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The Coming Age of Machine Law

11/12/2016

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The following is a re-publication of a LinkedIn post from May 2016 by Ron Quaranta, Chairman, WSBA

Given the ongoing global buzz about distributed ledger technology (DLT), I thought that I would offer up a bit of a diversion from the current public discourse about blockchain, including the non-stop blizzard of conversation about public versus private blockchains, scaling, use cases, interoperability, consortia, smart contracts and more. I thought that for today I would write about law. More specifically, the practice of law in the distributed ledger age.

Let me preface this post by stating that I am not an attorney, although over the course of my career I’ve had many, many conversations with extremely capable lawyers across all disciplines. In addition, this article is the result of some thought exercises that occurred in the wake of several conversations with industry specialists, as well as the insightful commentary by CFTC Commissioner Giancarlo as part of his keynote at the May 10th, 2016 Markit Customer Conference in New York City[1]. Of particular interest to me was his commentary that “…DLT could be the biggest technological innovation in the financial services industry and financial market regulation in a generation or more…”. That statement and the follow on commentary raised an interesting question in my mind. What have we done or, more importantly what should we do, about the aspects of blockchain technology that impact how we live, exist and interact in a legal framework?

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Blockchain for Wall Street Preview on State Change Podcast

11/11/2016

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Arthur Falls from ConsenSys media hosted a live panel this week, which acted as a preview for the WSBA’s Blockchain for Wall Street education day.


A podcast of the panel is here.
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Open Source DLT Momentum Accelerates

11/5/2016

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The number of open source distributed ledger project continues to increase. Here’s a quick roundup of what’s out there, or coming soon.

OK, I guess there is Bitcoin and Ethereum in the permissionless world. Also, of note are:
  • Fabric — Incubated by the Linux Foundation’s Hyperledger Project. It is based on significant early contributions from IBM and Digital Asset Holdings.
  • Sawtooth Lake — Also incubated by the Hyperledger Project, it was submitted by Intel. It was originally developed to explore scalability, security, and privacy issues.
  • Corda — Developed by R3 CEV, it will be submitted to the Hyperledger Project on November 30.
  • Quorum — Developed by JPMorgan Chase, it is a fork of Ethereum but suitable for both permissionless and permissioned blockchains. JPMC says it plans to open source it.
  • Chain Core Developer Edition — an open source version of its enterprise blockchain product. It can be run on a test network operated by Chain, Microsoft and IC3.
  • Iroha — another distributed ledger being incubated by the Hyperledger Project, Iroha was developed by Japan’s Soramitsu and is targeted at C++ developers and mobile applications.

​Also, Digital Asset Holdings is planning to open source its Digital Asset Markup Language (DAML) for smart contracts, and is also suggesting that its Global Synchronization Log — a component of its own distributed ledger platform — might find a use within one or more of the Hyperledger Project’s developments.
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R3 To Open Source Corda

11/5/2016

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Despite plans to patent its Corda distributed ledger, R3 is also making good on an early-stated objective of open sourcing it. That should begin to happen on November 30 when R3 submits it to the Hyperledger Project incubation process.

For more information, see this article in the Distributed Ledger.
​
Corda isn’t the only proprietary distributed ledger to take the open source route. Chain recently announced a development version of its Chain Core offering, which is also being provided under and open source license.
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