What are Current Blockchain Technology Industry Legal Issues and Solutions?
Blockchain Technology Legal Issues and Blockchain Technology Law
Our blockchain technology experienced lawyers help blockchain technology companies navigate the legal landscape and proactively advise on unique legal issues faced by the blockchain technology industry.
Blockchain technology is a digital ledger that records transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. A blockchain database uses a distributed peer-to-peer computer network to facilitate recording transactions in a manner that allows participants to easily verify transactions. Blockchain technology is used in smart contracts, bank record keeping, digital property distribution, cryptocurrency, and other electronic authentication scenarios.
Common legal issues faced by blockchain technology companies include:
Entity formation, capital, and financing strategies;
Ownership and registration of intellectual property in software and other technology;
Acquisition of and enforcement of trademarks, patents, copyrights and other intellectual property rights against infringers;
Employment and independent contractor agreements;
Licensing agreements including end user license agreements (EULAs);
Software development agreements;
Strategies for developing and protecting trade secrets;
Intellectual property indemnification agreements;
Identification of potentially applicable international laws;
Strategy to protect and monetize intellectual property rights; and
Defense of third-party infringement claims.
Due diligence to ensure that an algorithm/scheme is as secure as a proponent claims. This is mostly a technical issue, but legal issues are implicated in various scenarios such as M&A and contractual breach (for example, improper recordation of a transaction).
Compliance with privacy laws (varies by jurisdiction and this technology is often applied globally – European data directive and GDPR are implicated).
A botched transaction is hard to correct because of the distributed nature of the recording system. Essentially, to fix a transfer to an incorrect entity, you need to have the incorrect entity assign to the correct one which can be exceedingly difficult due to the potentially anonymous nature of the incorrect entity (probably even more of an issue for cryptocurrency).
Blockchain technology companies face similar legal issues as businesses in the Software, Telecommunications, Technology, Cryptocurrency, and Cybersecurity industries. Read those pages for additional information regarding the legal solutions our industry teams provide.
Legal Solutions for the Blockchain Technology Industry
Clients in the blockchain technology industry receive the full range of the firm’s services: litigation, intellectual property, and transactional. Our Blockchain Technology industry team is experienced in
Our blockchain technology industry team is experienced in copyright, trademark, and patent registration for software technology; anti-counterfeiting services to enforce patents, copyrights and trademarks against infringers and counterfeiters; drafting employment agreements; independent contractor agreements; trade secret protection strategies; NDAs and founder agreements to protect intellectual property rights and ensure they are owned by the company; drafting end user (EULAs) and other license agreements to safeguard rights in the software; negotiating indemnification agreements; identification of applicable regulations with which cryptocurrency software needs to comply such as export control regulations; drafting contractdevelopment agreements; and monetizing intellectual property rights in cryptocurrency.
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