Blockchains and Smart Contracts: Maximizing Opportunities
Blockchains have been continuously penetrating an increasing number of functions and industries in recent years. Along with the imminent blockchain revolution is the growing prominence of smart contracts, which are computer protocols intended to facilitate contract processes while also improving security.
Recently, the Commodity Futures Trading Commission (CFTC) released a primer detailing smart contracts’ use cases, functionality, potential risks, and regulatory landscape. The primer emphasized the need for good governance frameworks and standards to manage the challenges, particularly cybersecurity risks, that are unique to smart contracts. Therefore, it becomes more imperative that companies have a keen understanding of its implications to avoid pitfalls.
In this LIVE Webcast, a seasoned panel of thought leaders and professionals brought together by The Knowledge Group will provide and present an in-depth analysis of the fundamentals as well as recent developments concerning the use of blockchains and smart contracts. Speakers will also present the best practices on how to maximize opportunities and overcome challenges.
Some of the major topics that will be covered in this course are:
- Blockchains and Smart Contracts – Recent Trends
- The CFTC Primer
- Legal Developments
- Opportunities and Challenges
- Practical Strategies to Maximize Benefits
- What Lies Ahead
Blockchain – has the potential to completely change the way that transactions are run
- Digitalization/automation of transactions
- Faciliation of fractional ownership (not a concept that is common in the U.S.)
- Rise of secondary market for transfer of real estate
- Reduction of "friction"
- Potential elimination of need for intermediaries (e.g., title companies)
- Shorter transaction times
- Greater cost efficiency
- Increased transparency
- Enhanced data security
- Real world examples of blockchain use
- Not an "old" concept (originally proposed in the 1990s)
- Event driven ("if/then" logic)
- No single source of control
- A variety of potential uses in the corporate context (i.e., purchase contracts, loan agreements, etc.)
Potential roadblocks to/issues with implementations of blockchain/smart contracts
- Whether to use private or hybrid blockchain
- Ensuring that the data uploaded into the blockchain is accurate
- Are smart contracts valid for purposes of the statute of frauds?
- Will land registries accept e-signatures?
- Decentralized nature of the U.S. property system
- Simple vs. complex transactions
- Resistance to change
- What happens if you lose the token?
Analysis Group, Inc.
Introduction and objectives of the presentation:
- Describe how new technologies (i.e. blockchain, crypto assets) can provide a framework for cheaper and more effective transactions
- There are challenges coupled with these new innovations
- Legal challenges
- Tax challenges
- Describe blockchain technology and origins
- Early uses of blockchain include decentralized ledgers (BTC, Ethereum)
- Now, many diverse and hetereogenous applications of newer blockchain technologies
- Tracking packages
- Smart contracts
- Definition of contracts (with examples)
- Definition of smart contracts (with examples)
- Difference between standard contracts and smart contracts (decentralization, self-enforced)
- Introduction of IoT idea and examples
- Full examples from the beginning to the end
- Smart contracts in numbers
- Who is using smart contracts
- Smart contracts rely on which infrastructure (e.g. ethereum)
- Private platforms?
- Volume of transaction
- Legal challenges
- Tax challenges -- who is taxed, where etc.
Who Should Attend:
- Chief Information Officers
- Chief Technology Officers
- Information Technology Executives
- Technology Lawyers
- Legal Counsel
- Risk and Compliance Officers
Vasi is a partner in the real estate team.
Her practice primarily focuses on commercial real estate matters, including assisting private and institutional clients with a variety of real estate transactions such as property acquisitions and dispositions, loan transactions, and title matters. Vasi also provides comprehensive advice on a variety of leasing matters for corporate and private clients in the fashion, retail, and luxury sectors, among others. Additionally, she has represented institutional clients in certain areas of commercial finance, including debt financing and other lending transactions.
Vasi is a partner in the real estate team. Her practice primarily focuses on commercial real estate matters, including assisting …
Dr. Royer applies a broad range of quantitative tools to address client needs in data science, statistics, health economics and outcomes research (HEOR), finance, intellectual property, competition policy, and antitrust cases in the United States, Canada, and Europe. He recently authored an article called “Smart Contracts & Their Potential Tax Implications,” which was published in Lawyer Monthly where he addressed the multifaceted tax concerns that may arise from a smart contract’s underlying transactions, in which cryptocurrency is exchanged for goods or services.
Dr. Royer applies a broad range of quantitative tools to address client needs in data science, statistics, health economics and …
Print and review course materials
Method of Presentation:
General knowledge of the blockchain technology
NY Category of CLE Credit:
Areas of Professional Practice
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Founded over 100 years ago, Withers is a leading international law firm for global businesses, their equity and debt stakeholders, and the executives who manage them. The firm is one of the largest tax law firms in the world and consists of over 160 partners supported by more than 1,000 people across 18 strategically located international offices.
Its global corporate team has the depth and diversity of knowledge to advise on issues that arise over the entire life cycle of a company, from securing initial investment and raising follow on equity and debt capital privately and publicly, to structuring executive and incentive compensation, protecting and enforcing intellectual property rights and day-to-day operational issues, and managing complex governance issues, to completing mergers, acquisitions and exit strategies. They excel at working with corporate clients both large and small, new and long-established and domestic and international. With their unique in-house as well as law firm experience, they focus on anticipating issues and finding solutions, efficiently and cost-effectively. In 2017, the corporate group were involved on billions of dollars of projects across industries such as technology, hotels and hospitality, manufacturing, pharmaceuticals, luxury products and banking and finance.
About Analysis Group, Inc.
Analysis Group is one of the largest international economics consulting firms, with more than 1,000 professionals across 14 offices in North America, Europe, and Asia. Since 1981, we have provided expertise in economics, finance, health care analytics, and strategy to top law firms, Fortune Global 500 companies, and government agencies worldwide. Our internal experts, together with our network of affiliated experts from academia, industry, and government, offer our clients exceptional breadth and depth of expertise.