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2
Overview of Blockchain/DLT
- Broad/high-level overview
- Not “in the weeds”
- Lawyer’s/layperson’s/non-expert’s viewpoint
- I’m not a “techie”
- Goal: basic familiarity, user-level
An Overview of Blockchain and Delawares Blockchain Initiative - - PowerPoint PPT Presentation
An Overview of Blockchain and Delawares Blockchain Initiative - - PowerPoint PPT Presentation
Sponsored By: An Overview of Blockchain and Delawares Blockchain Initiative Matthew J. OToole September 29, 2018 National Public Records Research Association Annual Conference Overview of Blockchain/DLT Broad/high-level overview
SLIDE 2
SLIDE 3
3
Overview of Blockchain/DLT
- “Revolutionary”
- “Disruptive”
- Why?
- Promise/potential for:
- Enhanced security
- Transparency
- Immutability
- Efficiency/expedition/cost-effectiveness
SLIDE 4
4
Overview of Blockchain/DLT
- What is it?
- Collaborative approach to record creation and
maintenance
- Essentially a network of databases
- Rather than a single database controlled/updated by one
“authority”
- Blockchain participants = “nodes”
- Reliance on cryptography for data integrity/security
- Open/public v. private/permissioned ledgers
- Bitcoin uses blockchain technology
- Individual transaction = block
- Chain of transactions/blocks – blockchain
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5
Overview of Blockchain/DLT
- Examples of ledgers that may be
centralized/distributed
- Cryptocurrency
- Shares of stock
- Real estate registry
- Vital records
- DMV
- Public archives
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6
Overview of Blockchain/DLT
- “Smart contracts”
- Not equivalent to blockchain/DLT
- Neither smart nor contracts
- Computer coding for automation of contract
performance
- Automatic withdrawals/bill payment
- Corporate name change/UCC amendment
- Dividend payment
- Life insurance payout/annuity termination
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7
Delaware’s Blockchain Initiative
- Launched May 2016
- Overarching theme - Delaware embraces technology and
innovation
- Multiple aspects
- Legislative/regulatory approach
- Use case
- Corporate law amendments – “blockchain shares”
- 2017 DGCL amendments
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8
Delaware’s Blockchain Initiative
- Current status
- Initial objectives achieved
– Use case implemented – Corporate law amendments enacted
- DBI 2.0
– Delaware Secretary of State focusing on deployment – Working group – Corporate records, UCC records
- 2018 DLLCA, DRULPA, and DSTA amendments
- Other?
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