{"id":231,"date":"2019-03-28T09:33:52","date_gmt":"2019-03-28T08:33:52","guid":{"rendered":"https:\/\/advokatskafirmasajic.com\/blog\/?p=231"},"modified":"2019-04-22T07:48:29","modified_gmt":"2019-04-22T05:48:29","slug":"law-keeping-up-with-technology-2","status":"publish","type":"post","link":"https:\/\/advokatskafirmasajic.com\/blog\/law-keeping-up-with-technology-2\/","title":{"rendered":"Law – keeping up with technology"},"content":{"rendered":"\n

Blockchain and\nits applications<\/strong><\/h3>\n\n\n\n

Due to the emergence of new technologies, which tend\nto enter into all areas of life and consequently law, the Law Firm SAJIC has decided\nto publish a series of texts on Blockchain\ntechnology<\/em>, Initial Coin Offering<\/em>,\nBitcoin<\/em>, as well as on all other\nrelated modern aspects. In this way, we would like unifying, in one place, all\naspects of new technologies, from its first appearance and statutory regulations\nup to their development, but also their expected future applications. Therefore,\nevery Thursday on our website as well as on our social networks you will be\nable to read everything related to this interesting topic and keep up with new\ntechnologies and their applications in the area of law.<\/p>\n\n\n\n

We consider that for proper understanding of a complex\nphenomenon, such as a Blockchain Technology, it is necessary to start from its very\nbeginning, especially considering that the first thought related to the word of\nBlockchain Technology is Bitcoin, where this technology was first applied.<\/p>\n\n\n\n

The Blockchain or a Digital Ledger, as it is also\ncalled, represents a decentralized digital database, which uses cryptography algorithms\nfor logging and validating online flow of information, and in general, it serves\nas a database, but the same is not subject to subsequent changes or updates. Therefore,\nall data entered into a blockchain are no longer subject to any changes. The\nname itself was created due to the fact that this technology contains certain transaction\nrecords grouped into blocks, and the same creates a kind of a chain. In order\nto create each of these blocks it is necessary to obtain consent of all\nparticipants in a transaction, where the consent can be expressed in different\nways depending on the type of Blockchain Technology.<\/p>\n\n\n\n

The easiest way to explain Blockchain Technology is\nthrough so-called “smart contracts”, which are a basis for creating the\nrights and obligations of participants in a transaction based on this\ntechnology. There are different definitions of “smart contracts”, but\nwe have decided on the one that defines the same as part of a program code that\nallows writing and reading of transactions and which is stored in a blockchain\ndatabase. If in this definition we also include the legal aspect, then we come\nto the definition, which says the content of smart contracts is proof of their\nconclusion expressed in the programming language, and the same is stored in a\nblockchain database where the consent of will is expressed in an electronic\nform. A significant feature and advantage of these kinds of contracts are their\nautomatic effect on the rights and obligations of the contracting parties in\nblockchain, and its implementation is carried out exactly by the program code,\nand no other confirmation is required in sense that one of the contracting\nparties has fulfilled its obligation, for example a confirmation from the bank\nabout the paid sale price is not required. Thus, the role of the software is to\nhold commitments of one party until the fulfilment of the contractual\nobligation of the other, in fact, the software has solved the problem of lack\nof trust between the contracting parties residing in distanced territories or\neven in case they do not know each other.<\/p>\n\n\n\n

It is interesting that smart contracts were also\npresent before blockchain technology and the best example is the stock market,\nwhich has been automated for a long time, and the software itself executes\norders from customers and sellers. However, we believe that the initial\npotential in the application of blockchain technology lies in real estate, for\nexample, the owner can transfer the real estate without any interaction with\nthe register, notary, and in that case each new transfer of real estate would\nbe part of the registered chain and it would be impossible to transfer certain real\nestate two or more times. In addition to the real estate cadastre, in the same\nway, technology can also be used for keeping registers of births, deaths,\nweddings, registry of economic subjects, etc.\n\nAt\nthe moment, the most significant obstacle to further development of blockchain\ntechnology represents the lack of regulation, both at international and\nnational levels. However, one of the reasons for this passive attitude of\nregulators is the underdevelopment of the technology itself, the vulnerability\nof influences, and especially when it comes to the crypto-currencies. Bearing\nin mind that there is a constant improvement in the area of technologies on a\ndaily basis, the adoption of each regulation bears the risk that the same might\nrapidly become overvalued, unusable and subject to modifications. The\nregulation of this area currently remains in the domain of instructions,\ncommunications and opinions of state bodies, and the regulatory framework for\nthe technology itself practically does not exist.\n\n\n\n<\/p>\n\n\n\n

Author: Tijana Mila\u010di\u0107 email: mtijana@afsajic.com<\/a><\/em>



Law – keeping up with technology – Cruptocurrency, ICO and legal dilemmas<\/a>

Law – keeping up with technology – ICO projects, products and tokens<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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