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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.
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.
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.
Bitcoin Explained
This is a video that explains how Bitcoin works, and suggests some of the legal and practical implications thereof. While there are simpler explanations about how Bitcoin work, this particular video actually delves deeper, giving you a more nuanced view of the potential legal implications of Bitcoin.
Monthly Meeting of the Business Technologies Committee
This is the monthly meeting of the committee.
Smart ticketing system may finally outwit the ruthless touts
In a clever use of blockchain technology, two graduates from Imperial College London have created software using cryptocurrency dubbed the “bitcoin of ticketing”, which could see the end of fake tickets and sky-high resale prices. The link is to an article by the Guardian.
Article: Cryptocurrencies - To insure or not to insure?
Article discussing insuring cryptocurrency and EU's new 5AMLD to bring cryptocurrency under traditional AML requirements.
Judge Rules that Cryptocurrencies Can Be Regulated as Commodities
Jack B. Weinstein, Senior United States District Judge so ruled in an order from the court. Commodities Futures Trade Commission v. McDonnell, (E.D.N.Y., March 6, 2018).
Texas S.B. No. 207 - Relating to the offense of money laundering
Adds cryptocurrencies (virtual currencies) to the list of mechanisms used to commit money laundering.
Colorado S 23
Concerns exemptions from the securities laws for cryptocurrencies; enacts the Colorado Digital Token Act.
New Mexico H 649
Relates to financial institutions; enacts the internet business development and innovations act; declares an emergency.
Nevada S 164
Recognizes certain virtual currencies as a form of intangible personal property for purposes of taxation.
Nevada S 164
Recognizes certain virtual currencies as a form of intangible personal property for purposes of taxation.