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Blockchain & the law 101
- 1. 0
- 2. A QUICK HISTORY OF BLOCKCHAIN Introducing Digital Time Stamps 1 Digital time stamps record the date and time of the occurrence of an event – for example, when information is being created, modified, or deleted
- 3. A QUICK HISTORY OF BLOCKCHAIN Introducing Digital Time Stamps 2 WHAT PROBLEM DID THEY TRY TO SOLVE? WHAT WERE THE PROBLEMS THAT AROSE? ENSURING AUTHENTICITY OF INFORMATION TAMPERING NO CENTRAL VERIFICATION
- 4. A QUICK HISTORY OF BLOCKCHAIN How do you solve the problems associated with digital timestamps? 3 (1) MAKE IT TAMPER PROOF – HASHES AND CODES
- 5. A QUICK HISTORY OF BLOCKCHAIN How do you solve the problems associated with digital timestamps? 4 (2) A LEDGER ON THE CLOUD
- 6. A QUICK HISTORY OF BLOCKCHAIN How does this work? 5 HASH DATA HASH OF A PREVIOUS BLOCK
- 7. A QUICK HISTORY OF BLOCKCHAIN How does this work? 6 DATA FROM TO AMOUNT
- 8. A QUICK HISTORY OF BLOCKCHAIN How does this work? 7 HASH 34819d7beeabb9260a5c854bc85b3e44
- 9. A QUICK HISTORY OF BLOCKCHAIN How does this work? 8 Contains a hash of the previous block
- 10. A QUICK HISTORY OF BLOCKCHAIN How does this work? 9 HASH 178F PREVIOUS HASH 0000 HASH 593L PREVIOUS HASH 178F HASH 613H PREVIOUS HASH 593L GENESIS BLOCK
- 11. A QUICK HISTORY OF BLOCKCHAIN How does this work? 10 HASH 178F PREVIOUS HASH 0000 HASH 593L PREVIOUS HASH 178F HASH 613H PREVIOUS HASH 593L GENESIS BLOCK 736P
- 12. A QUICK HISTORY OF BLOCKCHAIN 11 This results in… BLOCKCHAIN - A list of blocks, linked and secured through cryptographic keys - Each block contains a link to the previous block as well as a timestamp - By design, the blockchain is inherently resistant to modification - “distributed ledger technology” that aids in recording transactions between parties
- 13. IMMUTABILITY OF THE BLOCKCHAIN 12 - immutable, adjective, unchanging over time or unable to be changed - Tampering with the blockchain is easy to detect because of “Hashes” and “Blocks” - HASHES - hard to back-calculate the original data from the hash - if the input data changes in the slightest way, the hash changes in an unpredictable way - BLOCKS
- 14. APPLICATIONS OF BLOCKCHAIN – SMART CONTRACTS 13 -> When money is paid, an irrevocable set of actions is put in motion -> Money is retained and a drink is supplied -> The transaction cannot be stopped in mid flow -> Money cannot be returned when the drink is supplied. -> The terms of the transaction are embedded in the hardware and software
- 15. APPLICATIONS OF BLOCKCHAIN – SMART CONTRACTS 14 - Instance of a code and a programme that interprets the code, accepts conditions, and decides outcomes - Characteristics - Digital form - Contractual clauses embedded in software - Performance mediated by technology - Irrecoverable - How does blockchain enable smart contracts?
- 16. APPLICATIONS OF BLOCKCHAIN – LAND VERIFICATION 15 - Presumptive Ownership v Confirmed Ownership - Title can only be established through transfer documents - Onus on buyer to examine all documents and link them together - Require a clear trail and record of all transactions associated with a unit of land
- 17. APPLICATIONS OF BLOCKCHAIN - CRYPTOCURRENCIES 16 CRYPTOCURRENCIES COINS TOKENS
- 18. APPLICATIONS OF BLOCKCHAIN - CRYPTOCURRENCIES 17 BITCOIN - First decentralized digital currency - Mining – record keeping service, rewarded with bitcoins - No physical components – only balances associated with public and private keys ETHEREUM - Platform + Programming language - Open-ended decentralized software platform that enables smart contracts and distributed applications - Ether – a vehicle for moving around Ethereum and running applications BITCOIN V. ETHEREUM - Differ in purposes: Bitcoin is an alternative to fiat currency, Ethereum is a platform which facilitates peer-to-peer contracts and applications via Ether - While Ether and Bitcoin are both currencies, Bitcoin functions as a payment alternative while Ether primarily facilitates working and monetizing Ethereum
- 20. 19 TOKEN SALES - DOCUMENTATION WHITEPAPE TERMS OF TOKEN SALES TERMS AND CONDITION OFTHE PLATFORM
- 21. 20 THANKYOU
Editor's Notes
- https://bitsonblocks.net/2016/02/29/a-gentle-introduction-to-immutability-of-blockchains/
- A smart contract is “a set of promises, specified in digital form, including protocols within which the parties perform on these promises” (Nick Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996) Nick Szabo is widely credited with introducing smart contracts. Uses vending machine example.
- Key characteristics: • digital form: it is in computer form – code, data and running programs • embedded: contractual clauses (or equivalent functional outcomes) are embedded as computer code in software • performance mediated by technological means: the release of payments and other actions are enabled by technology and rules based operations • irrevocable: once initiated, the outcomes for which a smart contract is encoded to perform cannot typically be stopped (unless an outcome depends on an unmet condition) How does blockchain enable smart contracts? The key principle underpinning the smart contract is the ability for parties (sometimes disagreeing) to come to consensus over a set of shared facts. The blockchain accomplishes this by: (a) sharing identical copies of the ledger database amongst the community of participating nodes; and (b) using a consensus algorithm (sometimes called proof of work) to resolve differences in each block. With every computer coming to consensus (eventually) over the facts in the block, the inventor of Bitcoin, Satoshi Nakamoto, was able to make those very facts be programs, data, events and transactions. In short, the facts in a block are the state and code of smart contracts over which consensus happens every ten minutes Uses of Smart Contracts: Copyright Industry Reading Material - https://disruptionhub.com/smart-contract-uses/ https://bitcoinmagazine.com/articles/is-blockchain-powered-copyright-protection-possible-1470758430/
- Further reading: https://www.livemint.com/Opinion/tC66BUm88uqVzpsfnK80HO/Can-blockchain-technology-be-an-answer-to-Indias-land-gover.html Presumptive Ownership is what is contemplated under the Registration Act – simply because it is virtually impossible to confirm ownership in India due to lack of records etc “In 2008, a short-lived National Land Records Management Programme was launched, which failed due to implementation hurdles. The current government has recently renewed the push for making all land records and titling digital through the Digital India Land Records Modernization Programme (DILRMP). While a digital footprint is certainly an improvement over a physical ledger of records, certain vulnerabilities will persist such as conflicting claims on ownership; bribery and corruption in altering registered data; bureaucracies around third-party vetting; and cyber-attacks and data theft.” “Implementation of blockchain technology will require legal and infrastructural support such as a firm Land Titling Act, a single department for land registration and records, higher rural literacy, third party information technology (IT)-enabled support and creation of a public key infrastructure trust (PKI) to take care of digital certificate management (as pointed out by Meghna Bal in an Observer Research Foundation report). There will still be challenges at the point of freezing a confirmed ownership title as it cannot be guaranteed that the title is dispute-free.”