Blockchain Smart Contracts are neither smart nor contracts!

Smart Contracts are basic to creating and verifying blocks in Blockchain, and Wikipedia defines a Smart Contract “is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.” But if you study that definition really Smart Contracts are computer programs which are “made partially or fully self-executing, self-enforcing, or both.”

Under the law a contract is created between at least two parties after there has been an offer, an acceptance, and some consideration (something of value even only $10).

To make things a little more complicated parties to Blockchain transactions can be anonymous.

As a result it is possible that court would have difficulty enforcing a Smart Contract if a court does not know what precisely was offered, accepted, and what consideration may been provided, nor be able to identify an anonymous party to the Smart Contract.

What do you think?

VIDEO: Technology continues to impact Privacy Laws

Please watch my latest video entitled “The Impact of the Latest Technology Challenges on You” which includes an update on privacy laws including about GDPR, IoT, Cybersecurity, among other topics may affect you and your business. The video was produced by Financial Management Network and SmartPros (a Kaplan company), and my long time friend Jeff Jacobs.

The video covers a range of topics including:

  • Data Privacy
  • GDPR
  • CLOUD Act
  • IoT
  • AMI (Advanced Metering Infrastructure)
  • SEC Cybersecurity
  • Cyber Insurance
  • Net Neutrality

Please let me what you think about my video.

G20 countries skeptical about cryptocurrencies & Blockchain

Law.com reported that “crypto assets, which include cryptocurrencies, tokens, and ICOs, ‘raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.’” The August 6, 2018 article entitled “G20 Countries’ Cryptocurrency Regulations Highlight Contradictory Blockchain Realities” included these comments:

At the 2018 G20 international forum, finance ministers and central bank governors from 20 of the world largest industrialized or emerging nations called for more insight on how to regulate cryptocurrencies, while still affirming their place in the global economy.

At the core of the G20’s approach to cryptocurrency is a complex truth about blockchain technology: While it can help support a more transparent and more compliant financial system, it can also significantly undermine the system as well.

I think it’s great news that the G20 is reviewing Blockchain’s impact on eCommerce.

iMac G3 and iPod helped save Apple from bankruptcy and now Apple is worth $1 Trillion!

The New York Times reported that “Apple became the first publicly traded American company to be worth more than $1 trillion when its shares climbed 3 percent to end the day at $207.39. The gains came two days after the company announced the latest in a series of remarkably profitable quarters.” The August 3, 2018 article entitled “Apple Is Worth $1,000,000,000,000. Two Decades Ago, It Was Almost Bankrupt” described the introduction of the iMac G3in 1998 and the introduction of the iPod following the copyright infringement losses of Napster:

The company’s revitalization was confirmed with the iPod, the portable music player that almost immediately changed consumers’ relationship with music.

The iPod, which debuted in 2001 and went on to sell more than 400 million units, showed that Apple wasn’t just a computer company.

The device was paired with iTunes, the company’s music store, which would help upend the recording industry.

And it portended a bigger product to come.

Amazing that Steve Jobs managed to turn Apple around which resulted in $1 trillion valuation!

Bermuda, Malta or Gibraltar are great places to avoid cryptocurrency regulation!

The New York Times reported that “Now the race is on to become the go-to destination for cryptocurrency companies that are looking for shelter from regulatory uncertainty in the United States and Asia.” The July 29, 2018 article entitled “Have a Cryptocurrency Company? Bermuda, Malta or Gibraltar Wants You” included these comments:

In small countries and territories including Bermuda, Malta, Gibraltar and Liechtenstein, officials have recently passed laws, or have legislation in the works, to make themselves more welcoming to cryptocurrency companies and projects.

In Malta, the government passed three laws on July 4 so companies can easily issue new cryptocurrencies and trade existing ones.

In Bermuda this year, the legislature passed a law that lets start-ups doing initial coin offerings apply to the minister of finance for speedy approval.

Do you want regulation of cryptocurrencies?