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Oct 18 2016 TalkingPoints
Talking Points, Dazza Greenwood
- October 18th, 2016
The term ‘blockchain technology' means:
distributed ledger technology that uses a consensus of replicated, shared, and synchronized digital data that is geo-graphically spread across multiple digital systems.''
The term 'smart contract term' means:
a term in a contract that provides for automatic performance of the requirements of such term by an electronic agent, including an electronic agent that uses blockchain technology, upon the performance (by an electronic agent or otherwise) of the requirements of another term in the contract or the occurrence of another event specified in the contract.''
For purposes of this title, a signature that is secured through blockchain technology shall be considered to be in electronic form, and shall be considered to be an electronic signature, but only if the signature is composed of— ‘‘(1) a personal identification number; and ‘‘(2) either— ‘‘(A) an alphanumeric code; or ‘‘(B) a unique biological identifier (such as a fingerprint, retina scan, or facial recognition)
How to avoid unintended consequences of technical specification (too much detail and/or not accurately targeted detail):
- Locking in "today's how" we accomplish the process instead of describing "timeless what" a process must accomplish
- Risk freezing innovation by legislatively enshrining market winners and/or rapid obsolescence of the law because the market evolves beyond the legislatively specified technology
"But only if..." + Technology Specific
- Following, supporting and reflecting best practices
- Filling gaps with novel rules to correct demonstrated market failures
- UETA to ESIGN was good example
- eliminating prior media specific legal lock-in
- clarifying uncertainty applicable law
- reassuring risk-averse counsel of legality
Within the scope of the body of law under consideration:
- EG: Security Procedure and Record Integrity
- EG: Store/Print Safeguard and Later Discoverability
- EG: Attribution/Liability and Linkable Identifiers
- EG: Notice/Posting and Public Verifiability
Definitions and rules reuse, revision or reversal in future Blockchain legislation in other areas of law and regulation
- Individual Identity and Personal Data
- Legal Notices and Authoritative Records
- Public Algorithms and Due Processors