Bitcoin, Ether, NFT & Co. – Our Strategies for Blockchain
Blockchain is THE technology of the future. But as fast as technical development is advancing, the legal framework is lagging behind. Whether it’s cryptocurrencies, NFTs, elections, governance or blockchain applications that haven’t even been invented yet: legal problems exist everywhere. This makes it all the more important to identify and manage the resulting risks at an early stage.
Into the future with smart contracts: Don’t talk, do.
Some lawyers have a difficult relationship with digitization. The fax machine sends its regards. The polar bear has a huge hunting ground of over 150 kilometers. This shows: Success can only be achieved with foresight. The others can stand still. We prefer to accompany the technological progress that the blockchain will achieve from the front row. We don’t think in terms of dangers, but in terms of potential.
Our solutions for the Blockchain
NFTs & Tokenization on the Blockchain.
Who the fuck is Sotheby’s? In the first quarter of 2021, 10 percent of global art market revenue was already generated via Non-Fungible Tokens (NFTs). This is a one-time, non-replaceable token on a blockchain that certifies the authenticity of a file. In March 2021, a blockchain artwork was auctioned for nearly $70 million USD. The market is gigantic and certainly not limited to crypto art niches. NFTs are becoming relevant wherever authenticity is to be created. Would you like to buy or sell NFTs now, too?
Safe with Cryptocurrencies
Are you a bitcoin millionaire? Unfortunately, we aren’t. But you have to look at it positively: If we were, we would have to pay a lot of taxes now. Nevertheless, we know how to do that. But even beyond cryptocurrencies as an object of speculation, the risks are manifold: your company offers crypto services? Then you may be a crypto custodian and need a license. You have had Bitcoins, Ether or Dash stolen? Then you should act quickly to avoid being stuck with your losses. Do you trade on crypto exchanges? Come to us with your questions so that we can at least still become Bitcoin millionaires through consulting fees!
Data protection on the Blockchain
Have you ever tried to modify a blockchain after the fact? If you succeeded, you should be a billionaire by now. In the unlikely event that you are not a billionaire, we can reassure you: It wasn’t up to you. A blockchain is fundamentally immutable. However, according to the GDPR, everyone has the right to have their personal data deleted. How is that supposed to work? Technically, not at all, so you need shrewd lawyers to get you out of the act. Also, determining who is even the controller of a blockchain is often problematic. But the risks are great: companies that violate the GDPR risk claims for damages from data subjects under Art. 82 and fines under Art. 83. You can take action against this after the fact. However, it is always better not to let it get that far in the first place.
Framework for Smart Contracts
Code is Law. What seems strange at first glance is actually logical: Both code and law are a sequence of if-then conditions. The special feature of smart contracts is that they can bring about a legal consequence in a fully automated way. Like eBay, only in cool. And complicated. Use cases of smart contracts are broad. The problem: this technology contradicts virtually our entire understanding of civil law. How does a contract come into existence in the first place? What needs to be considered in the event of a challenge? Who is liable for programming errors? Our recommendation: It is not the contract that should be the smartest, but you! So think about the legal level of your project from the beginning.
Governance systems on the Blockchain
A blockchain rarely comes alone. The entire topic is simply too complex to run blockchain applications without a plan, let alone a strategy. Technical developments, business planning, and the legal framework are just a few of the components of the tug-of-war in which operations operate. It doesn’t matter if you are rolling out an entire blockchain yourself or just implementing an application on an existing chain like Ethereum. Every project should have a governance system in place to get to the highest level of success.
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