or uploading of personal or sensitive data concerning the individual would not be very frequent.

Toma Majić

Sustav za nagrađivanje korisnika koji dijele podatke namijenjen je demonstraciji Plasme kao jednog od predloženih rješenja za skaliranje platforme Ethereum. Plasma je skup pravila i najboljih praksi koje određuju način na koji se povezuju podlanci s glavnom lancem sustava Ethereum. Glavni lanac, u ovom slučaju, preuzima ulogu suca u svim sporovima koji se događaju na Plasma podlancu. Sustav za nagrađivanje odabran je kao primjer zato što generira vrlo veliku količinu transakcija u produkcijskoj okolini. U stvarnom svijetu, podatci generirani s korisničkih senzora stvorili bi konstantan tok podataka koji bi morao biti obrađen na pametnom ugovoru - aplikaciji koja se izvodi u raspodijeljenoj okolini sustava Ethereum. S obzirom na probleme propusnosti transakcija s kojima se sustav susreće, potrebno je rješenje koje će uvelike povećati kapacitet sustava u smislu količine obradivih transakcija u sekundi. Oslanjajući se na prakse definirane Plasma pravilima, sustav za nagrađivanje razvijen na podlancu omogućuje upravo to. Korisnicima je omogućeno konstantno dijeljenje podataka, za koje su nagrađeni od strane sustava koji validaciju vrši putem pametnog ugovora objavljenog na podlancu. Kako bi korisnici imali koristi od nagradnih tokena koje im dodijeli sustav, omogućeno im je sigurno i jednostavno prebacivanje sredstava s Plasma podlanca na glavni lanac sustava Ethereum. U okviru ovog rada je razvijen sustav u raspodijeljenoj okolini, s visokom propusnošću transakcija i visokom razinom sigurnosti koji garantira platforma Ethereum.

Seok‐Beom Choi

Purpose - The UNCITRAL Model Law on Electronic Transferable Records (Model Law) is based on the principles of non-discrimination against the use of electronic means, functional equivalence, and technology neutrality underpinning all UNCITRAL texts on electronic commerce. Investigating the disagreements between the Model Law and the Koran Commercial Act (KC Act), including the B/L Regulation, and suggesting the revision of the KC Act including the B/L Regulation, could be a valuable study. The purpose of this paper is to contribute to the harmonization of Korean legislation regarding electronic bill of lading in compliance with the Model Law. Design/methodology - The Model Law is flexible to accommodate the use of all technologies and models, such as registries, tokens, and distributed ledgers: that is, blockchain. In 2007, the KC Act was revised to regulate electronic bills of lading to promote the widespread legal use of electronic bills of lading. In addition, The Regulation on Implementation of the Provisions of the Commercial Act Regarding Electronic Bills of Lading (the B/L Regulation) was enacted to regulate the detailed procedures in using electronic bills of lading in 2008. This paper employs a legal analysis by which this paper does find differences between two rules in light of technology neutrality and global standard of electronic bills of lading model. Findings - The main findings are as follows: i) the Korean registry agency has characteristics of a closed system. ii) The KC Act has no provision regarding control. iii) The KC Act discriminates other electronic bills of lading on the ground that it was issued or used abroad. Moreover, this study does comprehensive analysis of Korean Acts in comparison with the Model Law and, in particular, this study analyzes the differences between the KC Act and the Model Law by comparing article by article in view of the harmonization of the two rules. Originality/value - The subject of previous several studies was draft provisions on Electronic Transferable Records before completion of the Model Law; thus, these studies did not take into consideration the character of the Model Law as the Model Law was chosen at the final stage of legislation. This study is aimed at the final version of the Model Law. So, this study is meaningful by finding the suggestion and directions for the Korean government to revise the KC Act and the B/L Regulation in line with the Model Law.

Miklós Király

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.

Jake Michael Herd

The bill of lading has, for centuries, been an integral component in the maritime shipping industry. However, the stagnation in the development of this legal instrument is contrasted with the exponential rate of development in other areas of commercial practice, which highlights the financial costs and delays associated with the use of bills of lading. The purpose of this paper is to present a modern alternative to the current paper-based bill of lading system that accounts for the practical and legal requirements of the incumbent instrument and also overcomes the deficiencies inherent in paper-based bills of lading. In the context of the regulatory uncertainty of bills of lading based on distributed ledger technology, this paper discusses approaches to regulating this new technology so as to achieve the same legal effects that the traditional, paper-based bill of lading provides. This paper presents two methods for regulating distributed ledger technology when applied to maritime shipping: the first is based on the principle of functional equivalence, which can be employed in domestic legislation, and the second is based on the Model Law on Electronic Transferable Records. I conclude that, while both approaches represent steps in the right direction, the latter would imbue this technology with sufficient legal certainty so as to spark a marine cargo carriage revolution and facilitate a productive disruption of the current industry practice.

