Plugin Issue #28_Blockchain 2020 in Germany
The Blockchain Strategy of the German Federal Government addresses the main topics concerning the future development of DLT and Blockchain in Germany. This PlugIn issue deals with the legal impact of the Strategy and the potential lack of regulation that challenges the industry for the time being. We will focus our summary on the sectors of Banking and Finance, Energy and Logistics.
The Blockchain Strategy of the German Federal Government addresses the main topics concerning the future development of DLT and Blockchain in Germany. This PlugIn issue deals with the legal impact of the Strategy and the potential lack of regulation that challenges the industry for the time being. We will focus our summary on the sectors of Banking and Finance, Energy and Logistics.
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Legal Challenges Associated with the Adoption of Smart<br />
Contracts <strong>in</strong> the Industry 4.0<br />
The German government recently issued a strategy paper deal<strong>in</strong>g with legal<br />
challenges connected to the implementation of the blockcha<strong>in</strong> technology <strong>in</strong> German<br />
<strong>in</strong>dustry, <strong>in</strong> particular the obstacles associated with the adoption of smart contracts as<br />
part of <strong>in</strong>dustry 4.0. This article will highlight the recent developments, essential legal<br />
challenges and will return to the respective approaches <strong>in</strong>troduced by the German<br />
government to address the downsides associated with the implementation of smart<br />
contracts.<br />
Between a Cypherpunk Vision and the Industrial<br />
Implementation<br />
The term “smart contract” has its roots <strong>in</strong> the mid-1990s. Nick Szabo <strong>in</strong>troduced the<br />
concept as “a computerized transaction protocol that executes the term of a contract”<br />
(see for <strong>in</strong>stance here). The term “smart contract” significantly ga<strong>in</strong>ed popularity with<br />
the <strong>in</strong>troduction of the Ethereum blockcha<strong>in</strong> and other distributed ledgers serv<strong>in</strong>g as<br />
background architecture <strong>in</strong> order to realize the cypherpunk vision described by Szabo<br />
nearly 25 years ago. This po<strong>in</strong>t marked a technological breakthrough, as on…<br />
Dr. Eduard Hofert<br />
Associate, Hamburg<br />
PROFILE<br />
READ MORE<br />
<strong>Issue</strong> <strong>#28</strong><br />
4
Change language