Everyone has heard about Blockchain unless you live in a cave. Learning more about the technology, what will it mean for our daily lives and what implications ICO and Smart Contracts have for the legal profession and your direct function is essential. There are hundreds of online articles trying to explain the principles and applications of Blockchain. However, it is not easy to filter out the noise because a lot of online content is either scam, simply wrong or confusing. The world of Blockchain gained fame within a relatively short time predominantly through the bitcoin hype. This introduction will explain the concepts and applications of Blockchain as major distributed ledger technology (DLT) and looks behind the shiny curtain of often used buzz words and giving them context. Insights will be given on when Blockchain makes sense, the opportunities of this technology but also its regulatory and legal challenges and how these new concepts are currently looked at from a legal point of view. Especially for legal professionals the concepts of tokenization (often called ‘ICO’) as new form of fundraising as well as Smart Contracts as future integral part of the legal framework are points of attention and if understood well, can lead to a stronger client relationship and new revenue generation.
Speaker : Ms Claudia Marcusson, LL.M., M.Sc.
Questions for Q&A:
- Can you think of a client who would benefit from blockchain technology/smart contracts? What are the benefits the client can achieve? What are the potential (legal) points to consider?
- What are the potential risks of token generation events?
- Where in your business can you apply a new aspect of what you just learned? Please discuss 5 minutes with your neighbour and share your findings with the group. Chatham House Rule applies.