PANEL Distributed Ledgers and the UNCITRAL Model Law on - PowerPoint PPT Presentation

PANEL Distributed Ledgers and the UNCITRAL Model Law on Transferable Records Brno, 24-25 November 2017 Teresa Rodríguez de las Heras Ballell Topic: Professor of Commercial Law, Universidad Carlos III de Madrid The Architecture of 2017 Chair of Excellence, CLC, Harris Manchester College Oxford Digital Economy: University teresa.rodriguezdelasheras@uc3m.es intermediaries, platforms and …distributed ledgers

1.- Principles of Electronic Commerce: transactions and architectures PRINCIPLE OF TECHNOLOGICAL NEUTRALITY ELECTRONIC TRANSFERABLE RECORDS Transactions + ’substantive law’ requirements - principle of numerus clausus Order number 8 aiuerhhgt Quantity Delivery ? purely electronic trasnferable aiuerhhgt +++++++ Components ```````````` records PRINCIPLE OF FUNCTIONAL EQUIVALENCE

1.- Principles of Electronic Commerce: transactions and architectures CONCEPT OF ELECTRONIC TRANSFERABLE CONCEPT OF ELECTRONIC RECORD RECORDS Order DATA DATA number 8 aiuerhhgt Quantity Delivery aiuerhhgt +++++++ ```````````` aiuerhhgt aiuerhhgt aiuerhhgt DATA

1.- Principles of Electronic Commerce: transactions and architectures PRINCIPLE OF SYSTEM/ARCHITECTURE PRINCIPLE OF TECHNOLOGICAL NEUTRALITY NEUTRALITY Transactions Order number 8 aiuerhhgt Quantity Delivery aiuerhhgt +++++++ Components ```````````` PRINCIPLE OF FUNCTIONAL PRINCIPLE OF SYSTEM/ARCHITECTURE EQUIVALENCE EQUIVALENCE

1.- Electronic Registry-based System: Defining the Model - OVERVIEW REGISTER AS A PLATFORM

2.- Electronic Registry System: Defining the Model - FEATURES Defining electronic registry system: distinctive features X). Might a blockchain-based registry be an option? Y). Is blockchain operation compatible with legal design? * See next example for mixed models

* Example of Blockchain-based register design: BitFury for Georgia – a combination of descentralizaded and centralized schemes

Distributed Ledgers and UNCITRAL Model Law on Electronic Transferable Records Identification or anonymity Article 5. ETR Management Systems allows no identification – issuance to bearer if permitted by substantive law Article 6 Additional information: Additional information - for technical reasons: metadata / unique identifier - dynamic information Smart Oracles Devices Other Registers

Distributed Ledgers and UNCITRAL Model Law on Electronic Transferable Records Consent Membership agreement – Platorm Rules

Topic: The Architecture of Digital Economy: intermediaries, platforms and …distributed ledgers Teresa Rodríguez de las Heras Ballell Professor of Commercial Law, Universidad Carlos III de Madrid 2017 Chair of Excellence, CLC, Harris Manchester College Oxford University teresa.rodriguezdelasheras@uc3m.es