LEGAL BASIS OF REGULATING BLOCKCHAIN TECHNOLOGY AND SMART CONTRACTS IN MALAYSIA

There has been a widespread use of blockchain-based smart contracts in various financial and property sectors, gaining popularity in recent years. By greatly simplifying the economic turnover, the potential efficiency and profitability arises from the fact that smart contracts use software to perform certain tasks through automated processes, minimizing the involvement of intermediaries and, therefore, significantly reducing transaction costs. The wide spread of new technologies always gives rise to various problems, and legislation is often not adapted to the pace of socio-economic changes in the state. Despite the positive side of such technological development, the consequences may entail certain dangers for the participants of this kind of relationship. The absence of the very concept of smart contract in the legislation of most states gives rise to undoubted difficulties in determining their legal essence. The presented study examines the current state of smart contracts in Malaysia, examines the viability of the Malaysian legal framework in relation to the practice of using smart contracts and blockchain technology, and analyzes legislation and policy documents in force in Malaysia.

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Maritime Labour

The Globalisation of the Oceans ◽

10.5949/liverpool/9780973007336.003.0008 ◽

2000 ◽

pp. 213-256

Author(s):

Frank Broeze

Keyword(s):

Social Impact ◽

New Technologies ◽

Technological Development ◽

Labour Force ◽

Work Force ◽

Social Consequences ◽

Shipping Industry ◽

Economic Changes ◽

International Transport ◽

Transport Workers

This chapter examines the social impact that containerisation - and the drastic topographical and economic changes to the shipping industry - had upon the livliehoods of maritime labourers. It explores the challenges and consequences of new technologies faced by labourers and maritime communities within the shipping industrythe drastic shifts in skillsets necessary for maritime labourers in order to keep up with technological development; and the reduction of labour force within the shipping industry. The chapter is divided into sections as follows: Seafarers; Flags of Convenience; Training; Down-sizing and Multi-skilling; Safety and Accidents at Sea; Port Workers; Decimation of the Work Force; Social Consequences of Containerism; Industrial Conflicts and Port Workers’ Unions; The International Transport Workers’ Federation; and Resugent Militancy and Political Protest. It concludes by suggesting the only way forward is to approach modernisation, globalisation, and privatisation with a humane outlook.

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THE ESSENCE OF BLOCKCHAIN TECHNOLOGY AND ITS APPLICATION IN THE FINANCIAL SPHERE

Pryazovskyi Economic Herald ◽

10.32840/2522-4263/2021-1-33 ◽

2021 ◽

Author(s):

Viktor Stepura

Keyword(s):

Business Processes ◽

Banking Sector ◽

New Technologies ◽

Distributed Database ◽

Smart Contracts ◽

Process Step ◽

Customer Data ◽

Legal Norms ◽

Theoretical Substantiation ◽

Blockchain Technology

The constant demand of society to improve the speed and security of business processes is the driving force behind the emergence of new technologies and solutions, one of which is the blockchain. The article provides a theoretical substantiation of the essence of blockchain technology as an economic category. The object and subjects of the blockchain are defined, its inherent functions and principles are formed. The article also proposes an approach to the classification of blockchain types, all this allows a comprehensive approach to the study of the process of using blockchain technology in the financial sphere. The paper describes and reveals the blockchain process step by step. The process is described in a universal way, suitable for working with any projects based on a distributed database. The article provides examples of the use of blockchain technology in various areas of financial activity. In the banking sector, blockchain can improve the security and speed of domestic and international payments, and such payments will also be practically free for the parties. In insurance, the introduction of blockchain technology will help companies instantly exchange customer data, and the use of smart contracts will speed up the work with insurance policies. Thanks to the blockchain in accounting, information about transactions, contracts, etc. will be recorded in the general register in real time, so the verification of compliance with legal norms will occur automatically. This will significantly increase the operational efficiency of organizations. The use of blockchain in audit will make this process more transparent, and the time of its implementation will be significantly reduced due to reliable and up-to-date accounting records between counterparties. In the securities market, the blockchain will digitize securities, which will increase their liquidity, as well as help to better comply with the law, and will allow flexible transfer and accounting of ownership of such assets. In working with smart contracts, thanks to the code running on the blockchain, the contract can be executed automatically. At the end of the article, the conclusions are formed and the forecast of the development of the blockchain market for the coming years is given.

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Blockchain is making global insurance more efficient

Emerald Expert Briefings ◽

10.1108/oxan-db220717 ◽

2017 ◽

Keyword(s):

Asymmetric Information ◽

Financial Stability ◽

New Technologies ◽

Private Firm ◽

Smart Contracts ◽

Content Type ◽

Insurance Sector ◽

Blockchain Technology ◽

Bank Of England

Subject Blockchain is transforming the insurance sector. Significance Insurers are turning to disruptive new technologies to facilitate the management of risks within their organisation and across the industry. Blockchain technology can cut through the complexity surrounding asymmetric information that has hindered the sector. Impacts In November 2016, the Financial Stability Board said it is assessing the likely impacts of blockchain technology on financial stability. In partnership with a private firm, the Bank of England has built a model with smart contracts to test different applications of blockchain. A Deloitte survey of 300 US firms found that 10% had invested 10 million dollars or more in blockchain, though 39% knew little about it.

