Using Blockchain for Commercial Contracts: Permissioned vs. Permissionless, Control, Amendments, Security, Transparency
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
- work Practice Area
Commercial Law
- event Date
Thursday, June 18, 2020
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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This CLE course will examine recent trends in use of blockchain in commercial contracts. The panel will focus on unique features that create advantages to the use of blockchain, including limitation on alterations of the terms, decentralization, and security, as well as describing how things can go wrong with blockchain.
Ms. Markey focuses her practice on developing practical, operationally focused cybersecurity, privacy and life sciences recommendations for clients. Her patient care background and qualification as a Certified Information Services Security Professional allows her to bring a functional perspective to complex privacy, security and research issues with a focus on solutions that work in the real world. Ms. Markey has significant experience with medical device cybersecurity and cross-border privacy transactions. She assists with risk assessments, incident and breach response, and information governance, as well as IRB issues, clinical trial agreements, conflicts of interest, advice regarding research operations and structure and research misconduct inquiries and investigations.
Mr. Radcliffe's practice is split evenly between corporate securities (particularly venture capital transactions) and intellectual property licensing and strategy. He works with technology companies and companies that use technology throughout the world. Currently, Mr. Radcliffe is particularly focused on the use of blockchain technology and the use of tokens for capital formation and implementing new business models.
While blockchain has continued to be aggressively applied to supply chain contracts, use throughout commercial contracts has grown. To define risk allocation between parties, a drafter will have to determine whether the blockchain is permissioned or permissionless. That determination will assist the parties if a default later occurs. Properly defining those terms would establish the relative liability between parties.
Further, the attorneys creating the arrangements that include blockchain must address issues related to control and plan to handle amendments. Additionally, counsel will need formulations for security and transparency as part of a viable smart contract. Proper blockchain agreements will address the issues of choice of law, forum and venue, and the problem of compliance with local laws.
Listen as our authoritative panel provides an overview of the most critical issues related to blockchain for commercial contracts and discusses the significant legal risks for entities to consider before implementation.
- Overview
- Blockchain vs. smart contract
- Circumstances when not to use
- Permissioned vs. permissionless blockchains
- Control
- Amendments
- Security
- Transparency
- Choice of law, forum, and venue
- Best practices
The panel will review these and other critical issues:
- How can blockchain be utilized in commercial contracts, and what circumstances would limit its use?
- What differences exist in permissioned vs. permissionless blockchains, and what are the appropriate circumstances for the use of each form?
- How can blockchain handle issues of control?
- What is necessary to amend a smart contract?
- How best to draft provisions related to security and transparency
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