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Index

Blockchain Technology and the Law


Page 209

Index

Index

  • ABA see American Bar Association
  • Abra (application) 7677
  • Abu Dhabi 134
  • accidental losses 117119
  • accountability 7, 19, 26, 29;
    • reputation-based 62
  • accuracy 30, 9597
  • algorithmic contracts 71
  • Amazon 9092, 97;
  • American Bar Association (ABA) 2
  • American Restatement of Restitution 1937 116
  • America Online (AOL) 163164
  • Android Auto 53
  • anti-money laundering regulations 92, 95, 143, 153, 156; see also money-laundering
  • AOL see America Online
  • Apple CarPlay 53
  • arbitration: clauses 5758, 6364, 66;
    • and smart contracts 5566;
    • systemic bias in 6466
  • Arbitration Trap: How to Credit Card Companies Ensnare Consumers, The 64
  • Argentina 78
  • Arnold, Thelma 163164
  • artificial intelligence 8, 28, 71, 154, 207
  • Ashton, Kevin 17
  • ATM see automated teller machine
  • auditability 36, 38, 47, 80, 172
  • Australia 116, 134
  • authentication: of information 18;
    • of persons 1819;
    • of transactions 3, 13
  • authorisation 19, 43
  • automated teller machine (ATM) 109
  • automobile insurance 4748
  • avatars 31, 32, 152, 153
  • Bacon, Jean 173174
  • Bank Act 1991 (Canada) 60, 130
  • BankAmericard 82; see also Visa
  • Bank for International Settlements 206
  • Bank of America 66, 82
  • Bank of Canada 200201
  • Bank of England 197
  • banking: access to 1920, 76, 78;
    • mobile-based 20; see also banks
  • banks 79;
    • accounts 20, 192, 196;
    • adoption of distributed ledgers by 196202; see also banking
  • Bank Secrecy Act 1970 92, 93
  • bargaining power 5154, 6667, 69, 194
  • Barr, Michael S. 93
  • Bartholet, Elizabeth 65
  • Basel III Regulations 20
  • BCR see Binding Corporate Rules
  • Beale, H.G. 52
  • Bear Stearns 172
  • Berkson v Gogo LLC 54
  • Binding Corporate Rules (BCR) 176177
  • birth certificates 19
  • Bitcoin 1, 5, 3536, 100101;
    • and credit cards 80;
    • and cryptography 7;
    • development 7576;
    • future outlook 191192;
    • limited amount 16;
    • and maintenance/operation of Blockchain 9, 13, 15;
    • and purchase of illegal goods 8889;
    • running the network 16;
    • use of intermediaries 6;
    • verification of legitimacy 12, 1415; see also Bitcoin Blockchain; Bitcoin cash’; ‘Bitcoin core’; cryptocurrencies
  • Bitcoin Blockchain 3536, 39, 89, 100101, 106, 183
  • ‘Bitcoin cash’ 105106
  • ‘Bitcoin core’ 103
  • ‘blackballing’ 64
  • ‘Black Box of Identity’ 3132

