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Blockchain Tech – The New Legal Eagle?

Categories Guest Post

Blockchain Tech – The New Legal Eagle?

Blockchain technology is not one of the latest inventions, but it could very well be one of the most revolutionary. Most people have heard about it in its relation to Bitcoin, but cryptocurrency applications are a very small part of what this smart technology can do.

Still, blockchain has already made waves across a range of different industries.

Taking all into consideration, we are interested in exploring the potential implementation of this technology in the legal profession. It’s early days, yet some firms have already been investigating how the DLT technology might be applied to contract law for instance. In this blog, we’ll take a look at how blockchain might transform the legal industry.

Smart Contracts

Smart contracts are one of the ways to simplify the procedure of signing and executing contracts. It works pretty simply—you make up your mind, set up the contract, both parties sign it digitally, and then it’s automatically executed once the right conditions are met.

How’s this different from standard contracts? These contracts are computer programs, also called blockchain contracts or digital contracts that lay down the obligations of involved parties. Once the right conditions are met, the next part of the code is executed.

Let’s say, for example, that somebody has a fairly simple will. He sets up the smart contract to be executed once notice of death is inputted into the system. Ideally, safeguards are also put in place, so the system confirms that said death has been formally registered before going ahead with executing the will.

This could be achieved through a simple confirmation with the relevant authority’s records. Once everything is validated, the deceased’s property is easily transferred by updating the blockchain ledger at the public registry, and the relevant taxes, debts, and fees are paid automatically.

This would imply that a potential estate could be wound up in days, rather than months or years, and all at a significantly reduced cost. Nevertheless, we are currently nowhere near that stage just as yet, but it is conceivable that this will be made possible within our lifetime.

Intellectual Property

This is something that is currently pretty complex to manage and police. Part of the reason is that there’s no central record to draw upon. Once again, blockchain could change that. Let`s say you are a musician and you compose a piece of music – you could register your copyright on the blockchain.

This would make it harder for anyone to claim your work as their own, but there is an even more practical application – you could also choose to set up a smart contract with a recording company on the blockchain to receive royalties automatically for instance.

NKOR has already created a blockchain app that allows artists to register their intellectual property.

Property Rights

According to this infographic about blockchain disruptions from BitFortune.net, this tech could also be applied to property rights. Instead of registering one’s ownership at the relevant registry, one could register it on a blockchain app designed for the purpose. This would ensure that there are no missing deeds, without having to wait for weeks while the ownership records are updated.

One would simply enter into a transaction on the blockchain and transfer the funds for the property. As soon as the fund transfer has been verified, all ownership records are updated.

Overall, blockchain technology could help simplify legal transactions significantly in the future. We are currently not at the stage where we can leave it all up to tech yet, but that day is not all that far off.

Infographic URL: https://bitfortune.net/blockchain-disruptions-infographic/

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Vital issues to conduct a successful crowdfunding campaign in the digital era

Categories Blockchain, Guest Post, Crowdfunding, Digital Economy, Fundraising

Vital issues to conduct a successful crowdfunding campaign in the digital era

Crowdfunding is a growing sensation in the digital community. As commonly acknowledged, an initial challenge that every innovative entity has to face is raising funds because it does not have a proven track record or operating history. It is the reason why many great ideas were thrown down the drain as their creators, and potential entrepreneurs had no established source of funding. The fact that people fail to get loans from the bank to kickstart their business has compelled many entrepreneurs to look for help from the crowd. And this is the ground where a new type of funding comes into play.

Crowdfunding involves collecting small amounts of capital from a large number of individuals to support a startup. The crowdfunding websites and vast networks of people present on different social media platforms enable to bring investors and entrepreneurs in contact. This process holds the likelihood of expanding the pool of investors beyond traditional venture capitalists, relatives, and business owners. Given the current nature of the industry, we can easily state that crowdfunding is transforming the way how people carry the bag.

Launching successful crowdfunding is important as it gives you the first push you need to turn your dream into reality. Hence, it is essential for every entrepreneur to consider some vital issues before leaping on this road. Below there are a few fundamental aspects of crowdfunding that will guide you to make wise decisions:

Figure out the difference between ICO and traditional crowdfunding

ICO features a new step in the development of crowdfunding. Both concepts have similar goals, yet they reach out to them in different ways. ICO is also a fundraising tool that trades digital tokens in exchange for cryptocurrencies or services. However, there are some differences regarding accessibility, projects, and rewards. For instance, crowdfunding tends to be limited to a predetermined region while ICOs are global, and the main goal of crowdfunding is to gain enough investors whereas ICOs move about the blockchain providing a spectrum of options for the company. The point being that ICOs and traditional crowdfunding have a lot in common but there are some differences to be mentioned regarding global communication, marketing campaigns and building the project community.

Research for a viable platform

Conducting research is the first step for every successful campaign. Mine down for successful strategies and get to know the rules that exist around this funding source. There are numerous platforms out there ranging from general industries to specific niches. Analyze the parameters of your project and spot out the platform that suits you best. For instance, the Kickstarter and GoFundMe are a few sites that facilitate crowdfunding for their members. The members can then raise funds for their projects. Keep in mind that only the right platform can enable you to connect with potential investors and the target market.

