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Technology and Corporate Governance: Blockchain, Crypto and Artificial Intelligence

Over recent decades, the on-going “digital revolution” has transformed many aspects of everyday life. Think of the increased power and shrinking size of personal computers and smartphones; the global expansion of the Internet and the new forms of social interaction that have been created; and, the ready availability of massive amounts of cloud-based information (“Big Data”), which is processed by automated algorithms for use in multiple settings. But, how has the digital transformation affected the organization and operation of business, and what does this mean for current regulatory frameworks, particularly those related to corporate governance? And, how are current and near-future technological developments - think distributed ledger technologies, “smarter” forms of automation and artificial intelligence - likely to disrupt the current corporate governance discussion? This paper explores these questions and concludes that current corporate governance approaches need to adapt to these technological and business developments in order to remain relevant.
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Cryptocurrency and Blockchain Issues for Business Lawyers

For many business lawyers, cryptocurrencies became a conversation topic circa 2013 or 2014 – in the early years when Bitcoin experienced enormous upward - and then downward - volatility. At the time, cryptocurrency and blockchain were fledgling technologies that were not widely understood, and that were primarily used by computer programmers, cryptologists, and individuals dedicated to avoiding government scrutiny. As Bitcoin enjoyed some price appreciation and publicity, entrepreneurs and programmers issued other cryptocurrencies. Public awareness of cryptocurrencies increased dramatically, even if public adoption of the new forms of monetary instruments increased only modestly. And government scrutiny has followed. As we enter 2024, cryptocurrency companies include a broad range of players, from respected, publicly-traded entities with nine-figure market caps to disgraced, bankrupt exchanges to underground, criminal enterprises. Given the potential opportunities and pitfalls, the business lawyers have an increasingly important role in advising clients regarding the legal issues surrounding cryptocurrencies and blockchain.
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How Do You Incorporate an Entirely Digital Corporation?

This paper describes what attorneys need to know about incorporating companies that rely heavily – if not exclusively – on blockchains. Because technology is central to this topic, references will be provided for a brief introduction to: cryptocurrencies, blockchains (which is the underlying technology to cryptocurrencies), smart contracts, and distributed autonomous organizations. Finally, this paper will discuss the peculiar requirements for incorporating a blockchain-based company.
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How Do You Incorporate an Entirely Digital Corporation?

This paper describes what attorneys need to know about incorporating companies that rely heavily – if not exclusively – on blockchains. Because technology is central to this topic, references will be provided for a brief introduction to: cryptocurrencies, blockchains (which is the underlying technology to cryptocurrencies), smart contracts, and distributed autonomous organizations. Finally, this paper will discuss the peculiar requirements for incorporating a blockchain-based company.
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Alternate Uses For Bitcoin-Technology In Law

Bitcoin is an open-source network for an alternative currency. The network is used as a payment system for digital assets. Someone under the alias “Satoshi Nakamoto” developed a cryptographic mailing list software application and released the source code for that application under an open-source license in 2009. According to Nakamoto, Bitcoin is a “purely peer-to-peer version of electronic cash” that “would allow online payments to be sent directly from one party to another without going through a financial institution.” Digital cash is not new. However, in the past, there was always the need to engage a trusted third party which had to maintain a ledger of the transaction. In contrast, under Bitcoin, each transaction is verified by multiple nodes on the network which recorded the transaction on a public distributed ledger called a blockchain. The blockchain technology employed by Bitcoin eliminates the need for a third party to be involved in (or record) the transaction. In essence, the third-party verification process has been automated using the blockchain technology. The phenomenal rise of Bitcoin has been described in many papers,v booksvi and even movies.vii However, this paper is not going to try to re-invent that wheel. Rather, this paper is going to identify uses of the blockchain technology for areas other than currency, but with legal ramifications. For example, blockchains would enable the automated recording of contract complianceviii in business law, real estate, software licensing, family law,ix voting,x and parole conditions in criminal law.
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Analysis of HB 4518

Relating to the formation of decentralized unincorporated nonprofit associations and the use of distributed ledger or blockchain technology for certain business purposes; authorizing fees.
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Virginia H 2588 - Electronic Return of Voted Military Overseas Ballots

Relates to electronic return of voted military overseas ballots; relates to blockchain; relates to pilot program; directs the Commissioner of Elections to establish and supervise a pilot program by which an active duty member of a uniformed service who has been deployed overseas and is a registered voter of a county or city participating in such pilot program may return his voted military overseas ballot by electronic means.
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Wyoming S 125

Relates to property; classifies digital assets within existing laws; specifies that digital assets are property within the Uniform Commercial Code; authorizes security interests in digital assets; establishes an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifies standards and procedures for custodial services under this act; clarifies the jurisdiction of state courts relating to digital assets.
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Wyoming H 185

Relates to corporate shares and distributions; authorizes corporations to issue certificate tokens in lieu of stock certificates as specified; makes conforming amendments; provides for an effective date.
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United States H 528

Provides a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.
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Oklahoma S 700

Relates to electronic records; relates to the Uniform Electronics Transactions Act; modifies certain definitions; provides an effective date.
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Oklahoma S 843

Relates to transactions; clarifies status of open blockchain tokens under certain conditions; states conditions when a person is not considered a broker-dealer; states entity authorized to determine compliance; provides method of notice and intent to facilitate certain exchanges; defines terms; states exemptions from this act; specifies conditions for cease and desist orders; authorizes certain persons to petition district court; states timeframe for certain enforcement; provides for codification.
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Florida H 735

Relates to blockchain technology; establishes the Blockchain Working Group in the Department of Management Services; provides for membership and duties of the Working Group; requires the Working Group to submit a report to the Governor and the Legislature and make presentations; requires the Department to provide support staff and other assistance.
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