scholarly journals Corporate Governance Modernization: Legal Trends and Challenges

2019 ◽  
Vol 71 ◽  
pp. 04011 ◽  
Author(s):  
M.A. Tokmakov
Keyword(s):  
Artificial Intelligence ◽  
Corporate Governance ◽  
Legal Personality ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Decentralized Autonomous Organizations ◽  
Artificial Intelligence Algorithm ◽  
Corporation Management ◽  
The Impact

Development of digital technology opens up new opportunities for corporate governance. At the same time, modern law faces a difficult task – to find a balance between creating conditions for development of technologies including by means of non-interference, and providing the stakeholders in corporate governance with proper legal guarantees. This paper considers the impact of some of the most significant digital technologies on corporate governance, such as distributed ledger technology, smart contracts and artificial intelligence. There are certain legal trends and challenges arising from such innovations including the pursuance of sociability, peer-to-peer and decentralization of corporate governance which in many cases is associated with abolishing of bodies (of a part of bodies) for a corporation management, or transferring their powers (a part of powers) to the corporation members and/or to a computer program (artificial intelligence, algorithm, smart contract). Besides, the paper considers occurrences of new subject of corporate relations – crypto-assets (tokens) holders as well as the possibility for recognition of the legal personality of computer programs, in particular, decentralized autonomous organizations and artificial intelligence.

scholarly journals Digitalization of Institutions of Corporate Law: Current Trends and Future Prospects

Laws ◽  
2021 ◽  
Vol 10 (4) ◽  
pp. 93
Author(s):  
Vasiliy Andreevich Laptev ◽  
Daria Rinatovna Feyzrakhmanova
Keyword(s):  
Corporate Governance ◽  
Digital Technologies ◽  
Corporate Law ◽  
Legal Personality ◽  
Economic Relations ◽  
Current Trends ◽  
Digital Network ◽  
Decentralized Autonomous Organizations ◽  
Education Science ◽  
The Impact

Digital technologies have been integrated into all aspects of public life, including politics, law, finance, business, education, science, and society. As a result of the use of digital technologies by various subjects, a transformation has occurred of the economic relations existing in society, including corporate relations. This study analyzes the impact of digitalization on individual institutions of corporate law. The authors investigate the following aspects of the digitalization of corporate law: (1) digital legal personality of the corporation (online registration (e-residency) of corporations and the digital footprint that companies leave in public registers); (2) digital corporate governance; and (3) digital (network or decentralized) autonomous organizations. The purpose of this research is to identify trends and directions of transformation of individual institutions of corporate law in a digital society. The authors conclude that the digitalization of institutions of corporate law will result in: (1) the reinterpretation of certain concepts of corporate law, such as corporation and corporate governance; (2) the improvement of the legal mechanisms of corporate governance following the introduction of AI into the collegial executive bodies of corporations; (3) the digitalization of corporate assets; and (4) the emergence of new subjects of corporate and other relevant relations.

Keynote

2021 ◽  
Vol 48 (4) ◽  
pp. 3-3
Author(s):  
Ingo Weber
Keyword(s):  
Cost Estimation ◽  
Estimation Method ◽  
Main Topic ◽  
System Throughput ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Wide Range ◽  
The Cost ◽  
Application Developers

Blockchain is a novel distributed ledger technology. Through its features and smart contract capabilities, a wide range of application areas opened up for blockchain-based innovation [5]. In order to analyse how concrete blockchain systems as well as blockchain applications are used, data must be extracted from these systems. Due to various complexities inherent in blockchain, the question how to interpret such data is non-trivial. Such interpretation should often be shared among parties, e.g., if they collaborate via a blockchain. To this end, we devised an approach codify the interpretation of blockchain data, to extract data from blockchains accordingly, and to output it in suitable formats [1, 2]. This work will be the main topic of the keynote. In addition, application developers and users of blockchain applications may want to estimate the cost of using or operating a blockchain application. In the keynote, I will also discuss our cost estimation method [3, 4]. This method was designed for the Ethereum blockchain platform, where cost also relates to transaction complexity, and therefore also to system throughput.

scholarly journals A Proximal Algorithm for Fork-Choice in Distributed Ledger Technology for Context-Based Clustering on Edge Computing

