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The legal challenges of the blockchain

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The blockchain triggers significant issues in terms of validity of smart contracts entered through it, ownership of intellectual property rights, privacy law compliance as well as liability and jurisdiction issues. How shall such issues be sorted?

Published in: Law
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The legal challenges of the blockchain

  1. 1. The legal challenges of the blockchain Giulio Coraggio Head of Technology Sector DLA Piper
  2. 2. We will not discuss about bitcoin…
  3. 3. $ 17K in Dec 2017 $ 3.2K in Dec 2018
  4. 4. Even with the blockchain, things might go “wrong”
  5. 5. Who is liable? it depends…
  6. 6. ALLOW FORBID Permissioned vs Permissionless Blockchains What liability regime? Disseminated contributory liability? users Centralised liability? provider
  7. 7. What is a smart contract?
  8. 8. How does a smart contract work?
  9. 9. Is a smart contract a valid contract? • Agreement between the parties (offer/acceptance) • Subject of the contract • Purpose of the contract • Form of the contract
  10. 10. he “Italian” blockchain and smart contrac Tecnologie basate su registri distribuiti Smart contract un programma per elaboratore che opera su tecnologie basate su registri distribuiti e la cui esecuzione vincola automaticamente due o più parti sulla base di effetti predefiniti dalle stesse. Gli smart contract soddisfano il requisito della forma scritta previa identificazione informatica delle parti interessate, attraverso un processo avente i requisiti fissati dall'Agenzia per l'Italia digitale orizzazione di un documento informatico attraverso l'uso di tecnologie basate su reg distribuiti produce gli effetti giuridici della validazione temporale elettronica tecnologie e i protocolli informatici che usano un registro condiviso, distribuito, repli essibile simultaneamente, architetturalmente decentralizzato su basi crittografic a consentire la registrazione, la convalida, l'aggiornamento e l'archiviazione di dati chiaro che ulteriormente protetti da crittografia verificabili da ciascun partecipante, n alterabili e non modificabili.”
  11. 11. ALLOW FORBID Permissioned vs Permissionless Blockchains If this is not done properly… Disseminated contributory liability? users provider Centralised liability?
  12. 12. Filling in the “gaps” of the blockchain governing law and jurisdiction clause, but what about compliance? how to handle SLAs and liability in B2B, but also in B2C (unfair clauses)?
  13. 13. What intellectual property in/on the blockchain? What IP rights in the technology? How IP rights can be tracked? What rights on the contents? What happens in case of exit? What issues in case of due diligence?
  14. 14. What privacy compliance dilemmas for the blockchain? 01What are personal data? 02 Who is the data controller? Who is the data processor? 03 04 What principles of privacy compliance? Can the right to be forgotten exercised? 05 06 What are the required security measures?
  15. 15. ALLOW FORBID Permissioned vs Permissionless Blockchains What liability regime? Disseminated contributory liability? users Centralised liability? provider
  16. 16. Which blockchain shall be used? permissioned vs permissionless FASTER CONTROLLABLE/PRIVATE PRIVATE MEMBERSHIP LEGALITY SLOWER PUBLIC OWNERSHIP OPEN AND TRANSPARENT AT RISK OF ILLEGALITY MORESECURE
  17. 17. Giulio Coraggio Head of Technology Sector DLA Piper Any thoughts?

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