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.
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
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.
The goal of Quality Magnet Coin QMC for short, is to build a large torrent magnet index that’s impossible to take offline, censor, or block.
The core idea is fairly straightforward. The application uses the blockchain to create a decentralized database of torrent magnet links which doesn’t rely on a hosting service or domain name, making it virtually impossible to take down
Ethereum meanwhile has a different, albeit more high-class problem: Its developer community, some 250,000 strong according to Consensys, is large and ponderous—and that comes at the expense of innovation. On the other hand, the sheer number of developers may help them to wrap the issue up quickly.