Blockchain has recently become an object of our general attention and popularity. But even now, when many people are more familiar with it, the majority still does not completely understand, what it is, how it works and what legal framework is applicable to it.
In simple terms blockchain is a register. The electronic register comprising practically any information from small transaction to information about credits. The essence of this information is in the ability to be checked by any participant of a network that participates in the creation of the blockchain. In other words, the blockchain is a large-scale electronic register, which has no certain location and is open for everybody. Any user of a relevant network, at any time can check, find, and use this information.
Thus, blockchain is a public database of all transactions ever made in the system. But there is a question: how does it work? Blocks are created of information on transactions, then, they develop in a chain by means of mathematical and cryptographic algorithms. Each chain differs in the sequence and structure, when each new block "fastens" to the previous one. It is impossible to change and rewrite information after updating of a chain. When the block is updated, updating happens in all the register at all the users and is ciphered (hashed). Thus, finally we have a decentralized register of data which is impossible to hack.
Technology represents huge potential not only in the area of protection, check, analysis, structurization and storage of information, but also open new opportunities in legal spheres. In case of any disputes, it will be possible to check information in a blockchain.
The Decree No. 8 "On the Development of Digital Economy" opened new opportunities and settled the majority of questions regarding blockchain technologies. However, there are a lot more questions how to use this technology, what benefit it can bring to users and how they can secure business in general.
The lawyers of BusinessAdvisers will provide answers to these questions, as well as questions on application of the Decree No. 8 " On the Development of Digital Economy " and ICO practice. This information will assist in the field of blockchain, cryptocurrencies and the cryptocurrency exchanges.
Types of service of ICO, blockchain and cryptocurrencies practice:
- Drafting documents according to new institutes of law;
- Opinions of external legal audit on projects involving blockchain;
- Legal audit of smart contracts and projects on them;
- Registration of the cryptoexchanges;
- Consultations on the taxation of cryptocurrency;
- Consultations and legal support concerning mining and transactions connected with mining;
- Consulting on conducting ICO;
- Preparation of draft documents and legal support of ICO.