Blockchain Flashcards
What is being set up in New Zealand to consider the regulation of blockchain technology in New Zealand and Australia?
An expert task force?
Who is the NZ blockchain expert task force headed by?
Alex Sims
Who is Alex Sims?
Head of Commercial Law at the Auckland University Business School.
Who else from Auckland University is part of the NZ blockchain expert task force?
David Mayes
Who is David Mayes?
Professor of Banking and Finance at Auckland University.
Other than Alex Sims and David Mayes, who else is involved in the NZ blockchain expert task force?
Dr Kanchana Kariyawasam.
Where does Dr Kanchana Kariyawasam work?
Griffith University
What does Alex Sims say we’re on the cusp of?
Radical and disruptive change.
Who does blockchain technology pose challenges for according to Alex Sims?
Lawmakers and regulators around the world.
What does Alex Sims say about Microsoft?
That it is now accepting virtual currency payments.
What does Alex Sims suggest is feasible?
That blockchain technology will become ubiquitous within the next decade.
What is the NZ blockchain expert task force being funded by?
A $50,000 grant from the New Zealand law foundation.
What does Alex Sims say is the problem if you regulate blockchain technology too much?
You won’t get the full benefits from the technology.
What does Alex Sims say is the problem if regulation is too light?
Problems such as money laundering.
What lawyers from Russel McVeigh are taking an active interest in Blockchain?
Dan Jones and Michael Taylor.
What is Dan Jones’ role at Russel McVeigh?
Corporate advisory group chair.
What is Michael Taylor’s role at Russel McVeigh?
Senior Solicitor
What do Dan Jones and Michael Taylor say it is incumbent on lawyers to do with respect to Blockchain?
Educate themselves about blockchain
What do Dan Jones and Michael Taylor say about their clients with respect to blockchain?
That they are asking about it, are unsure about its application but are all certain it will have an impact. They want to know what the advantages are and what the risks might be.
What are some of the legal areas where there are likely to be challenges with respect to Blockchain?
Regulatory, contract law, fraud, negotiation and inheritance.
In what area in particular has Dan Jones and Michael Taylor seen clients leveraging block chain?
Supply chain management – the supply of goods where the supply chain needs to e verified and documented. Anywhere there is digital verification, also AML (anti money-laundering – know your client.
What have Dan Jones and Michael Taylor said concerning registers / databases and blockchain?
Anywhere there is a register or database, people are starting to turn their mind to how block chain technology will enable them to remove friction.
What did Michael Taylor recommend lawyers do as part of educating themselves about blockchain?
That they buy a small amount of a crypt-currency such as Bitcoin to see the technology working and to generate an interest that way.
What is the ’double spending problem’?
How do transfer assets to untrusted parties.
Which computer processing model does Blockchain rely on?
P2P
Under blockchain, data gets _________ across the network
replicated
A differentiating feature of blockchain is that it is not controlled by an organisation, rather it is controlled by the _________.
Community
Because blockchain is reliant on _______rather than centralised processing, it is not possible to have it disrupted simply by taking down a centralised computer.
nodes
