Blockchains Smart Contracts Decentralised Autonomous Organisations And The Law

The growth of Blockchain technology presents a number of legal questions for lawyers, regulators and industry participants alike. Primarily, regulators must allow Blockchain technology to develop whilst also ensuring it is not being abused. This book addresses the challenges posed by various applications of Blockchain technology, such as cryptocurrencies, smart contracts and initial coin offerings, across different fields of law. Contributors explore whether the problems posed by Blockchain and its applications can be addressed within the present legal system or whether significant rethinking is required.

This book brings together a series of contributions by leading scholars and practitioners to examine the main features of smart contracts, as well as the response of key stakeholders in technology, business, government and the law. It explores how this new technology interfaces with the goals and content of contract law, introducing and evaluating several mechanisms to improve the 'observability' and reduce the costs of verifying contractual obligations and performance. It also outlines various 'design patterns' that ensure that end users are protected from themselves, prevent cognitive accidents, and translate expectations and values into more user-oriented agreements. Furthermore, the chapters map the new risks associated with smart contracts, particularly for consumers, and consider how they might be alleviated. The book also discusses the challenge of integrating data protection and privacy concerns into the design of these agreements and the broad range of legal knowledge and skills required. The case for using smart contracts goes beyond 'contracts' narrowly defined, and they are increasingly used to disrupt traditional models of business organisation. The book discusses so-called decentralised autonomous organisations and decentralised finance as illustrations of this trend. This book is designed for those interested in looking to deepen their understanding of this game-changing new legal technology.

This volume explores from a legal perspective, how blockchain works. Perhaps more than ever before, this new technology requires us to take a multidisciplinary approach. The contributing authors, which include distinguished academics, public officials from important national authorities, and market operators, discuss and demonstrate how this technology can be a driver of innovation and yield positive effects in our societies, legal systems and economic/financial system. In particular, they present critical analyses of the potential benefits and legal risks of distributed ledger technology, while also assessing the opportunities offered by blockchain, and possible modes of regulating it. Accordingly, the discussions chiefly focus on the law and governance of blockchain, and thus on the paradigm shift that this technology can bring about.

Blockchain For the Non-Technical*** THIS IS A PREVIEW PRINT ***I am IBM ́s official liaison to the Ethereum core developers and frequently give talks on blockchain topics around the world. After one keynote I was asked for a non-technical guide to understand blockchains. This is it.This book aims to help you get your head around blockchains in general and around Ethereum specifically.Since Ethereum is currently the pre-imminent blockchain, it makes sense as reference point. The essential stuff is the same for any blockchain.This text was written for people with a fast grasp, who are not programmers. Reading this should give you the basics to cut through the hype and to identify blockchain opportunities in your professional domain.There are tiny bits of code, which can be admired and skipped.We ́ll look at Ethereum ́s benefits first, how it is used and what can be done with it; then explain blockchain machinery, visiting the terms that you ́ll be confronted with in every discussion about its application. Exactly what you need to tell the noise from the signal in the echo chamber of honest misunderstandings and desperate marketing.We take a good hard look at limitations, throw in some history and names and give a realistic outlook.The index reads like an FAQ and you can use the book like that. However, there is a strong build up, one chapter leading to the next, as optimized path to understanding all the interconnected, moving parts. There ́s quite a number of them.Blockchains are not a trivial topic.The fact that blockchain client programs are small has fooled many people into believing it can ́t possibly be that hard. The challenges are in the implications though.But what's in this book will put you ahead of almost everyone outside the core bubble.If you find something explained badly, please yell at me at: ethereum.bookØgmail.comA deep dive into this field now - at least getting started - will help you to become part of the fun ahead. It should allow you to stand out, land deals or a great job.It will also make you see first hand how early we are in the game. Take your time! It ́s worth it.Hopefully, we will find a contributor to the blockchain community in you, strengthening the portfolio of real-world use cases. Ideally, you ́ll learn to navigate your own uncharted course through your domain and revolutionize it, applying blockchain tech where it really makes sense.From the Book's Index:What is Ethereum?What is Ether?What is Ethereum Not?What is Ethereum Used for?Create Your Own Digital Currency!How Does Ethereum Compare?How Does Ethereum Work?What is a Blockchain?What ́s the Magic?What is Holding It Back?What is a Cryptocurrency?What is a Digital Currency?What is a Digital Asset?What is a Mirror Asset?What is Mining? What is a Decentralized Application (Dapp)? What is a Smart Contract?What is a Decentralized Autonomous Organization (DAO)?What is an Oracle?What is Timestamping?What is a Private Chain?What is a Virtual Machine?What is the EVM?What is Gas?What is Solidity?How Fast is Ethereum / Latency?What is Ethereum ́s Capacity / Throughput?What is Probabilistic Finality?How Ready is Ethereum?Is Ethereum Legal?Do You understand Money?How did Bitcoin Start?Who is Behind Ethereum?What is The DAO?What is Ethereum Classic?What is all the Hype about?Will Ethereum Change the World?Opinions in this book are mine, not that of IBM. I am not an Ethereum spokesperson either.Drafts of the book have been run by core Ethereum people and highest ranking IBM engineers though, in a bid to ensure accuracy.Please use ethereum.bookØgmail.com for feedback or questions. I'll be happy to hear what you felt was missing or presented out of order, no matter your background.

