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Blockchain & Smart Contracts

Netherlands

CMS invests in innovative developments that influence our services as well as your enterprise. Even when we do not know what the outcome of the innovation will be. That is inherent in being an early adopter of innovations.

Blockchain
Nowadays it is almost impossible to read a newspaper that doesn’t contain an article on blockchain. Is blockchain a temporary hype, or are we at the dawn of big changes in the way we handle data? Maybe you wonder how blockchain works exactly, what the impact is and whether it can enrich your services. In short, blockchain is a special kind of database in which data can be stored safely and is accessible for everyone. By integrating cryptographic elements, so-called hashes, it is almost impossible to unilaterally make changes to these stored data. In this way a publicly accessible database is created, that everyone can read and in which everyone can write. A database that always guarantees the integrity of the data, without a third party being necessary to verify this, while currently this is often still necessary. This makes blockchain very reliable and transparant, and gives it the potential to support whole new industries and process models. You could visualise the adding of data to already registered data as beads that are being strung on a chain piece by piece.

Smart Contracts
The way in which blockchain registers data makes it possible to lay down agreements digitally and to automatically trigger certain consequences of an agreement or contract. This method of laying down agreements in a blockchain is called smart contracts, even though there is still some discussion on the exact definition of smart contracts. This way of using blockchain is still in its infancy, but can have added value in the future, for example because it can replace certain actions of intermediaries with digital processes. The parties that are developing smart contracts expect that this technique can substantially lower the (transaction) costs of these actions.

Dutch Blockchain Coalition
CMS has become a partner of the Dutch Blockchain Coalition (DBC), an initiative of the Technical University in Delft (TU Delft), TNO and the Ministry of Economic Affairs. This partnership enables us to be at the basis of the developments concerning blockchain in the Netherlands while learning. At the same time we offer DBC our legal knowledge with the aim of fitting blockchain into (new) legislation. Sharing our knowledge with the other partners of DBC and working on blockchain solutions for businesses in all industries bear all the ingredients of an educational journey, a journey of which we are happy to share the results with you.  

Artificial intelligence
CMS was the first law firm in the Netherlands that – together with technology firm ORTEC – experimented with artificial intelligence-tool IBM Watson. The pilot focused on the labor law topic 'transfer of undertakings' with the aim of researching what the added value of artificial intelligence ('AI') is in terms of quality, speed and effectiveness. The pilot led to valuable lessons learned. It provided us with further insight into the technological developments of AI and the application possibilities in the legal industry. We achieved relevant knowledge, which has made us an even better sparring partner for you when it comes to advising on and assisting with technological innovation.

CMS Legal Tech Academy
We want our lawyers to achieve in-depth knowledge of innovative developments that are relevant for our clients and for CMS. Knowledge of blockchain, smart contracts, AI, cyber security and other developments. Therefore we started the CMS Legal Tech Academy, where our lawyers learn everything about these technological subjects. The goal is to learn our lawyers how to work with these new developments, so that they can help improve your business.

More information? 
On this webpage we will keep you updated on what we know about technological developments. Would you like to know more? Please contact us. We would be happy to share our knowledge and experiences. 

