Innovations


The internet of things, artificial intelligence, quantum computers, robots, blockchain databases, neural networks, and many other things that look like an outtake from a sci-fi geek’s fantasy are now real, or at least are likely to become real in our lifetime. How do lawmakers react to those new developments? Can their regulations strangle innovations to death? Should they follow in their wake, or it’s better to set out the rules in advance? Let’s journey to this brave new world together.

The Return of Direct Democracy: Crowdsourcing a Constitution
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The Return of Direct Democracy: Crowdsourcing a Constitution

Back in the days of Ancient Athens, the democracy was as direct as possible: all citizens of the city were to gather and collectively make decisions that then became laws. In Ancient Rome, the lawmaking process was way more complicated and involved the Senate and numerous magistrates, however, none of their ideas were to become …

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Challenges Concerning Regulation of Virtual Currencies

Challenges Concerning Regulation of Virtual Currencies

The principal purpose of financial regulation is to identify threats and risks arising from financial activities and mitigate them if required. There are various threats which could possibly arise out of Virtual Currencies (VCs) and it is apparent that regulation could bring positive changes to the functioning of VCs. What Should Be Considered Whilst Designing …

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Get Ready for Quantum Leap: World Governments Engage in Quantum Arms Race
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Get Ready for Quantum Leap: World Governments Engage in Quantum Arms Race

Ever since the eighties, when the very idea of quantum computing was introduced, the thought of creating a machine that uses the laws of quantum physics to enhance the computational power to a yet unseen scale was haunting the engineering community. Though, as it turns out, computer engineers, physicists, and entrepreneurs aren’t the only ones …

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Patents in the US: Definition, Types, Pros and Cons
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Patents in the US: Definition, Types, Pros and Cons

In our hi-tech world, it’s seemingly easy to create something new and disruptive. Still, nobody wants to see their inventions counterfeited or used without any compensation or respect to the author. Here’s where patents come in handy: they are able to protect your intellectual efforts and possible profits stemming from them. But some say that …

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Can a Smart Legal Contract Be Considered a Contract According to the U.S. Contract Law?
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Can a Smart Legal Contract Be Considered a Contract According to the U.S. Contract Law?

In the previous articles, I explained why it is essential for smart legal contracts to be legal contracts. This article provides an analysis of the applicability of contract law to the technology. But firstly, I need to explain the difference between external and internal smart contracts. Models of Smart Legal Contracts It is important to …

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Why Smart Legal Contract Should Be a New Legal Concept Within Contract Law
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Why Smart Legal Contract Should Be a New Legal Concept Within Contract Law

In this article, I compare smart legal contracts (smart contracts that imply the creation of legal rights and obligations) to different contract law concepts, such as escrow agreements, electronic agreements, self-help and letter of credit concepts, and vending machines. I explain the common features smart legal contracts have with these concepts, and why it should …

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