Law Commons^™

How The Blockchain Undermined Digital Ownership, Aaron Perzanowski

Articles

The shift from a market built around the sale of tangible goods to one premised on the licensing of digital content and services has done significant and lasting damage to the notion of individual ownership. The emergence of blockchain technology, while certainly not necessary to reverse these trends, promised an opportunity to attract investment and demonstrate consumer demand for marketplaces that recognize meaningful digital ownership. Simultaneously, it offered an avenue for alleviating worries about hypothetical widespread reproduction and unchecked distribution of copyrighted works. Instead, many of the most visible blockchain projects in recent years—the proliferation of new cryptocurrencies and the …

A Unified Theory Of Code Connected Contracts, Carla L. Reyes

Faculty Journal Articles and Book Chapters

Smart contracts and their promise of automatic performance capture legal and entrepreneurial imaginations. But the excitement around the technology led to some confusing legal responses. Several legal scholars use chronology to help reduce the confusion and place smart contracts within what is already familiar about computational contracting. According to this line of thinking, blockchain-based smart contracts simply represent the next technological advancement in a long history of computable contracting technologies. However, other scholarly work suggests that such a chronological explanation under-simplifies the nature of the linkages between smart contracts and other forms of code-connected contracts. This Article offers a unified …

The Influencers: Facebook’S Libra, Public Blockchains, And The Ethical Considerations Of Centralization, Michele Benedetto Neitz

Publications

The theoretical promise of blockchain technology is truly extraordinary: a peer-to-peer distributed immutable ledger that could revolutionize economies, societies, and even our daily lives. But what if blockchain technology is not as decentralized as people think? What are the ramifications if, in reality, a blockchain’s core decisions are actually influenced by small groups of people or corporations?

This short article seeks to answer that question, by demonstrating that decentralized public blockchains are only as immutable as the decentralization of their governance. Moreover, the announcement of Libra, Facebook’s new permissioned blockchain, shows a growing trend of centralized control around decentralized technologies. …

Introductions, Tonya M. Evans, Julia Spivak

Law Faculty Scholarship

An introduction to the Symposium and an introduction to Blockchain technology in preparation for the topics of the rest of the symposium.