Attorneys, not just technology developers, are trying to wrap their collective arms around what blockchain is and what it can do, too.
The recently formed Blockchain + Legal Industry Group announced that its collaborative working groups have created the first of several new white papers for general counsels concerning the interrelationship between blockchain and the law.
Officials said this development represents the beginning of an important effort to educate the legal community about the legal and regulatory issues surrounding blockchain and cryptocurrencies, and how blockchain technology can benefit the way corporate legal departments and law firms do business.
According to a news release, the group’s first white paper titled, Blockchain and Mitigating Corporate Risk, represents the first in a series designed to share that understanding with the wider legal community.
Founding members of the Blockchain + Legal Industry Group include representatives from:
• Ava Labs
• Coinbase
• Cornell Law School
• Cravath Swaine & Moore
• Epiq
• Grant Thornton
• IBM
• Icertis
• Norton Rose Fulbright
• Pitney Bowes
“Having worked with numerous clients on blockchain implementations, I’ve seen a tremendous need to advance the industry’s knowledge and best practices in understanding and managing the legal and compliance implications and opportunities of blockchain,” said founding member Mark Treshock, global blockchain solutions leader for healthcare and life sciences at IBM.
The group highlighted that it has grown quickly to include academics, technologists, business executives and lawyers from more than 25 organizations. The group said the variety of participants is a significant strength as members bring expertise as legal, business, and financial corporate advisors, blockchain operators and founders, academics, technologists, and existing and potential corporate blockchain adopters.
Members pointed out that each participant brings a unique perspective, providing the group with a 360-degree view of the emerging space.
“Multi-disciplinary industry collaborations like this are crucial to advancing the responsible adoption of blockchain technology,” said founding member Johnny Lee, principal and national practice leader of forensic technology at Grant Thornton. “Only engagement by thoughtful insiders can refute the fear, uncertainty, and doubt that permeates so much of the media coverage and public commentary in this arena.
“I have found the level of candor and dialog within this group to be remarkably productive toward these ends, and I’m happy to be a part of this effort,” Lee continued.
The group noted that its broad vantage point can enable participants to accelerate their understanding of blockchain and its legal and regulatory issues, better positioning their companies for the future. The group added that the new white paper represents the first in a series designed to share that understanding with the wider legal community.
“Being a part of this group has broadened my understanding of what blockchain means to my own organization and to the legal industry in general,” said founding member Dan Goldstein, executive vice president and chief legal officer at Pitney Bowes. “For many in legal there is a lack of true understanding about blockchain’s legal, regulatory and compliance implications, what the risks and opportunities are, and how to address them. Our group is working to change that.”
With more use cases constantly emerging, the group acknowledged blockchain and cryptocurrency are clearly becoming more pervasive in their adoption.
The group also said many companies are aware of the technology, but don’t yet understand how it will impact their legal department and obligations, regulatory compliance, business and operations.
“As a lawyer and law professor actively engaged in fintech, it is clear that blockchain has and will continue to be transformational,” said founding member Charles Whitehead, Cornell Myron C. Taylor Alumni Professor of Business Law and Founding Director of the Cornell Tech Law, Technology and Entrepreneurship Program. “This group has been instrumental in identifying the legal challenges presented by the technology.”
The group seeks to analyze and identify solutions and best practices for the many legal, regulatory and compliance issues that corporations and other organizations face when they decide to adopt blockchain and cryptocurrencies.
Assessing these issues also allows for a broader understanding of the value proposition of blockchain, and how its adoption can impact legal and compliance operations, according to the group.
“With the adoption of blockchain and cryptocurrencies growing, legal departments will need to fully understand implications for forensics, information governance, investigations, eDiscovery, privacy and compliance, and resulting desired approaches for implementation, including what types of data that should or should not be included on the blockchain,” said founding member Alison Wisniewski, chief legal officer at Epiq and the first white paper’s leading author.
“Epiq has a long history of working with corporate legal departments and law firms to understand and optimize the implementation of new technologies from a legal and compliance perspective, and our participation in this group will help us better serve our clients in this transformational area,” Wisniewski continued.
Other group members are also working to leverage improved blockchain knowledge on behalf of their clients, including law firms and technology providers.
“As a global law firm with a large fintech client base, we advise many clients on the opportunities and legal considerations for adopting blockchain technology to develop a wide variety of digital assets and solutions,” said Stephen Aschettino, U.S. head of fintech for global law firm Norton Rose Fulbright. “We are excited to engage with the Blockchain + Legal Industry Group participants to bring further innovation to our clients.”
Sunu Engineer is principal architect and technical evangelist of research and development at Icertis.
“The blockchain is changing how information management and legal operations will evolve. As a contract intelligence company providing smart contract solutions around the world, our involvement in the Blockchain + Legal Industry Group has not only helped us to better understand the needs of corporate legal operations but has also contributed to how we continue to optimize our Icertis Blockchain and Smart Contracts Framework,” Engineer said.
““We’re enabling companies to seamlessly leverage innovative contract management solutions based on sustainable, permissioned, standards-based blockchains and related technologies to address real-world business challenges,” Engineer went on to say.
