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Blockchain

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An expert legal statement was published by the UK Jurisdiction Taskforce (UKJT, a taskforce of the UK’s Lawtech Delivery Panel) on recognising cryptoassets as property and smart contracts as enforceable agreements under English law. The two key takeaways: In principle, cryptoassets are to be treated as property under English law.A smart contract is capable of having contractual force. For more details, read the full article on Baker McKenzie’s dedicated blockchain blog.

Baker McKenzie is pleased to announce that the Blockchain and Cryptocurrency in Africa report is now available. This guide summarizes the latest and key developments taking place in 22 selected African jurisdictions in respect of blockchain and cryptocurrency, focusing on the regulatory approaches up until the end of 2018. This guide also provides a comparative assessment of the stance adopted by such regulators, with a view to providing a better understanding of the opportunities and…

The hype around blockchain and smart contracts is like nothing we have seen, possibly since the Internet. For a disputes lawyer, the technology raises twists on some historical issues such as personal jurisdiction and choice of law. Another issue — does the code that makes up smart contracts satisfy the statute of frauds?But smart contracts will also raise issues that courts have not had to deal with in connection with more traditional contracts. For example,…

Over the past few decades, supply chain management has benefited immensely from technological advances that have made it easier and faster to transport cargo from one place to another. However despite these advances, supply chains continue to face challenges when it comes to tracking cargo, ensuring the integrity of cargo and holding members of the supply chain accountable for cargo, as it moves from one participant in the chain to the next. Blockchain has the…

Update: Baker Mckenzie with R3 has published the report referenced below, today, 31 July 2017. For your copy please click here where you can view an executive summary and download a PDF:View report websiteBaker McKenzie in collaboration with R3 has developed and is excited to be nearing the launch of a new white paper, entitled “Blockchains and Laws. Are they compatible”. The report will discuss the compliance challenges posed by privacy and data protection laws worldwide…

Blockchain technology has the potential to revolutionize how financial institutions record, process, report and verify financial transactions. Many large financial institutions have already begun to invest in the technology. As momentum behind blockchain continues to grow, new services applying or leveraging the blockchain information will proliferate. Laws will need to address the various financial activities that will be shifted to blockchain technology.Blockchain employs distributed ledger technology. Nodes across the blockchain network apply every transaction to…

The conversation about the use of digital currencies is far from over, but increasingly blockchain, the technology behind the new generation of cryptocurrencies, is gaining recognition. Blockchains automate interactions, allowing parties to a transaction to bypass the necessity of third parties for the management and enforcement of financial transactions. The technology has received increased attention because it allows for irreversible transactions across open networks with minimal risk of interception. The decentralised nature of a blockchain…