  • Page 210

    Blockchain 14;
    • anti-governmental/authority tendencies 73;
    • applications of 2, 8, 1730;
    • awards for maintenance and operation of 9, 13, 15;
    • carrying out transactions 917;
    • closed 3538;
    • consumer access to 3033;
    • description 89;
    • editable 120;
    • efficiency of 8081;
    • future 185207;
    • governance of 99124;
    • infrastructure 8;
    • open 3538;
    • origins of 5;
    • as peer-to-peer network 99108, 171;
    • permissioned 3637, 106, 119, 122;
    • private 106, 120121, 190191;
    • public 35, 100, 108, 112, 122, 159, 162, 164, 170173, 182184;
    • regulatory intervention debate 186190, 202207;
    • use of registries 24; see also Bitcoin Blockchain; Blockchain-based technologies; Blockchain tokens; Ethereum Blockchain
  • Blockchain-based technologies 190202
  • Blockchain tokens 148149;
  • block numbers 1314, 104
  • Blomley v Ryan 52
  • BMW 53
  • border administration 27
  • Brainard, Lael 199200
  • Brandeis, Louis 127, 149, 157
  • Braucher, Jean 204
  • broker-dealers 93
  • browsewraps 55
  • Burch, David 122
  • business-to-business networks 37
  • business-to-business transactions 5657
  • Buterin, Vitalik 38, 39, 104, 118
  • Caesares, Wences 78
  • California 6, 64
  • Cambridge Analytica 153
  • Canada 116;
    • dispute resolution 5961;
    • Know Your Customer rules 93, 94;
    • privacy rights 166;
    • unconscionability doctrine 5354; see also Ontario
  • Canadian Bankers Association 59
  • Canadian Securities Association (CSA) 143144, 146147
  • Cardozo Blockchain Project 138139
  • Carney, Mark 197200
  • casinos 93
  • Central Securities Depositories 25
  • chain of possession 8, 17
  • ‘chameleon hashes’ 123, 173
  • chargebacks 8485, 87
  • chattels 24
  • cheque cashers 93
  • chip cards 2
  • Chitty on Contracts 52
  • ‘chokepoints’ 154, 155
  • Clayton, Jay 142, 145
  • clickwraps 5051, 55
  • cloud-based computing 174
  • ‘code is law’ approach 111112, 121
  • ‘coinbase’ 15
  • Coindesk Bitcoin Technology Conference 106
  • Commercial Bank of Australia v Amadio 52
  • commercial paper 24
  • ‘commercial reasonableness’ standard 57
  • Commodity Futures Act 130
  • confidential material 37
  • consensus protocol 100;
  • ConsenSys 32
  • Consumer Credit Act 1974 8485
  • Consumer Financial Protection Bureau 6162, 66
  • consumer goods 53, 140
  • consumer law 4950, 6364, 67
  • consumer payment mechanisms 7398
  • consumer protection 23;
    • and cryptocurrencies 8689;
    • and intermediaries 9092, 97
  • consumers: access to Blockchain 3033;
    • databases 158, 165;
    • preferences 6768;
    • privacy 157, 176, 178, 180, 204, 206;
    • profiles 158159, 164; see also consumer goods; consumer law; consumer payment mechanisms; consumer protection; dispute resolution
  • contract law 49, 52
  • contracts: algorithmic 71;
    • block-chain 71;
    • boilerplate 57, 67, 69;
    • clickwrap 5051;
    • conventional 50;
    • digital 55;
    • investment 132133;
    • paper-based 55;
    • semantic 56;
    • semi-financial 40;
    • shrinkwrap 5051;
    • timing of acceptance 50; see also contract law; smart contracts
  • Cooley LLP 138
  • Cooperative Credit Associations Act (Canada) 130
  • core developers 103104
  • corporate voting 25
  • corruption 24
  • credit bureaux 25
  • credit card companies 6465; see also credit cards