Pei-Fen Tsai

No abstract is available for this record.

Miro Petković, Vice Mihanović, Igor Vujović

Autonomous ships are in experimental stage nowadays with Maritime Autonomous Surface Ships (MASS) already defined by IMO. Since MASS rely heavily on communications, security of communication systems and data security is critical. Secure communication is required to avoid bad actors to interfere with the communications or seizing control of a autonomous ship. In this paper, implementation of blockchain technology to improve autonomous vessels control security is investigated. This technology is already used in maritime bill of lading, acts on ship's technical inspection and for more accurate container tracking etc. The paper is organized as follows: first section describes current status on autonomous ships, basic definitions and terms, second section describes what is blockchain technology and how does it work, third section deals with blockchain technology applications with the proposed usage of the technology in autonomous vessels control scheme.

Paul Todd

Abstract After a lengthy incubation period, electronic bills of lading (eBLs) are at last taking their first tentative steps in the shipping world. Systems currently in operation, however, are closed; only traders, carriers and banks who are members can participate. These closed schemes are not, therefore, true replacements for traditional paper bills of lading (pBLs), which can be used by anyone. Open eBL implementations are very difficult, which is no doubt why practical schemes so far have been closed. While blockchains and smart contracts make no difference to what is possible, they do to what is practicable. In particular, they may render feasible eBL implementations more open than those that have existed until now. They can obviate the need for distrusted central registries, and resolve the digital islands problem which can plague closed schemes. This article considers how an open eBL implementation might work. The schemes suggested here are rendered practicable by the new technology, should the industry choose to go down the eBL route. It may not so choose, at any rate in the short term, but if it does take this route, the article examines the legal obstacles that would need to be overcome. It assumes no change in the existing law, but concludes with a discussion of what lawmakers should consider, were they minded to assist.

Robert Stahlbock, Leonard Heilig, Stefan Voß

No abstract is available for this record.

Andrej Arbanas

U diplomskom radu "Primjena Ethereum pametnih ugovora na blockchain mreži" detaljno je opisana blockchain tehnologija s naglaskom na Ethereum mrežu kao i programski jezik Solidity. Kreiran je pametni ugovor s pripadajućim front end-om koji korisniku omogućuje razmjenu imovine prema cijeni koju može sam definirati.

Vatsalya

Marine transportation is the oldest means of transportation, which is the most useful when the goods to be shipped are in bulk. Travelling through sea means there is high chance of mishappening even when safety regulations are in place, which could result in damage or loss of the ship or the shipments. Thus, Marine insurance is advisable as it covers the hull, cargo, freight and marine liabilities. Any losses or damages sustained during a marine journey must be settled as early as possible through Insurance. The process of declaring and claiming Insurance involves a lot of documentation, which is collected and stored in paper format, and third-party participation. In modern times, there has been a shift towards Digitization in every sector, which means everything is stored in a digital format. One of the key developments in Digitization has been the use of Blockchain technologies which support distributed ledgers, smart contracts, smart properties, storage, etc. Applications, in which there is involvement of money or assets, are reliant on blockchain because of the security, by encryption of data, and performance provided by it. In this paper, we have discussed the challenges and key issues associated with the declaration and claiming of Marine Hull Insurance through the existing system. To resolve these issues, we combine three of the latest technologies in Blockchain, namingly, Private Blockchain, Filecoin Protocol and Smart Contracts. Our proposed system is based on a digital platform, where all documents can be commonly accessed and third-party involvements are removed, resulting in simpler, faster and easier declaration and claiming of marine hull insurances that removes the complications in the present general procedure.

Mohd Hwaidi

Nottingham Trent University, Nottingham Law School, Chaucer 5010, Goldsmith Street, Nottingham, NG1 5LP, United Kingdom.

Elson Ong

No abstract is available for this record.

Authors unavailable

Global maritime logistics generates annual revenues upwards of two trillion dollars, more than one-fifth of which is earned by freight forwarders and other intermediaries facilitating the trade. Multiple entities in the supply chain, with their disjointed and often incompatible administrative procedures, outdated paperwork practices, and competing interests, add a great deal to the cost and time for exporters and importers. This study examines the feasibility of a blockchain-based approach to enhancing transparency, efficiency, and economy of the global maritime logistics and finds the approach much promising. A proof-of-concept Web client application, built using Linux Foundation's Hyperledger Sawtooth framework, is used to describe the functionality of a potential maritime logistics blockchain.