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National Digital Currency as a Factor of the Russia’s Economic Revival

Economics taxes & law ◽

10.26794/1999-849x-2019-12-1-30-36 ◽

2019 ◽

Vol 12 (1) ◽

pp. 30-36 ◽

Cited By ~ 1

Author(s):

V. V. Grigoriev

Keyword(s):

Legal Framework ◽

Domestic Economy ◽

Goods And Services ◽

Paper Money ◽

Advantages And Disadvantages ◽

Digital Currency ◽

Blockchain Technology ◽

Current State ◽

The Government ◽

Definition Of

The past decade has highlighted the increasing role of virtual electronic digital currency in the financial sphere. This currency is now performing the functions of investment, storage and accumulation rather than solely the function of measuring the value of goods and services. Thus, the virtual digital currency has come to implement all basic functions of paper money.The purpose of the paperwas to put forward the thesis of the feasibility of introduction in Russia of a new virtual national digital currency operating on the basis of the blockchain technology, which will significantly revitalize the domestic economy. The paper provides the definition of the virtual digital currency and its types, discusses its advantages and disadvantages, gives a brief overview of the experience of using this currency in Russia and abroad, shows the current state of cost capitalization of the virtual digital currency and describes the legal framework for the virtual digital currency application. The paperconcludesthat rather than forbidding the crypto currency, there are all the reasons to arrange the issue and circulation of an officially accepted type of a virtual national digital currency that would give a powerful impetus to the development of all spheres of the country’s economy. Special attention is paid to the mechanism of the national digital currency operation with the government participation. Every citizen will be able to get a salary in a few seconds, buy everything he wants, invest in any project. Records of transactions in the user’s personal digital electronic purse will completely relieve him of paperwork. It is important to note that blockchain protocols do not allow transaction canceling or compulsory change of ledger entries. This means that all transactions will become safe and anonymous, and anonymity cannot be violated if only by illegal operations. This will suit all law-abiding citizens of the country. The advantages of the national digital currency will ensure its wide circulation in the country and lead to significant shrinking of the “gray” and “dark” cryptocurrency markets and revival of the domestic economy.

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Current State and Development Trends of blockchain Technology in the Financial Sector

Finance Theory and Practice ◽

10.26794/2587-5671-2019-23-6-26-35 ◽

2019 ◽

Vol 23 (6) ◽

pp. 26-35

Author(s):

G. O. Krylov ◽

V. M. Seleznev

Keyword(s):

Data Storage ◽

Diffusion Of Innovations ◽

New Technologies ◽

Financial Sector ◽

Political Agenda ◽

Scientific Publications ◽

Blockchain Technology ◽

Current State ◽

Sociological Approaches ◽

Practical Implications

The article analyzes the main reasons for the slow adoption of blockchain technology, in particular, in the financial sector. The authors critically analyzed the main declared properties of blockchain technologies: trust, security, decentralization, immutable data storage, lack of intermediaries, hardware protection against attacks, and openness. The aim of the study are to show that these blockchain properties are overestimated, the expectations of its adoption are inflated, and the delays in its adaptation outside of cryptocurrencies, in particular, in the financial sector, are natural. The article is based on a methodology for the qualitative and quantitative analysis of scientific publications and statistical sources on the blockchain adaptation from the perspective of the theory of diffusion of innovations, the conditions and the specifics of economic and sociological approaches for consensus-building. The study resulted in the following new systemic findings. Blockchain and distributed ledgers are not fundamentally new technologies. In general, they do not have the properties of the immutable data storage, trust, anonymity, low transaction and adoption costs. All current consensus technologies have fundamental faults. Cryptocurrency technology is original, but it was a private experimental solution to a specific ideological problem of the libertarian political agenda. Consensus does not provide trust. Delayed blockchain adoption, in particular in traditional financial institutions, is natural, since the technology does not show better results than current digital solutions, and traditional economic institutions have greater public trust. The practical implications of the findings are that they may be used by investors.

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Blockchain Technology

Advances in Systems Analysis, Software Engineering, and High Performance Computing - Architectures and Frameworks for Developing and Applying Blockchain Technology ◽

10.4018/978-1-5225-9257-0.ch005 ◽

2019 ◽

pp. 86-109

Author(s):

Tarek Taha Kandil ◽

Shereen Nassar ◽

Mohamed Taysir

Keyword(s):

Legal System ◽

Business Models ◽

New Technologies ◽

Smart Contracts ◽

New Approach ◽

Blockchain Technology ◽

Crypto Currency ◽

The Creation

Blockchain technology starts to reconfigure all aspects of society to make it clear and beneficial for the legal system. The chapter introduces “The Blockchain Revolution” in categories 1.0, 2.0, and 3.0; in the form of analyzing the use of the technology that is being applied in new innovative business models, Blockchain 1.0 starts with the creation of the first blockchain and the introduction of the technology in the “Bitcoin Whitepaper,” the crypto-currency model, via Bitcoin's application in services related to cash, payments, and transfers. Blockchain 2.0 starts with the indication that using smart contracts on blockchains will be available via the development of syntax (i.e., “solidity” that would enable developers to create solutions with blockchain technology at the backend). The chapter explores the feature of the new disruptive business models-based blockchain technology as a new approach in delivering business products and services. In the chapter, the authors explore the new technologies raised in different fields of business.