2020 ◽  
Vol 2 (1) ◽  
pp. 92
Author(s):  
Rahim Rahmani ◽  
Ramin Firouzi ◽  
Sachiko Lim ◽  
Mahbub Alam
Keyword(s):  
Large Scale ◽  
Cluster Head ◽  
Edge Computing ◽  
Computing Technology ◽  
Proximal Algorithm ◽  
Data Intensive ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Iot Devices

The major challenges of operating data-intensive of Distributed Ledger Technology (DLT) are (1) to reach consensus on the main chain as a set of validators cast public votes to decide on which blocks to finalize and (2) scalability on how to increase the number of chains which will be running in parallel. In this paper, we introduce a new proximal algorithm that scales DLT in a large-scale Internet of Things (IoT) devices network. We discuss how the algorithm benefits the integrating DLT in IoT by using edge computing technology, taking the scalability and heterogeneous capability of IoT devices into consideration. IoT devices are clustered dynamically into groups based on proximity context information. A cluster head is used to bridge the IoT devices with the DLT network where a smart contract is deployed. In this way, the security of the IoT is improved and the scalability and latency are solved. We elaborate on our mechanism and discuss issues that should be considered and implemented when using the proposed algorithm, we even show how it behaves with varying parameters like latency or when clustering.

scholarly journals ARTIFICIAL INTELLIGENCE: IS IT A THREAT OR AN OPPORTUNITY BASED ON ITS LEGAL PERSONALITY AND CRIMINAL LIABILITY?

2021 ◽  
Vol 6 (20) ◽  
pp. 01-09
Author(s):  
Mark Louis ◽  
Angelina Anne Fernandez ◽  
Nazura Abdul Manap ◽  
Shamini Kandasamy ◽  
Sin Yee Lee
Keyword(s):  
Artificial Intelligence ◽  
Information Technology ◽  
Criminal Liability ◽  
Legal Person ◽  
Human Intelligence ◽  
Legal Research ◽  
Legal Personality ◽  
The World ◽  
Technological World ◽  
The Impact

Information technology is taking the world by storm. The technological world is changing rapidly and drastically. Human activities are taken over by robots and computers. The usage of computers and robots has increased productivity in various sectors. The emergence of artificial intelligence has stirred up many debates on both its importance and limitations. Artificial intelligence is directed to the usage of Information Technology in conducting tasks that normally require human intelligence. The expectation of artificial intelligence is high, nevertheless, artificial intelligence has its shortcomings namely the impact of artificial intelligence on the concept of a legal personality. The problem with artificial Intelligence is the debate on whether does it have a legal personality? And another problem is under what situation does the law treat artificial intelligence as an entity with its own rights and obligations. The objective of this article is to examine the various definitions of legal personality and whether artificial intelligence can become a legal person. The article will also examine the criminal liability of artificial intelligence when a crime has been committed. The methodology adopted is qualitative namely Doctrinal Legal Research by analyzing the relevant legal views from various journals on artificial intelligence. The study found out that artificial intelligence has its limitations in defining its legal personality and also in examining the criminal liability when a crime has been committed by robots.

scholarly journals Prospective applications of new technologies and artificial intelligence for systematizing the results of intellectual activity

2020 ◽  
Vol 224 ◽  
pp. 03018
Author(s):  
L Novoselova ◽  
E Grin
Keyword(s):  
Artificial Intelligence ◽  
Intellectual Property ◽  
New Technologies ◽  
Intellectual Activity ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Key Characteristics ◽  
Legal Structures ◽  
The Russian Federation ◽  
Ministry Of Higher Education

The article addresses the prospects of using distributed ledger technologies – blockchain and artificial intelligence – for the purpose of systematizing the rights to the results of intellectual activity for their subsequent commercialization. The authors describe the key characteristics of the distributed ledger technology and review various legal problems pertaining to the use of blockchain technologies. The authors draw conclusions regarding the prospects of using blockchain and artificial intelligence technologies as measures for rapid prevention and elimination of intellectual rights violations. They also express their views on the process of commercializing intellectual property and reducing the number of conflicts related to the inclusion of intellectual property objects into distributed ledger systems. The article was prepared with the financial support of the Ministry of Higher Education and Science of the Russian Federation within the framework of the research “Scientific and methodological support for the development of theoretical and applied legal structures (models) of accounting and disposal of rights to the results of intellectual activity (technology transfer)

scholarly journals Evaluation Blockchain Using COSO

2020 ◽  
Author(s):  
Nishani Edirisinghe Vincent ◽  
Reza Barkhi
Keyword(s):  
Internal Control ◽  
Internal Controls ◽  
Smart Contracts ◽  
Collaborative Environment ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Enterprise Risk ◽  
Trading Partners ◽  
Develop Technology ◽  
The Impact

