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"Blockchains (Databases) Law and legislation"
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Regulation by Blockchain: the Emerging Battle for Supremacy between the Code of Law and Code as Law
This paper critically examines the intersection and interactions between conventional law produced and enforced by national legal systems (ie the 'code of law') and the internal rules of blockchain systems, which take the form of executable software code and cryptographic algorithms operating across a distributed computing network ('code as law'). In so doing, it seeks to identify whether, and to what extent, 'regulation by blockchain' will successfully avoid governance by conventional law. It identifies three different ways in which the code of law is likely to interact with code as law, based primarily on the intended motives and purposes of those engaged in activities in developing, maintaining or undertaking transactions upon the network. It argues that these different classes of case are likely to generate different kinds of dynamic interaction between the blockchain code and conventional legal systems, and critically examines the normative foundations of these emerging and anticipated interactions.
Journal Article
SMART CONTRACT DISPUTE RESOLUTION: THE INESCAPABLE FLAWS OF BLOCKCHAIN-BASED ARBITRATION
Over two hundred and fifty million transactions occurred on the Ethereum blockchain in 2018. This staggering level of digital commerce was powered almost entirely by \"smart contracts,\" or self-executing chunks of computer code that immutably transfer assets between users. Proponents of blockchain technology see these automated, irreversible agreements as one of Ethereum's greatest innovations, offering a virtually costless contractual enforcement mechanism. Some early adopters have even claimed that electronic asset-transference has rendered traditional contract law entirely obsolete.
Journal Article
DIGITISING THE UK SECURITIES MARKET: THE CASE AGAINST AND A PROPOSAL TO ENFRANCHISE INDIRECT INVESTORS
A taskforce, appointed by HM Treasury, has recently proposed legislation to eliminate certificated (paper) shares and to require the investors currently holding paper shares to hold them indirectly through nominees. It has also suggested that disclosure combined with a common messaging protocol will enable the market to improve the ability of indirect shareholders to exercise their rights. In this paper we make a case against legislation eliminating paper certificates. We argue that the industry does not need the Government to remove paper certificates. If they want paper certificates to disappear, they should develop a model for holding uncertificated shares directly that is affordable for retail investors. The Government should nevertheless intervene. It should encourage the Competition and Markets Authority to investigate the price structure of accounts for holding uncertificated shares directly with CREST, which operates as a monopoly provider for such accounts in the UK. We further explain that the current system for holding shares indirectly disenfranchises investors and argue that this not only affects investors but also deprives issuers of oversight of their governance. We use empirical evidence to explain that disclosure combined with a common messaging protocol is unlikely to cause the market to develop a system that better enfranchises indirect shareholders. Consequently, we propose legislation to give indirect investors better access to shareholder rights.
Journal Article
Securities liability and the role of D and O insurance in regulating initial coin offerings
We are in the midst of a revolution in financial markets, as cryptocurrencies based on blockchain technology promise a smart, decentralized, secure, and flexible means of conducting transactions. Since Bitcoin was introduced in 2009, cryptocurrencies have been steadily gaining in prominence and economic significance, shifting from fringe instruments linked to illicit drug marketplaces and money laundering to mainstream financial products used across the globe to store wealth, facilitate marketplaces, and provide platforms that support the development of new technologies. Bitcoin can now be readily converted to cash through a growing network of \"Bitcoin ATMs,\" can be hedged against using Bitcoin Futures that trade on derivatives markets, and is forcing major banks to adapt through direct investments in blockchain technologies and policies regarding the use of their funds in consumer cryptocurrency investments.
Journal Article
The Cambridge handbook of smart contracts, blockchain technology and digital platforms
The product of a unique collaboration between academic scholars, legal practitioners, and technology experts, this Handbook is the first of its kind to analyze the ongoing evolution of smart contracts, based upon blockchain technology, from the perspective of existing legal frameworks - namely, contract law. The book's coverage ranges across many areas of smart contracts and electronic or digital platforms to illuminate the impact of new, and often disruptive, technologies on the law. With a mix of scholarly commentary and practical application, chapter authors provide expert insights on the core issues involving the use of smart contracts, concluding that smart contracts cannot supplant contract law and the courts, but leaving open the question of whether there is a need for specialized regulations to prevent abuse. This book should be read by anyone interested in the disruptive effect of new technologies on the law generally, and contract law in particular.
Book
The dilemma of cross-border data flow and the construction of mutual trust platform in Asia
The current unilateral and bilateral governance agreement cannot solve problems such as the large strength gap, loose organisation, and cultural diversity in cross-border data flow in Asia. Therefore, we are in urgent need of structuring a multilateral governance mechanism, that is, to build a mutual trust platform for cross-border data flow in Asia. From a digital technology perspective, the Asian CrossBorder Data Flow Trust Platform is a blockchain-based digital technology architecture. From the perspective of the organisational model, the Asian cross-border data flow governance based on the mutual trust platform can be understood as a cooperative network in which multiple Asian countries cooperate to make cross-border data decisions. As a necessary medium to eliminate the complexity of the cooperation network, legal procedures will transform the chaos on the Asian Cross-Border Data Flow Mutual Trust Platform into order by simplifying the communication between multiple agents.
Journal Article