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January 2019
The ten­sion between GDPR and the rise of block­chain tech­no­lo­gies
We live in an era of rap­id tech­no­lo­gic­al de­vel­op­ment. Though this provides hu­man­ity with amaz­ing op­por­tun­it­ies to en­hance our stand­ard of liv­ing, it also forces law­makers to work around the clock to ana­lyse and cap­ture the im­plic­a­tions of the tech­no­logy in­to le­gis­la­tion. The same is true for the sub­ject of this pa­per – the ten­sion between the re­l­at­ively new Gen­er­al Data Pro­tec­tion Reg­u­la­tion (GDPR) and the quick rise of block­chain and oth­er dis­trib­uted ledger tech­no­lo­gies (DLTs).GDPR was draf­ted based on a world in which cent­ral­ised and iden­ti­fi­able act­ors con­trol per­son­al data. Block­chain works rad­ic­ally dif­fer­ently. This tech­no­logy aims to move the power over per­son­al data away from cent­ral­ised en­tit­ies by pro­cessing it in a de­cent­ral­ised en­vir­on­ment. One could ima­gine that the pro­cess of ap­ply­ing le­gis­la­tion based on a cent­ral­ised view to tech­no­logy without a clearly iden­ti­fi­able cent­ral­ised en­tity might cause some ten­sion. However, the de­cent­ral­ised nature of block­chain tech­no­logy is not the only factor that causes leg­al and com­pli­ance chal­lenges.The near im­mut­ab­il­ity of trans­ac­tions, of code (e.g., smart con­tracts) and, in gen­er­al, of blocks in a block­chain po­ten­tially af­fects the rights of data sub­jects.This pa­per briefly ad­dresses three main is­sues arising out of the ten­sion between the GDPR and block­chain.
Leg­al Tech
In­sight
10/07/2019
Token­ized As­sets: Pur­pose Built As­set Token Block­chains
Jo­chem Ger­rit­sen, Dir­ect­or of In­float, is spe­cial­ised in toke­nom­ics, token­ized busi­ness mod­els and se­cur­ity tokens. In this pod­cast Jo­chem will dis­cuss wheth­er there is a need for block­chains that are spe­cific­ally built to is­sue se­cur­ity or as­set tokens. Cur­rently most token­ized se­cur­it­ies are be­ing is­sued on the avail­able pub­lic, per­mis­sion­less block­chains. To is­sue a fully com­pli­ant se­cur­ity token though, two con­tra­dict­ory at­trib­utes have to be guar­an­teed. On the one hand se­cur­it­ies can­not be is­sued an­onym­ously, be­cause com­pan­ies have to know who their in­vestors are and the tax au­thor­it­ies should be able to trace back the own­er­ship trails of the se­cur­it­ies. On the oth­er hand you do not want to dis­close everything about in­vestors on a pub­licly ac­cess­ible block­chain, the (fin­an­cial)pri­vacy of in­vestors has to be pro­tec­ted. Do we need a tech­no­logy that sup­ports both these as­pects?This pod­cast was re­cor­ded dur­ing the Token­ized As­sets con­fer­ence in Am­s­ter­dam. Did you en­joy this pod­cast? Or do you want to ac­cess oth­er re­cord­ings of this con­fer­ence? Please vis­it our pod­cast chan­nel and use the sub­scribe but­ton to stay up to date on leg­al con­tent.Length: 18:43 minutesSource: CMSType: Con­fer­ence re­cord­ingLan­guage: Eng­lishSize: 12.8 MBme­di­umme­di­umme­di­um

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16/12/2019
CMS is re­leas­ing its ‘Shar­ing is (S)caring’ Pod­cast Series
25/09/2019
Token­ized As­sets: The Chal­lenges of De­vel­op­ing a Stable­coin
Pod­cast
18/09/2019
Token­ized As­sets: The Role of Stable­coins
Pod­cast
11/09/2019
Token­ized As­sets: De­vel­op­ing an Eco­sys­tem for Di­git­al Real Es­tate As­sets
Pod­cast
04/09/2019
Token­ized As­sets: Fin­ance in­nov­a­tion lead­ing to new ways to in­vest
Pod­cast
21/08/2019
Token­ized As­sets: An In­vestor’s Per­spect­ive
Pod­cast
07/08/2019
Token­ized As­sets: Reg­u­la­tion and Gov­ernance - A Dutch Per­spect­ive
Pod­cast
31/07/2019
Token­ized As­sets: Reg­u­la­tion in the USA - Reg A+
Pod­cast
24/07/2019
Token­ized As­sets: An Asi­an way of trad­ing di­git­al as­sets
Pod­cast
24/07/2019
CMS - Fo­cus­ing on Funds - More than a token ges­ture
17/07/2019
Token­ized As­sets: How to is­sue Tokens on the Block­chain
Pod­cast
10/07/2019
Token­ized As­sets: Pur­pose Built As­set Token Block­chains
Pod­cast