This paper provides an analysis of how concepts pertinent to legal contracts can influence certain aspects of their digital implementation through smart contracts, as inspired by recent developments in distributed ledger technology. We discuss how properties of imperative and declarative languages including the underlying architectures to support contract management and lifecycle apply to various aspects of legal contracts. We then address these properties in the context of several blockchain architectures. While imperative languages are commonly used to implement smart contracts, we find that declarative languages provide more natural ways to deal with certain aspects of legal contracts and their automated management.
Blockchain has been wildly mis-sold, but underneath it is a database with performance and scalability issues and a lot of baggage. Any claim made for blockchain could be made for databases, or simply publishing contractual or transactional data gathered in another form.Its adoption by non-technical advocates is faith-based, with vendors’ and consultants’ claims being taken at face value, as Eddie Hughes MP (Con, Walsall North) cheerfully confessed to the FT recently.”I’m just a Brummie bloke who kept hearing about blockchain, read a bit about it, and thought: this is interesting stuff. So I came up with this idea: blockchain for Bloxwich,” said Hughes.As with every bubble, whether it’s Tulip Mania or the Californian Gold Rush, most investors lose their shirts while a fortune is being made by associated services – the advisors and marketeers can bank their cash, even if there’s no gold in the river.For example, Fujitsu offers fast-track consulting services starting at £9,900 to tell you if blockchain is appropriate for your project (that’s something we can confidently tell you for nothing: no, it isn’t).And the magic B-word enabled doomed tech quango Digital Catapult to conduct a Houdini-like escape.Now that’s magic.A modest proposalPerhaps technology consultancy and marketing should be as tightly regulated as financial consultancy, where mis-selling can (in theory) lead to a lifetime ban from the industry, something the US Securities and Exchange Commission can do for people who violate securities law, like Michael Milken.
A new study that was undertaken by Queen Mary University of London and the University of Cambridge, UK, came to some interesting conclusions about how blockchain could fit into the EU’s complex regulatory structure.
What is the economic potential and the risks of crypto assets? Regulators and supervisors have taken great interest in these new markets. This Policy Contribution is a version of a paper written at the request of the Austrian Presidency of the Council of the European Union for the informal ECOFIN meeting of EU finance ministers and central bank governors.Read file CloseView Fullscreen
With an increasing number of technologies supporting transactions over distance and replacing traditional forms of interaction, designing for trust in mediated interactions has become a key concern for researchers in human computer interaction (HCI). While much of this research focuses on increasing users’ trust, we present a framework that shifts the perspective towards factors that support trustworthy behavior. In a second step, we analyze how the presence of these factors can be signalled. We argue that it is essential to take a systemic perspective for enabling well-placed trust and trustworthy behavior in the long term. For our analysis we draw on relevant research from sociology, economics, and psychology, as well as HCI. We identify contextual properties (motivation based on temporal, social, and institutional embeddedness) and the actor’s intrinsic properties (ability, and motivation based on internalized norms and benevolence) that form the basis of trustworthy behavior. Our analysis provides a frame of reference for the design of studies on trust in technology-mediated interactions, as well as a guide for identifying trust requirements in design processes. We demonstrate the application of the framework in three scenarios: call centre interactions, B2C e-commerce, and voice-enabled on-line gaming.
This article departs from the post 2008 financial crisis context, from its intersection with technological developments, and from the socio-technical arrangements configured by this conjuncture. It explores plans and actions – of mainstream financial institutions, and of a community seeking for alternatives to centralised economy and governance – for the use of digital platforms supported by blockchain infrastructure. In particular, it explores how such plans and actions relate to conceptions of public and peer trust and how they appear to produce, or reinforce, reputational imaginaries and quantification practices within added value philosophies. By illuminating a tension between the two identified case examples, I seek to render alternative communities’ and financial institutions’ conceptions, imaginaries and practices (more) visible and to analyse their organisational marketing strategies – where there is a pragmatic and discursive operationalisation of technology as well as of trust as means to gain more self-sovereignty in action, while navigating markets and regulated actual world contexts.
Following action against Decentralized Exchange EtherDelta, last week also saw the US Securities and Exchange Commission issuing settled orders against two companies, Airfox and Paragon, for the sale of unregistered securities after raising capital through an Initial Coin Offering. The regulator may have given class action lawsuits against token issuers much needed guidance, one of which was filed against Paragon earlier this year. On the flip side, Washington has also given those who raised capital through the contentious vehicle an opportunity to make good allowing for the retroactive filing of their token as a security.
Source: Volume 2 Issue 45 – Diar
The only female leader in the Pacific Islands is facing a no-confidence challenge after pushing ahead with the controversial introduction of a digital currency for the Marshall Islands.In February this year President Hilda Heine announced plans to introduce a cryptocurrency to operate as the country’s second legal tender alongside the US dollar, saying her country must not remain idle but “advance into the future”.The cryptocurrency, known as Sovereign or “Sov” was to be issued by an Israeli start-up company, which, according to the International Monetary Fund has “limited financial sector experience”.
I intend to avoid autonomous blockchains
I intend to avoid capture of blockchain governance
I intend to avoid internet censorship as blockchain governance
Still, a problem remains: People don’t buy into blockchain applications unless they can make money. There is no evidence that people want to use it to “fix” journalism. There is also no evidence that anyone really understands how that would even work.
For now, Civil is essentially just another media operation with venture capital funding. The money underwriting it, from ConsenSys, remains, you know, regular money. The company uses some blockchain technology underneath the hood, including a plugin for its publishing software. But the technology remains difficult to comprehend, and, for any news consumer’s purpose, irrelevant.