As companies begin to explore and develop technology solutions based on blockchain and smart contracts, there is a need to understand the impact of blockchain and smart contracts on the assessment of internal controls and enterprise risk. Especially, since the distributed ledger and smart contracts blur the system boundaries between trading partners, there is a need to understand whether internal control assessments based on a single company approach is adequate in an integrated and collaborative environment. We provide an overview of smart contracts for practitioners and describe the associated risks of engaging in a blockchain consortium. We also list potential questions related to internal controls that may be considered when either engaging in a consortium or executing a smart contract. We then discuss whether current frameworks, specifically the Committee of Sponsoring Organization (COSO) integrated and COSO Enterprise Risk Management (ERM) frameworks, adequately address a collaborative supply chain ecosystem.

scholarly journals Comprehensive use of identification technologies and distributed ledger technology for the development of electronic services provided through multi-purpose smart documents

2020 ◽  
Vol 65 (1) ◽  
pp. 110-116
Author(s):  
A. V. Reshetniak ◽  
V. I. Dravitsa
Keyword(s):  
Education System ◽  
Weighting Factor ◽  
Fair Competition ◽  
Advantages And Disadvantages ◽  
Functional Capabilities ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Payment Cards ◽  
And Control

The article covers the possibilities of comprehensive use of identification technologies and Distributed Ledger Technology (DLT) for increasing the efficiency of electronic services provided through multi-purpose student cards. The main advantages and disadvantages of the existing intellectual document emission systems in the Belarusian education system are assessed, including: centralized (the “Student Card” project) and decentralized (the electronic student card) ones. The proposal to use the DLT-model for issuing multi-purpose electronic student cards combined with bank payment cards has been grounded. Such model makes it possible to implement new functional capabilities when providing electronic services and has a number of advantages over the existing systems of electronic student documents issuance. The article describes how Public Blockchain and Private Blockchain can be used to issue and control intellectual documents, to accelerate the development of the electronic services provided through Smart Contract, and how the Smart Contract technology can be used to promote fair competition among electronic services providers. The methodology of evaluating the electronic services provider rating basing on the weighting factor of “usefulness” or “being in demand” is proposed. The article provides information on the expected effects of the proposed DLT-model implementation, obtained through the comprehensive use of identification technologies and distributed ledger technology.

scholarly journals Application of “blockchain” and “smart contract” tehnology in international payments – the case of reimbursement banks

Pomorstvo ◽  
2020 ◽  
Vol 34 (1) ◽  
pp. 166-177
Author(s):  
Mario Pečarić ◽  
Ivan Peronja ◽  
Mislav Mostarac
Keyword(s):  
Digital Technology ◽  
Trade Credit ◽  
International Exchange ◽  
Maritime Transport ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
International Payment ◽  
Potential Impact ◽  
Modern Technologies

The aim of this paper is to find alternative method of executing reimbursement loan, as a form of documentary loan, that is, to investigate new digital technology methods (fintech) to improve the efficiency of the international exchange. Reimbursement loans are often used to credit the trade of overseas goods. The reason of such case is that the shipment of goods by the maritime transport requires a significant amount of time and those trades are often associated with high financial amounts. Since international trade (exchange) is a kind of a generator of society’s progress, it is necessary to explore the possibilities for making international payment cheaper, more efficient and more secure. In this case, we based our research on the implementation of modern technologies, more precisely “blockchain”/DLT (Distributed Ledger Technology) and “smart contracts”. The new reimbursement loan model presented in the paper is based on the aforementioned technologies. It could potentially change not only the documentary lending techniques, but also, eventually, overall financial paradigm. The effectiveness of the application of modern technologies is proven comparing the results of the so called conventional and unconventional reimbursement credit model on a real case involving two companies in Indonesia and Singapore. The paper also tackles on the further implementation of “smart contract” technology and “blockchain”/DLT, thus considering the potential impact of these technologies on overseas trade, credit markets and financial institutions. Finally, the paper argues on the limitations in implementing this new technique (e.g. legal, political and technical challenges).

Sign in / Sign up

Export Citation Format

Share Document