  • Page 211

    credit cards: and Bitcoin 80;
    • disputes 65;
    • history of 8286, 91;
    • issuers 8182, 8788;
    • services 62;
    • unsolicited 83; see also credit card companies
  • credit history 25, 94
  • credit ratings 20, 23, 94
  • Credit Unions and Caisses Populaires Act 1994 130
  • creditworthiness 20, 45
  • crowdfunding 138, 141
  • crowd-sale 109
  • cryptocurrencies 5, 23, 73;
    • acceptance of 88;
    • Blockchain-based 34, 74;
    • as a consumer payment mechanism 190196;
    • and consumer protection 8689;
    • in developed economies 7982;
    • in developing countries 7479;
    • exchanges 31, 93, 105, 155156;
    • and inflation 7479;
    • and money-laundering 154157;
    • nefarious aspect of 195196;
    • risks 3031, 84, 8689; see also Bitcoin; Ether
  • ‘cryptographic proof’ 6
  • cryptography 5, 11;
    • origins of 67;
    • public key 6, 151
  • CSA see Canadian Securities Association
  • customer service 23, 66, 98, 206
  • DAO see Decentralised Autonomous Organisation
  • data: aggregation 159;
  • De, Nikhilesh 94
  • debit card issuers 8182
  • Decentralised Autonomous Organisation (DAO) 108118, 121, 141, 183;
  • decision-making 17, 108
  • deflation 15, 198
  • Denationalisation of Money 199
  • Denning, Lord M.R. 54
  • DevOps 199 118, 119
  • diamonds 28
  • Digicash 5
  • digital credit 23
  • digital identifiers 10
  • digital identity 20, 4546
  • digital technology 6
  • diplomas 19
  • dispute resolution 5566, 194;
  • distributed ledgers 32, 67, 151, 179180, 184, 200, 202, 207; see also distributed ledger technology (DLT)
  • distributed ledger technology (DLT) 35, 36, 119, 173, 190, 207;
    • and central banks 196202;
    • and Ethereum Blockchain 38, 39;
    • and individual privacy 152157; see also distributed ledgers
  • dividends 46
  • DLT see distributed ledger technology
  • DNA-based technologies 29
  • documentation 2628
  • Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 61, 83
  • Domingo, Analie 7677
  • dot.com era 82
  • double spend problem 56, 11, 12
  • driving licences 4243
  • due diligence 2021, 77, 9293, 129, 156
  • e-Bay 67
  • eCash 75
  • e-commerce 6768, 91
  • economic efficiency 3, 77, 185
  • economic growth 20, 28
  • economies of scale 24
  • electricity: lack of 22;
  • Elvy, Stacy-Ann 165
  • Employee Retirement Income Security Act 1974 (ERISA) 135136
  • England 116
  • English law 52
  • equity security 132
  • ERISA see Employee Retirement Income Security Act 1974
  • error correction 99124; see also human error
  • escrow: mechanisms 87;
    • services 43
  • Ether 39, 109110, 118
  • Ethereum Blockchain 3841, 104;
    • applications used on 40;
    • and Decentralised Autonomous Organisation (DAO) 108112;
    • and Parity wallet software 118;
    • and proof of stake protocol 102;
    • and small contracts 3841, 118119;
    • split of 112
  • Ethereum Classic 112, 122
  • Ethereum Virtual Machine (EVM) 3839

  • Page 212

    European Union (EU) 21;
  • Everledger 28
  • EVM see Ethereum Virtual Machine
  • external events processing 47
  • extrinsic evidence 113114
  • Facebook 153
  • Fair Credit Reporting Act 2012 94
  • ‘fat finger syndrome’ 22
  • Faura, Julio 142
  • finance gambling 23
  • financial accessibility 47
  • financial accounts 19
  • financial applications 40
  • Financial Conduct Authority 5859
  • Financial Consumer Agency 60
  • financial data recording 47
  • Financial Industry Regulatory Authority (FINRA) 95
  • financial institutions 92;
    • supervision 20; see also financial service providers
  • financial services 18, 37;
    • access to 1923, 78;
    • providers 20; see also financial institutions
  • FINRA see Financial Industry Regulatory Authority
  • ‘flag day’ 104
  • Flood, Mark D. 200
  • food industry 29
  • food products 2930
  • food safety 30
  • forgery 19
  • ‘forking’ 97, 104107, 110111
  • France 134
  • Fratto, Natalie 181182
  • fraud 14, 21, 123, 124
  • ‘Fresno drop’ 8283
  • Gates, Bill 79
  • GDP see gross domestic product
  • GDPR see General Data Protection Regulation
  • General Data Protection Regulation (GDPR) 151152, 160, 166177, 206
  • Geva, Benjamin 75, 76
  • GitHub 103, 104, 118
  • Global Alliance for Trade Facilitation 26
  • global financial crisis 1, 61, 62
  • global value chains 26
  • gold standard 198, 199
  • Goodenough, Oliver 116, 177
  • Google 182
  • Great Depression 126
  • Greenspan, Gideon 120123
  • gross domestic product (GDP) 28
  • Guest, A.G. 113114
  • IBM 27, 29, 30, 55, 182
  • ICO see Initial Coin Offering
  • illiteracy 22
  • immutability 8, 24, 120123, 207
  • income disparities 20
  • ‘inequality of bargaining power’ doctrine 54; see also bargaining power
  • inflation 7479;
    • global 15
  • information: authentication 18;
    • management 2627;
    • medical 19;
    • private 46;
    • protection 19, 157165;
    • sharing 27; see also personal information
  • infrastructure problems 22
  • Initial Coin Offering (ICO) 109, 125140, 188, 203204;
    • and crowdfunding 138;
    • deregulation of 147150;
    • four-prong test 144;
    • and private placement exemption 137140;
    • regulations on 140147
  • Initial Public Offering (IPO) 125, 127129, 141, 150
  • Insurance Act (Canada) 130
  • insurance companies 48, 135
  • intellectual property 48
  • Inter-bank clearing 37
  • interdependence of economies 19
  • intermediaries 4, 6, 156, 176;
    • and Bitcoin 97;
    • and consumer protection 9092, 97;
    • securities 25
  • International Money Laundering Abatement and Anti-Terrorism Financing Act see also Patriot Act 2001 Title III

