As a fifth and last post on this blog series regarding blockchain, Stein IP introduces “Regulating Blockchain: A New Challenge for Society” As known and explained on our previous posts, Blockchain is a growing technology that promises to streamline processes, clarify transactions and avoid third parties interventions and costs. Moreover, it’s better known as the platform where Bitcoin and other cryptocurrencies are processed, which triggered governments and regulatory agencies to realize that a lot of the money involved in financial transactions worldwide was carried out using these kinds of digital currencies. Along with this, in some cases this money was used to fund certain illegal activities. Due to this, countries all around the globe have started issuing regulations to control Blockchain technology. Below there are some examples of regulations in different countries on Blockchain technology: European Union On May 25, the General Data Protection Regulation (GDPR) issued a regulation that allows users to delete personal information on a Blockchain network.
As a fourth post on this blog series regarding blockchain, Stein IP introduces “Blockchain and IP Law.” Due to Blockchain is frequently related with Bitcoin exclusively, people might think Intellectual Property (‘IP’) Law and Blockchain are incompatible or perhaps never thought of a potential combination of these two. But what if we were able to trace an intellectual property right from its beginnings? Seems like Blockchain may have the answer to that question and many others, opening a wide range of opportunities where IP Law proceeds. First of all, Blockchain could help fix IP registration system inefficiencies. In the United States, according to the US Patent and Trademark Office (USPTO), it takes more than a year to take action after a filing because a lot of applications are subject to manual review, resulting in the total length of time from filing to completing the registration to be 2 years in most cases. This is a real problem if we talk
As a third post on this blog series regarding blockchain, Stein IP introduces “How is the world using blockchain?” In our previous two posts we have explained what blockchain is and how it affects businesses, in this post we will be talking about the different uses blockchain has or can potentially have in different sectors. From financial services, to voting, to healthcare, blockchain has many applications to today’s world and companies and individuals are starting to dive into them. Cryptocurrencies Probably the most known application of blockchain has been cryptocurrencies. Cryptocurrencies are essentially digital money, digital tools of exchange that use cryptography and with blockchain technology it can facilitate secure and anonymous transactions among users. Cryptocurrencies like Bitcoin and Ethereum (the two biggest cryptocurrencies of this technology) are necessary for many of the applications and transactions in blockchain. Even when writing and executing smart contracts in the network, participants in the transaction must have a cryptocurrency stake and unlike traditional markets,
By Pablo N. Garcia Rodriguez As a second post on this blog series regarding Blockchain, Stein IP introduces “Blockchain & Business: Improving Your Companies’ Future.” Considering the power of Blockchain, it is not surprising that it can also be applied to business. In fact, companies such as Walmart and FedEx implement Blockchain technology as a way to manage their supply chains since it makes possible tracking a product from its origin and controlling assets’ conditions instantly. There are a lot of applications for this technology in the business field, such as smart contracts and transactions recording which can be achieved thanks to Blockchain being a distributed ledger. But what is a distributed ledger and why is everyone talking about it? A distributed ledger is a decentralized, synchronized and shared database where information is recorded. Decentralized: Data doesn’t rely on a central point of control, it is stored within a network of nodes. Due to lack of a single authority, is
By Carla Vercellone As the first post in our new series on Blockchain technology, we will comment on the basics of blockchain, who participates in a blockchain network and how it works, and finally we’ll touch on the major cryptocurrency in the network, Bitcoin. Since its introduction in 2008 as the creation of a person, or group of people, known by the pseudonymous Satoshi Nakamoto, blockchain has grown and evolved into becoming the future of today’s internet and transactions. What is blockchain? The blockchain is a decentralized, shared, and immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, a car, etc.) or intangible (intellectual property, patents, copyrights, etc.). Anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved. Transactions made in bitcoin or other cryptocurrencies are recorded chronologically and publicly between two parties, being efficient and in