Executive Summary: In the summer and fall of 2022, electronic transactions were undergoing a sea change, but riding different tides: in the summer, the Uniform Law Commission approved a set of amendments to the Uniform...more
The advent of new technology brings along with it the murkiness of how the American legal system will treat such technology. Before the rise of blockchain for instance, businesses were uncertain how courts would treat...more
This past summer, Ohio adopted legislation (SB220) that primarily provides for a legal safe harbor from certain data-breach related tort claims to covered entities that implement a specified cybersecurity program that...more
“Smart contracts” are a critical component of many platforms and applications being built using blockchain or distributed ledger technology. Below, we outline the background and functions of smart contracts, discuss whether...more
Old school lawyers are familiar with the notion that "the failure to reach a meeting of the minds on all material points prevents the formation of a contract even though the parties have orally agreed upon some of the terms,...more
One of the buzzwords in the legal and financial industries in 2016 was "blockchain", and the buzz appears to be going strong in 2017. Blockchain, in simple terms, is a distributed database that maintains a record of...more
This spring, Arizona became one of the first states in the U.S. to enact a law explicitly granting smart contracts the same legal effect, validity and enforceability as their standard contract counterparts. “Smart contracts”...more
Imagine a perfect world where every financial transaction has an electronic chain of proof of title and a history of all prior owners. This is the world of blockchain technology – a world that already exists for Bitcoin, and...more