  • Page 213

    international trade 2628
  • Internet 9, 86, 87
  • Internet of Information 17
  • Internet of Things 17, 28, 43, 47, 53, 70
  • interoperability 8
  • investment contracts 130, 132133, 144
  • IPO see Initial Public Offering
  • ISO 20022 25
  • Kenya 23
  • Know Your Customer (KYC) rules 21, 37, 42, 45, 7374;
    • blockchain challenges to 9298
  • Krugman, Paul 191193
  • Lamport’s Paxos protocol 100
  • legacy technologies 2
  • legitimacy: of laws 187;
  • lending agreements 4344
  • Levy, Steven Mark 126
  • lex cryptographica 187
  • Lex Mercatoria 85
  • liability 45, 92;
    • ‘benefit-based’ 116;
    • consumer 83;
    • limited 177;
    • management 46;
    • reducing 46;
    • tax 116;
    • tort 45
  • libertarianism 6, 15
  • litigation 57, 86, 128
  • livestock 29
  • Lloyds Bank v Bundy 54
  • Loan and Trust Corporations Act 130
  • low-income individuals 2023; see also poor, the; poverty
  • Lubarsky, Boris 160, 161
  • Lubin, Joe 32
  • Lumb, Richard 121
  • MacIntosh, Jeffrey 131
  • Mansfield, Lord 115116
  • Massachusetts, State of 162
  • McCamus, John D. 116
  • meat production 29
  • medical information 19
  • Merrill Lynch 172
  • microfinance 2022
  • microloans 20
  • Microsoft 182
  • miners 11, 1316, 37, 99, 104105, 108, 119, 183; see also nodes; mining
  • mining 13, 16, 80, 102, 104, 106, 120, 182;
  • mobile devices 22
  • mobile phones 22; see also smartphones
  • money laundering: characteristics 153157;
    • legislation combating 153157;
    • regulations 21, 77, 9495, 143, 191;
    • steps of 153155; see also anti-money laundering regulations
  • Money Laundering, Terrorist Financing and Transfer of Funds Regulations 93
  • money transmission services 18, 73, 75, 77, 156; see also money transmitters
  • money transmitters 93, 94
  • Morris, Lord 113
  • mortgages 47
  • Moses v Macferlan 115
  • M-Pesa program 23
  • multiple identities 31
  • multi-signature protocols 10
  • multi-signature transactions 43
  • music distribution systems 48
  • NAF see National Arbitration Forum
  • Nakamoto, Satoshi 5, 6, 7, 9, 12, 15, 16, 36, 100101, 152153, 165, 179
  • National Arbitration Forum (NAF) 65
  • National Consumer Law Center (USA) 63
  • national identity documents 18
  • national insurance numbers 19
  • Neustar Research 162
  • New York Agreement (NYA) 107
  • New York City Taxi and Limousine Commission 161162
  • New Zealand 116
  • Nicholls, Christopher 131
  • nodes 9, 1115, 100105, 119120, 173174, 183;
    • in Ethereum platform 3839;
    • number of 37;
    • and software development 103105;
    • and software updates 36, 105106
  • nonces 13, 15
  • non-financial applications 40
  • North America 3, 46, 62, 115, 165, 172;
    • securities regulators in 125150;
    • unconscionability doctrine 5354
  • North American International Auto Show 53
  • ombudsman 5861
  • one-computer-one-vote system 14
  • one-vote-to-one-IP-address 14

