Livestream throw back, look back
In December we had two presentations on Blockchain. If you missed these sessions; you can look back here! Tune in and enjoy.
Note: LegalThings One also presented during the Consortium blockchain meeting of Dec 1. We can ask for a more in-depth demo. Nonetheless, these presentations will have some overlap. Feel free to join after lunch if you prefer and have already seen this presentation.
LegalThings One introduces Live Contracts; Legally binding contracts on the blockchain. Unlike Smart Contracts, our solution contains all essential elements to be considered legally binding.
By breaking up a contract or law into separate rules they become understandable for both people and computers. Visualizing the paths behind a clause or law makes it possible for humans to participate in the process without having to rely on others. This is especially important for individuals, as currently they only have the choice between depending on a lawyer or blindly trusting organizations and the government.
The rules considered simple and safe enough can be executed by computers or basic AI. Like payments of taxes, pensions and salaries.
LegalThings One presented the technicalities behind their solution, a live case and a demo of Live Contracts.
Due to the nature of blockchain, implementing distributed ledger technology also introduces new and specific risks that do not exist in more traditional centralized systems. This raises the question whether new blockchain implementations will be sufficiently secure when moving from proof-of-concept phase to production. KPMG has identified eight specific blockchain risk areas including interoperability, security, access management, privacy and scalability.Blockchain or Distributed Ledger Technology (DLT) is seen as a revolutionary new technology that might enable potentially significant cost savings and efficiency gains. Blockchain enables multiple parties in a value chain to efficiently work together based on a single source of truth. This facilitates sharing data between multiple parties, transferring value in a digital way and eliminating the need for costly reconciliations.
KPMG has developed a blockchain maturity model which helps to get a grip on the specific risks associated with blockchain implementations. This framework helps you to get an understanding of the IT risk maturity of the blockchain implementation in eight risk areas. The assessment enables you to identify weak points and to spot opportunities for improvement. The overall report provides you with concrete pointers as to how to improve and raise your blockchain maturity level.