Know your target market

Before you take any step for marketing or going live with your campaign, you need to become familiar with your target audience. Evaluate the changing perceptions of the consumers and what is being offered by the competitors. You cannot enter the market with mere assumptions. It is extremely important to have real-time data that helps you get familiar with the target group. The renowned platforms prefer to promote solid market-fit products.

Hire a professional SEO expert

The leading SEO platforms are constantly punching up their search engine algorithms making it critical for the companies to use right keywords in their content. Make sure you hire a professional SEO writer who can help you move up the grid by making the company name appear on top results.

Vigorous promotion

For every campaign to turn out successfully, it is crucial to market it using best means possible. Start sharing your campaign on various social media forums, advertise over the blogs and anywhere else you can get. The crowdfunding platform that you choose is not going to do all the promotion for you; it depends on you how you reach out to a wider audience. You can also go for journalists at top publications. It will be really helpful if you build your social media following before you launch the campaign as it will help you to access large groups of people once it begins.

Another great move will be to gain insight into how other related businesses around the world are doing with their campaigns. Find out how big names in multiple digital domains outweigh the negative elements. For example, the Autoblock that entered into the spheres of ICO with a concept that was quite original and dynamic.

Therefore, it all depends on you how you showcase your campaign. 

Communication is the key

Keep your investors updated at every step of the way. Even though there is no need to tell them every detail, it helps to build trust if you are transparent in your dealings.

Similarly, always appreciate feedback from your clients. The more feedback you receive, the easier it becomes to figure out the loopholes. It will eventually assist you in developing a demo version of your product. And once the campaign goes public, you cannot just leave it on its own. Kickstarter highly recommends having a list of followers and supporters whom you can tap at critical points of your campaign.

Do not expect miracles to come your way. A wise decision is to go forth at a steady pace and keep an eye on modifying components of crowdfunding. You may stumble across the way due to various factors but take it as a learning process. There is going to be light at the end of the tunnel if you stay consistent with diligent efforts and a keen understanding of the industry trends.

E&S Group is a leading corporate & law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’. For more information click the link.

 

This article is written by our guest author:

Evie Harrison is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs. Find her on Twitter:@iamevieharrison

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The Importance of Legal Advisors in ICOs and Blockchain Projects

Categories Blockchain, Cryptocurrency, ICOs, Law, GDPR, Tokenomics, Tokens, Guest Post, White Paper, Know Your Customer, Anti Money Laundering

The Importance of Legal Advisors in ICOs and Blockchain Projects

GUEST POST BY The Tokener

 

Legal advisors are like the internet connection. When you have it, you forget about the importance of it. Once you lose it you find out all the things you can’t do without it. It is easy to forget about the importance of a good legal advice, so let’s try and recollect all the important things legal advisors do for an ICO.

Setting up an ICO is not an easy task. There can be a lot of bumps down the road so it is essential to make sure that everything runs as smooth as possible. Roadblocks in the legal area are one of the main problems most ICOs encounter. Any legal issue that ICO encounters is a huge red flag for potential investors. Because of that, the best ICOs have a legal department on point.

Reputation

World of ICOs and Blockchain is still pretty unregulated, because of that, it is easy to damage the reputation of an ICO. This can happen for a wide variety of reasons – from false scam accusations to the unclear roadmap, or token use. Having an experienced legal advisor can save you from these issues.

The legal advisor should be familiar with and present in every key aspect of an ICO, starting from the whitepaper. First, you need to decide terms and conditions of your whitepaper. Every piece of content in the white paper has to get the green light from the legal advisor. Keep in mind that courts, investors, and regulators rely on the whitepaper to understand how the project will work.

Token Model

The token itself needs to be verified by the legal advisor. With your legal team, you will need to decide whether your token will be considered a payment token, utility token or asset token. This is a very important decision and different choices can lead to different outcomes in terms of the project compliance with the regulations.

KYC/AML Evaluation

When all of that has been done, you will need to make sure that your ICO complies with all the possible regulations. The most important ones are KYC/AML (Know Your Customer/Anti Money Laundering) regulations which help ensure that your project is safe and secure from potential scams. It is not an easy work; it takes a lot of knowledge in order for everything to run smoothly. The Blockchain industry regulations are just starting to kick in, so it is best to have an experienced legal advisor on the team.

Intellectual Property Protection

Imagine that you prepared everything for the start of an ICO campaign. Suddenly someone accuses you that you stole their logo. You should worry about the project, but now you are stuck in the legal labyrinth. This is a disaster! Because of this, legal advisors are essential. They will make sure that all your domain names, trademarks, copyrights, trade secrets and patents will be protected and will be acknowledged as your intellectual property. These are not the thing you want to worry about when preparing an ICO launch.

GDPR

GDPR (General Data Protection Regulation) is another thing your ICO will need to comply with. Without this, your ICO can’t reach its full potential. Having a GDPR protocol is now considered a standard in the world of ICOs. All of this is in the realm of your legal advisors.

Conclusion

Getting a legal advice might be the best first step of every ICO project. It will ensure that everything is protected and in sync with the regulations. The creative potential of the founders will not be held back by unnecessary legal troubles that may pop up. Everybody involved in the project can focus on what they do best and not worry about regulations.

If you are looking for a legal advice for your ICO, the best time to get one was yesterday, the next best time is right now. If you have any questions please contact us at [email protected] or phone us on +356 2010 3020. Visit this link for further information regarding our ICO Legal Services. We are here for you!

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