  • Page 214

    online feedback 69
  • Ontario 126128, 130;
    • private placement exemption 134135
  • Ontario Securities Commission (OSC) 128, 134
  • oracles: role of 4149;
    • smart 42
  • OSC see Ontario Securities Commission
  • Pacific Coast Coin Exchange v Ontario Securities Commission 133
  • Parity 118
  • Parol Evidence Rule 113
  • passwords 117118, 193; see also private keys
  • Patriot Act 2001 Title III 9293
  • payment mechanisms 75; see also consumer payment mechanisms
  • PBFT protocol see Practical Byzantine Fault Tolerance (PBFT) protocol
  • personal data 160161, 167171, 173175, 178, 180;
    • definition 167; see also data
  • personal identity 20;
    • ‘Black Box,’ of 3132;
    • documents 19, 21, 31;
    • multiple 31;
    • verification of 2021
  • personal information 31, 151, 153;
  • personal property: registries 24;
    • Security/Uniform Commercial Code filings 46
  • policy-making 189190
  • Poloz, Stephen 201
  • Polytechnic University of Milan 137
  • poor, the 20; see also low-income individuals; poverty
  • Popper, Nathanial 78
  • Postal Service 93
  • post-trade services 25
  • poultry 29
  • poverty 2022
  • Practical Byzantine Fault Tolerance (PBFT) protocol 102103, 121
  • practice licences 19
  • privacy: definition of 157;
  • Privacy by Design approach 152, 178180
  • private keys 910, 39, 96, 153, 161;
    • safeguarding 3031, 193194; see also passwords
  • private placement exemption 134136, 138;
    • and Initial Coin Offering (ICO) 137140
  • Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) 93
  • Proceeds of Crime Act 2002 (UK) 93
  • pro-consumer rules 91
  • production process 29
  • Project Jasper 200201
  • proof of space protocol 102
  • proof of stake protocol 102
  • proof of work protocol 1213, 101102, 104, 106, 120
  • property owners 24
  • property rights 24
  • Prosser, William 157158
  • Protocol Labs 138
  • provenance 2829;
    • of food products 2930
  • Provenance (online platform) 28
  • proxy voting 25, 46
  • pseudonymisation 159, 160165, 167, 170
  • Public Citizen (advocacy group) 64
  • public keys 6, 910, 151153, 161
  • quality assurance 2930
  • quantum computing 180183
  • Radin, Margaret Jane 69
  • Ramey, Corrine 155
  • ratings 70
  • RBC see Royal Bank of Canada
  • real property registries 24
  • real-time exposure monitoring 47
  • recursive flaw 109
  • Regulation Z 83, 84, 86, 90, 96
  • remittances 18, 7576
  • Right to be Forgotten 151
  • Right to Rectify Errors 151
  • Roosevelt, Franklin Delano 126
  • Royal Bank of Canada (RBC) 94
  • royalties 48
  • rule of law 4, 24, 186188
  • safety assurance 2930
  • SAFT approach 125126, 138140, 148149
  • Sale of Goods Act 85
  • ‘savvy subgroup defence’ 69
  • scrollwraps 55
  • seafood 28
  • SEC see Securities and Exchange Commission
  • SEC v Ralston Purina Company 135136
  • SEC v W.J. Howey Co. 132133, 143, 149, 150