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Smart contracts to enable sustainable business models. A case study

Management Decision ◽

10.1108/md-09-2019-1266 ◽

2020 ◽

Vol 58 (8) ◽

pp. 1601-1619

Author(s):

Francesca Dal Mas ◽

Grazia Dicuonzo ◽

Maurizio Massaro ◽

Vittorio Dell'Atti

Keyword(s):

Business Models ◽

New Technologies ◽

Smart Contracts ◽

Sustainable Business ◽

Content Type ◽

Blockchain Technology ◽

Start Up ◽

Social Proof ◽

Sustainable Business Models

PurposeThe objective of this study is to deepen how blockchain technology through smart contracts can support the development of sustainable business models (SBMs). Particularly, the authors aim to determine the key elements enabling SBMs by applying smart contracts.Design/methodology/approachThe research context focusses on the case study of SmartInsurance, which is a fictitious name for a start-up in the insurance sector and the real name of which is not to be revealed. The start-up was able to collect 18m euros in 80 s in a crowdfunding operation, using smart contracts and a revolutionary business model. Internal as well as external documents of different sources are analysed and coded to gather information about the company, its values and its business and what it pursues with employing blockchain technology.FindingsThe results show how smart contracts can reduce the costs of transactions, increase social trust and foster social proof behaviours that sustain the development of new SBMs.Originality/valueThis study contributes to both the transaction cost theory and social proof theory, showing how new technologies such as the blockchain can provide a fresh perspective to support the development of SBMs.

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Juridical Status of So-called Smart Contracts against the Background of the Polish Legal Framework

Masaryk University Journal of Law and Technology ◽

10.5817/mujlt2019-2-3 ◽

2019 ◽

Vol 13 (2) ◽

pp. 189-218

Author(s):

Bogna Kaczorowska

Keyword(s):

Technological Innovation ◽

Legal Framework ◽

Contract Law ◽

Practical Implementation ◽

Smart Contracts ◽

Current Development ◽

Law System ◽

Blockchain Technology ◽

Legal Implications ◽

The Impact

Among substantial advancements challenging contemporary contract law special attention is given to autonomous, cryptographic solutions based on decentralised infrastructure provided by blockchain technology, intended to execute transactions automatically, designated as smart contracts. The need for comprehensive research on legal implications of practical implementation of this technological innovation is triggered particularly by the prognostications declaring it a valid alternative to hitherto contract law framework that is expected to be ultimately replaced by algorithmic mechanisms underpinning smart contracts.A relevant assessment of the impact smart contracts are presumed to have on the contract law domain requires a thorough analysis of their juridical status. The specificity of the category of smart contracts raises doubts whether they comply with the definition criteria inherent to contract law terminology. Additionally, it is of material importance to determine the function smart contracts can perform in the sphere of contractual practice and to confront it with the role and axiology of contract law.The article aims at analysing the peculiarities of smart contracts from the perspective of the Polish private law system with account being also taken of current development tendencies concerning the concept of contract.

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Conflict-Of-Law and "Non Law" Renovation of the Lex Mercatoria, Smart Contracts and Blockchain Arbitration

Lex Russica ◽

10.17803/1729-5920.2019.152.7.093-107 ◽

2019 ◽

pp. 93-107 ◽

Cited By ~ 2

Author(s):

M. V. Mazhorina

Keyword(s):

New Technologies ◽

State Regulation ◽

Smart Contracts ◽

Private International Law ◽

Paradigm Shifts ◽

Commercial Arbitration ◽

Blockchain Technology ◽

The Law ◽

Lex Mercatoria ◽

Conflict Of Law

The central institute of private international law — conflict of law — in the modern globalization and information context is evolving, which is largely due to the paradigm shifts in law, laid down and developed based on international commercial arbitration. The widely interpreted concept of «rules of law» actualizes a completely new view of conflicting arrays of rules: the law of the state and the system of non-state regulators. The medieval lex mercatoria, revived in the XX century, is modernized by cyberspace, acquires a new sound in the form of e-merchant or lex informatica, especially in the context of the parallel development of smart contracts and new decentralized forms of dispute resolution, one of which is blockchain arbitration. In particular, the issues of conflict of law, traditional for cross-border transactions, arise in relation to smart contracts, which, using blockchain technology, are inherently linked to several jurisdictions. It is important to reflect on the questions of applicability of traditional conflict-of-laws bindings to the regulation of relevant relations, including through forecasting the practice of choosing the law of a state, the substantive rules of which are adapted to the use of new technologies, or recourse to the rules of non-state regulation.

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