Legal issues with blockchain technology
The Commonwealth Government of Australia Government has generally been supportive of driving innovation in the technology sector and as part of this, there has been sustained attention on blockchain in Australia with a number of leading blockchain initiatives, including industry-specific trials in financial services, energy, minerals, agriculture, food and beverage and the public sector. In the public sector, the Government has considered blockchain application with the Australian Taxation Office ATO using blockchain to validate the dealer history of cars in a hackathon around Luxury Car Tax compliance. Fintech businesses have also begun formalising use cases for blockchain such as managing supply chains, making cross-border payments, trading derivatives, managing assets and managing digital currency exchanges. This replacement system represents the first mainstream, scaled use of blockchain by any securities exchange globally and is likely to yield valuable insight as policymakers and regulators consider their approach to blockchain in future.
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Legal issues with blockchain technology
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- Fin-Tech, Blockchain, and Cryptocurrency Law Resource
- Build a custom email digest by following topics, people, and firms published on JD Supra.
- An introduction to Blockchain: the key legal issues
- Blockchain: Legal implications, questions, opportunities and risks
- Blockchain Technology Industry
- Blockchain: legal and regulatory guidance (second edition)
- Could Blockchain-based smart contracts eventually replace lawyers?
- TBA Law Blog
- The Development of Contract Law in the Field of Blockchain Technologies
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Fin-Tech, Blockchain, and Cryptocurrency Law Resource
These are the areas in which we support our research community. These areas help to focus our research and allow for effective cross-disciplinary work. Ma, Alan Emerging legal issues in blockchain for construction supply chains.
A complex web of supply chains is a common feature of construction projects. With the different types of parties involved in a project and the amount of paperwork generated, the supply chain process can be time-consuming, an easy target for fraud and is prone to human errors. Blockchain is an emerging technology that can transform, simplify and make a network of information more secure. In the context of the supply chain, digitalised documents and real-time information can lead to cost-savings in any operation.
Its embedded feature of transparency and integrity proves itself to be reliable. In addition, there are two less widely considered advantages that are particularly suitable for applying in the administration and management of the complex web of supply chains in the construction industry. The two additional advantages are dispute avoidance and dispute resolution, which will be discussed in this paper.
The use of blockchain in supply chains carries legal issues. This could be a contributing factor to its slower rate of adoption than widely anticipated after the rapid emergence of its first application in the financial system of cryptocurrency, commonly known as Bitcoin.
This paper identifies and proposes solutions to three key legal issues arising from the use of blockchain technology in supply chains. They are a restricted use of smart contracts to prescribed outcomes only; b concerns relating to access and ownership of using a shared blockchain platform; and c multi-jurisdiction concerns over where governing laws apply. Level of study Search Undergraduate Courses Enter a search term.
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Faculty of Computing, Engineering and the Built Environment. Go to the About Us section. Birmingham City University Home Page. Emerging legal issues in blockchain for construction supply chains.
Research In this section Date Event 25 June Blockchain, construction supply chain, smart contract, digitalplatform, multi-jurisdiction.
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Diplo is a non-profit foundation established by the governments of Malta and Switzerland. Diplo works to increase the role of small and developing states, and to improve global governance and international policy development. Subscribe to DiploNews and stay up to date with upcoming events, new publications and research, and Diplo courses and training. Twiter Facebook LinkedIn. Author: Hanane Boujemi. Read the file. Abstract: Blockchain technologies are heralded by some as one of the most promising innovations after the Internet.
An introduction to Blockchain: the key legal issues
These are the areas in which we support our research community. These areas help to focus our research and allow for effective cross-disciplinary work. Ma, Alan Emerging legal issues in blockchain for construction supply chains. A complex web of supply chains is a common feature of construction projects. With the different types of parties involved in a project and the amount of paperwork generated, the supply chain process can be time-consuming, an easy target for fraud and is prone to human errors. Blockchain is an emerging technology that can transform, simplify and make a network of information more secure. In the context of the supply chain, digitalised documents and real-time information can lead to cost-savings in any operation. Its embedded feature of transparency and integrity proves itself to be reliable.