  • Page 215

    secondary markets 127, 145148
  • secret keys 123
  • Securities Act 1933 (Ontario) 126127, 130, 133
  • Securities and Exchange Act 1934 (USA) 126, 132, 133, 143
  • Securities and Exchange Commission (SEC) 128, 142, 145146
  • securities depositories 25, 46
  • securities intermediaries 25
  • securities laws 125136
  • security: definition 131132;
  • ‘segregated witness’ see also Segwit; Segwit2x
  • Segwit 106107, 112
  • Segwit2x 107108
  • self-execution 71
  • self-regulation 62
  • semi-financial contracts 40
  • Sergey, Ilya 119
  • Serious Crime Act 2015 93
  • SHA-256 algorithm 11
  • Shared Coin (application) 155
  • short-term loans 20
  • shrinkwraps 5051
  • Siegel, David 108109
  • sign-in wraps 55
  • ‘Silk Road’ website 88
  • smart chips 28
  • smart contracts 35, 114115;
    • and arbitration 5566;
    • for automobile insurance 4748;
    • and consumer law 4955;
    • definition 41;
    • for derivatives 47;
    • and digital identity 4546;
    • and Ethereum Blockchain 3841, 118119;
    • examples 4149;
    • for financial data recording 47;
    • legal challenges 4955, 57;
    • for mortgages 47;
    • for records 46;
    • role of oracles 4149;
    • for securities 46;
    • standard terms 6672;
    • for trade finance 46;
    • and transaction costs 5657, 114;
    • as a vending machine 7071;
    • and smart oracles 42; see also Decentralised Autonomous Organisation (DAO)
  • smartphones 22, 53, 76, 78
  • ‘sniping’ programs 6768
  • social insurance numbers 19
  • social security numbers 19
  • soft fork 104, 105, 110
  • software: consensus approach to upgrading 36;
  • spoilage 28
  • statistical noise 159
  • Stiglitz, Joseph 191
  • Stinchcombe, Kai 80, 88
  • stock exchanges 36
  • stock splits 46
  • stored value cards 2, 75
  • streaming 48
  • succession events 47
  • supply chain 28;
    • disputes 56;
    • management 26, 37;
    • trust in 2829
  • Supreme Court of Canada 133
  • Supreme Court of the United States 135
  • ‘suspicious activity report’ 93
  • Sweeney, Latanya 163
  • SWIFT 25, 174
  • Szabo, Nick 41, 7071
  • tampering 14, 1819, 26, 30, 80, 95, 185
  • Tapscott, Don 5, 195
  • technical support 23
  • third world countries 22
  • time-stamp 1112, 17, 24, 26, 36, 101, 103
  • Tockar, Anthony 162
  • token sales 137, 141; see also Bitcoin tokens; Initial Coin Offering (ICO)
  • tort law 157158
  • transaction costs 194;
    • errors and fraudulent behaviour 123;
    • money transmissions and remittances 18;
    • real property registries 24;
    • reducing 4344, 46, 74, 92;
    • smart contracts 5657, 114; see also transactions
  • Transaction Costs rule 3
  • transactions 3572;
    • fees 16;
    • legitimacy of 12, 1415, 173;
    • netting 26; see also transaction costs
  • transparency 7, 37, 47;
  • ‘trust problem’ 533, 88, 194
  • trustworthiness 88
  • Truth in Lending Act 1968 83
  • UCC see Uniform Commercial Code
  • Ulbricht, Ross 8889
  • ‘unbanked, the’ 20
  • unconscionability doctrine 5354
  • Uniform Commercial Code (UCC) 5051, 54;
    • chargeback 85
  • United Kingdom: adoption of distributed ledgers by central bank 197198;

    • Page 216

      credit cards 8485;
    • dispute resolution 5859, 62;
    • Financial Conduct Authority 134;
    • Know Your Customer rules 93;
    • unconscionability doctrine 54;
    • unjust enrichment principle 115116
  • United States: credit cards 8286;
    • dispute resolution 58, 6166;
    • Know Your Customer rules 9295;
    • money-laundering reporting regulations 21;
    • placement exemption 135136;
    • presidential election 2016 153;
    • privacy regulations 166;
    • securities laws 125128, 130132;
    • tort law 157158;
    • unconscionability doctrine 54
  • United States Congress 83
  • United States Federal Reserve 15, 199
  • United States Financial Industry Regulatory Authority (FINRA) 2526
  • Università Bocconi 137
  • unjust enrichment principle 115116
  • user accounts 39, 93
  • user ID 24
  • vehicles: assessment of accident damage 48;
    • disabling from starting 4445;
    • hands-free control 53
  • vending machines 7071
  • Vermont 177
  • ViaBTC 105
  • Visa 80, 82, 85
  • Vodafone 23

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