The open access publication of this book has been published with the support of the Swiss National Science Foundation. Blockchain is the first global mechanism for the transfer and storage of value. Despite being conceived as an alternative to state and law, the technology and its use cases raise many legal questions, most notably, regarding jurisdiction and applicable law with respect to transactions and assets recorded on the blockchain. The issue is complex given the decentralised nature of the network. In this volume, academics and practitioners from various countries try to provide detailed answers to these questions as they relate to crypto-assets, cryptocurrencies, crypto derivatives, stablecoins, Central Bank Digital Currencies and Decentralised Autonomous Organisations (DAOs), as well as specific transactions and issues, such as property rights, secured transactions, smart contracts and bankruptcy. With specific chapters on national approaches (Germany, Japan, Liechtenstein, Switzerland, United States), the volume explores the need and possibility for legal harmonisation of these issues through global fora, such as the Hague Conference on Private International Law (HCCH) UNIDROIT.

Providing a comprehensive explanation of blockchain, cryptocurrency and the international regulation and challenges that apply, this book introduces the reader to the core topics, including: global regulation of blockchain and cryptoassets; the Internet of Things; the Right to be Forgotten and the right to erasure; environmental, social and governance metrics; smart contracts; initial coin offerings; data protection regulation; Decentralised Autonomous Organisations ('DAOs') and the Metaverse. Explaining the fundamentals of blockchain and cryptocurrency in an accessible and understandable way, and sparking new thinking about how old problems can be solved in new ways, this book is essential reading for anyone wishing to have a wider understanding of this complex and evolving area of law.

Since Bitcoin appeared in 2009, the digital currency has been hailed as an Internet marvel and decried as the preferred transaction vehicle for all manner of criminals. It has left nearly everyone without a computer science degree confused: Just how do you “mine” money from ones and zeros? The answer lies in a technology called blockchain, which can be used for much more than Bitcoin. A general-purpose tool for creating secure, decentralized, peer-to-peer applications, blockchain technology has been compared to the Internet itself in both form and impact. Some have said this tool may change society as we know it. Blockchains are being used to create autonomous computer programs known as “smart contracts,” to expedite payments, to create financial instruments, to organize the exchange of data and information, and to facilitate interactions between humans and machines. The technology could affect governance itself, by supporting new organizational structures that promote more democratic and participatory decision making. Primavera De Filippi and Aaron Wright acknowledge this potential and urge the law to catch up. That is because disintermediation—a blockchain’s greatest asset—subverts critical regulation. By cutting out middlemen, such as large online operators and multinational corporations, blockchains run the risk of undermining the capacity of governmental authorities to supervise activities in banking, commerce, law, and other vital areas. De Filippi and Wright welcome the new possibilities inherent in blockchains. But as Blockchain and the Law makes clear, the technology cannot be harnessed productively without new rules and new approaches to legal thinking.

There is a broad consensus amongst law firms and in-house legal departments that next generation “Legal Tech” – particularly in the form of Blockchain-based technologies and Smart Contracts – will have a profound impact on the future operations of all legal service providers. Legal Tech startups are already revolutionizing the legal industry by increasing the speed and efficiency of traditional legal services or replacing them altogether with new technologies. This on-going process of disruption within the legal profession offers significant opportunities for all business. However, it also poses a number of challenges for practitioners, trade associations, technology vendors, and regulators who often struggle to keep up with the technologies, resulting in a widening regulatory “gap.” Many uncertainties remain regarding the scope, direction, and effects of these new technologies and their integration with existing practices and legacy systems. Adding to the challenges is the growing need for easy-to-use contracting solutions, on the one hand, and for protecting the users of such solutions, on the other. To respond to the challenges and to provide better legal communications, systems, and services Legal Tech scholars and practitioners have found allies in the emerging field of Legal Design. This collection brings together leading scholars and practitioners working on these issues from diverse jurisdictions. The aim is to introduce Blockchain and Smart Contract technologies, and to examine their on-going impact on the legal profession, business and regulators.