The Blockchain and Law Briefing is a blog post (occassionally updated on ComputationalLaw.org) providing an informal and general high level overview of blockchain and law.
Filling out the Blockchain Briefing narrative form, the below table of legal issues and examples is offered as a starting point for in-house and other legal counsel to learn about more general principles and practices related to blockchain technology.
| Legal Issue | Example Situation | Leg/Reg Status | Version & Comments |
|---|---|---|---|
| Does Blockchain Satisfy Long Term Records Retention Requirements? | US Federal Credit Unions are expected to permanently retain Individual Share and Loan Ledgers | 12 CFR 749 | Version 1.0 (Relevant Materials) Public Blockchain OP_RETURN can ensure evidentiary proof by maintaining long term publicly verifiable hashes of records, addressing a key and costly aspect of "permanent" retention of regulated records expectations. |
| Are Blockchain Signatures Enforceable Admissible in Court as Evidence? | A merchant seeks to introduce evidence of the blockchain signature of a consumer on a contract for the sale of a used car | UETA and ESIGN and 31 C.F.R. § 370.39 | Version 0.2 - (Relevant Materials) A valid signature may be formed by any sounds, symbol of process including Blockchain based electronic processes. Blockchains provide extrinsic evidence regarding the authenticity of the digital signature needed to lay a proper foundation for admissibility. The evidence is sufficient to prove the electronic message to which the digital signature is affixed has not been altered from its original form" and that the "digital signature corresponds to a specific public key pair." |
| Are Smart Contracts Enforceable as Legal Contracts? | tbd | UETA and ESIGN | Version 0.2 - (Relevant Materials) Current drafting notes re adequacy of contract formation and evidentiary issues and good practice examples |
| Do Records Entered onto Blockchain Satisfy Admissibility Requirements as Evidence? | tbd | tbd | Version 0.1 - (Relevant Materials) |
| Does Blockchain Provide Valid Legal Notice? | tbd | tbd | Version 0.1 - (Relevant Materials) |
| Does Blockchain Provide Satisfactory Record of Legal Title to Property? | tbd | tbd | Version 0.0 - (Relevant Materials) |