Our weekly roundup of some of the more pertinent blockchain and the law stories & issues. Another busy week on this front and it isn’t going to go quiet anytime soon
Title: Magos develops AI prediction software with neural and blockchain technology
Author: Crypton Ninjas Website
Date: 25 August 2017
Extract: Please read the extract below. Case predictive software as we all know, is running very hot at the moment. A number of big players in the legal software and publishing are investing in the technology. We’re thinking Magos may well have the opportunity to be a major industry disruptor in the field.
Artificial intelligence start-up Magos has developed software that combines neural networks and blockchain technology that simulates a collection of biological brains to accurately predict the outcome of future events relating to sports, politics and even behavior.
The software learns and recognizes complex patterns in data allowing it to predict patterns, trends and even more subtle ticks, making it a powerhouse at forecasting.
The software was tested over a four-month period earlier this year, betting on multiple sporting events, and did notably better than other gamblers (both human and bots) creating a 30% higher return on investment.
Title: Will Blockchain Render the Bill of Lading a Relic?
Author: National Law Review (USA)
Date: 21 August 2017
Extract: Today, hundreds of years after the introduction of the bill of lading, technological innovation—and of particular interest, the emergence of blockchain technology—is raising new questions about the future of this venerable document of title. Recent media accounts report collaborative ventures between traders and financial institutions using blockchain solutions to serve the functions of bills of lading.1
Title: A Lawyer’s Use of Blockchain Technology
Author: The Market Mogul
Date: 19 August 2017
Extract: The legal implications of Bitcoin, ICOs and even blockchain technology itself have been widely discussed. For Russia’s move to legalise the ICO and provide investor protection to Blockchain adoption for applications, the implications for law enforcement have always been considered. However, how can blockchain be used to the advantage of law firms and legal practitioners? What advantages can blockchain bring to the legal profession?
Title: International Swaps and Derivatives Association releases whitepaper on legal perspective of blockchain technology
Author: Econo Times
Date: 15 August 2017
Extract: The International Swaps and Derivatives Association (ISDA) and Linklaters earlier this month released a whitepaper titled “Smart Contracts and Distributed Ledger – A Legal Perspective.” The paper sets out what smart contracts and distributed ledger technology (DLT) are, how they can be used in the context of derivatives, and the related legal considerations. It says that while smart contracts have great potential to be used for derivative products and ISDA documentation, the technology is still nascent. In addition, the paper also lists technologies that would be complementary to DLT and smart contracts s that could enhance use of the ISDA documentation. These includes E-Signing and Modularisation. The paper calls for industry wide standards to ensure smart contracts are interoperable across firms and platforms. To that end, it said that ISDA is working to develop these standards. ISDA said that it has set up working groups to coordinate the various legal/documentation, regulatory, technological and reporting workstreams in order to future-proof standard documentation and align data standards.
Title: Copyright Protection Through Blockchain
Author: Lana Smiley For Coin Idol
Date: 16 August 2017
Extract: Intellectual ownership rights registration through the blockchain – is it of any actual legal force? There are currently a number of platforms helping protect the intellectual ownership rights to works of art. The issue is as ancient as art itself, as there have always been cases of theft and piracy. The other question is whether those projects are really able to protect authors against piracy or plagiarism by, for example, serving as evidence in court.
Different countries have different legislation, which does not always pay great attention to copyright protection and does not always acknowledge blockchain-registered copyright as evidence.
According to Addison Cameron-Huff, Tech Lawyer & Programmer, “The only way to change that is legislative reform, however there’s no way to displace the national registries so far.”