Blockchain: Legal implications, questions, opportunities and risks
Over the past 18 months, the coronavirus COVID pandemic has accelerated the use and evolution of distributed ledger technology DLT such as blockchain. Skip to the report. DLT is an umbrella term for technologies that seek to store, synchronise and maintain digital records across a network of computing centres. Read the first edition. TLA's dedicated blockchain working group was founded in and serves as a hub for multi-disciplinary DLT experts.
Blockchain Technology Industry
Self-aware blockchains can monitor compliance and avoid disputes — but there is a catch. Smart contracts were pioneered with the Ethereum cryptocurrency, which complemented the distributed ledger technology popularised in Bitcoin with a scripting language, called Solidity, that allows blockchain operators to define terms that regularly evaluated and act on blockchain data. If a data element falls outside of the prescribed parameters, automatic actions can be taken — enabling blockchain-based smart contracts to provide a level of intelligence that cannot be matched by conventional paper-based contracts. Such contracts are ponderous to administer, subject to interpretation and disputes, and may be difficult to enforce because they relate to key performance indicators KPIs that may not always be easy to track. For example, a contract for supply of dairy goods might stipulate that the conditions inside the shipping containers cannot exceed a certain temperature. A breach of this contractual condition would be hard to enforce using traditional methods, since any spoilage would only be detected once the high temperatures had physically altered the delivered product.
Blockchain: legal and regulatory guidance (second edition)
Have you heard of blockchain yet? Like many other industries in Tennessee, the legal field is already being disrupted by this fast-growing, but little understood, technology. Businesses that rely upon contracts, transactions and services are quickly researching, experimenting and implementing blockchain in their industries and the legal field will need to adapt to survive as well. A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. To picture where blockchain technology is currently, IBM recently surveyed thousands of executives finding that 80 percent were either considering using it or were already using it in their businesses in order to keep up or innovate their business model.
Could Blockchain-based smart contracts eventually replace lawyers?
Handbook of Blockchain Law provides an overview of the key features and functionalities of blockchain technology in a legal context in a remarkably descriptive way. Blockchain has become attractive to companies and governments as it promises to solve the age-old problem of mutability in transactions — that is, it makes falsification and recalculation impossible once a transaction has been committed to the technology. The systematic and comprehensive approach set forth in this indispensable book, including coverage of existing relevant law in various jurisdictions with a particular focus on European law and US law and practical guidance on how to tackle legal issues raised by the use of blockchain, ensures a one-stop-shop reference book for anyone considering blockchain-based solutions or rendering advice for them.
TBA Law BlogRELATED VIDEO: The Blockchain Industry: Legal and Regulatory Challenges
Freeman Law is an innovative thought leader in the cryptocurrency and blockchain space. Blockchain and virtual currency activities take place in a rapidly-evolving regulatory landscape. Freeman Law is dedicated to staying at the forefront as these emerging technologies continue to revolutionize social and economic activities. Virtual and cryptocurrencies are built on blockchain technology —a technological innovation that allows for a distributed, decentralized digital ledger generally built upon cryptographic mechanisms and complex consensus protocols. From a legal perspective, many of the tax, regulatory, and other legal issues associated with blockchain technology and cryptocurrency require an understanding of this underlying technology.
The Development of Contract Law in the Field of Blockchain Technologies
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Blockchain technology is a tool for the development of safe, decentralized, peer-to-peer applications. Artificial intelligence AI has been developing for more than half a century, but is currently in an explosive period of growth. AI has enormous technological, economic and social consequences and is transforming the way we produce and distribute goods and services, the way we work, learn, communicate and live. IPI researches the legal and ethical aspects of the application and regulation of the blockchain technology as well AI.