The Blockchain + Legal Industry Group conducts research, defines and shares best practices and hosts roundtable discussions on key topics. Interested parties are invited to participate.
“Recognizing the transformation occurring in multiple industries due to blockchain and cryptocurrencies, we are excited about what we have already accomplished with this group, and we look forward to welcoming additional members,” said founding member George Bickerstaff, executive board member in pharmaceuticals and former Novartis chief financial officer.
If you are interested in reading the white paper, receiving future communications from the group, or participating as a member of the group, visit https://www.blockchainpluslegal.org.
There’s now another path for users to leverage TransUnion information.
Last week, TransUnion announced its off-chain credit data will be made available for the first time on public blockchain networks via Spring Labs’ ky0x Digital Passport.
The companies explained the move is designed to enable better-informed, privacy-preserving DeFi and Web3 applications — internet applications based on public blockchains. It’s all geared for “unlocking a new world” of permissioned and reputation-based products and features.
By making credit data — which experts said is widely accepted as the standard to assess credit risk in traditional finance — available on blockchain, Spring Labs said it is kick-starting its ky0x Digital Passport identity system.
Ky0x Digital Passport can allow users to provide information about themselves in order to access permissioned smart contract applications while preserving the privacy of their off-chain identity.
With access to ky0x’s Digital Passport’s data, DeFi and Web3 applications can build increasingly competitive financial products that only ky0x’s open and continuously growing system can enable.
“We want to foster greater trust (and adoption) in DeFi products and services, so we created the tool suite that makes available off-chain reputation (e.g. KYC/AML, credit) data on public blockchain that preserves the user’s privacy and anonymity,” Spring Labs chief executive officer John Sun said in a news release.
“With TransUnion’s identity and credit data, we’re providing the first building block to bringing reputation on-chain, in turn helping create a more efficient DeFi lending environment that can offer better loans, more available liquidity, and ultimately accelerate adoption in the space,” Sun continued.
In addition to credit data, the ky0x Digital Passport can enable any Web3 application or smart contract to access off-chain identity and compliance information.
Spring’s research and development of privacy-preserving technologies have led to a system that can allow its users to have control of their data while preserving their privacy and anonymity.
Users can opt in and provide permission to have their credit data attached to their wallet, and never need to reveal their identity and personally identifiable information when affirming their reputation and credit history to DeFi applications and services.
“We believe in the growth potential of DeFi. Providing credit and identity data on-chain is a huge step towards improving the financial products available in the space,” said Steve Chaouki, president of U.S. markets and consumer interactive at TransUnion.
“Working with Spring’s ky0x, we now have a solution for users to control and share their data on blockchain in a privacy-preserving way, enabling them to safely interact with a broader set of financial products,” Chaouki continued.
With VantageScore credit scores on-chain, users can improve the rates that they’re being offered by DeFi lenders, and DeFi lenders can reduce their own risk, all while increasing their available liquidity.
Because of its state-of-the-art model architecture, market-leading predictive performance, and its inclusive ability to provide a score for nearly the entire adult U.S. population, VantageScore is widely used by the most innovative financial technology providers and it is a trusted risk management tool for more than 2500 financial institutions in the United States
“Enabling access to an industry-standard, trusted credit risk score like VantageScore on-chain and in a consumer permissioned, anonymous way opens the door to greater growth and financial inclusion in the DeFi space,” said Liz Pagel, senior vice president and consumer lending business leader at TransUnion.
“Paired with ky0x’s AML and KYC capabilities, DeFi lenders can transact with confidence at lower rates, potentially paving the way for lending without the over-collateralization that is standard today,” Pagel went on to say.
For more information, visit this website.
Carnomaly is continuing to push the vehicle acquisition and financing process even further away from what might seem like the dark ages of paper checks toward a new era when cryptocurrency is the payment path.
On Friday, the company announced its enhanced crypto and blockchain platform that can give consumers and dealers the ability to buy and sell cars with integrity and empowers them with the infrastructure to effectively communicate without manipulation.
Utilizing the new platform, Carnomaly explained that consumers and dealers will be provided with vehicle reports, improved search functions, greater privacy control with a proprietary anonymous search function and a streamlined purchasing process.
“We are thrilled to be able to capitalize off of the blockchain’s limitless potential in order to re-think the auto industry and what car ownership and the car loan process can be,” said Scott Heninger, founder and chief executive officer of Carnomaly, which also participates with several major cryptocurrency exchanges including Kucoin trading under the symbol Carr.
“Through our new applications, both consumers and dealers will be more empowered than ever to take control of the buying and selling process,” Heninger went on to say
To learn more about Carnomaly and to be a part of the platform, visit https://carnomaly.io.
The U.S. Patent and Trademark Office recently granted a patent to KPMG for a blockchain-based method that can improve the selection, curation and management of data used to train machine learning and artificial intelligence (AI) models.
The company highlighted KPMG’s new patent — U.S. Patent No. 10,528,890 — demonstrates how blockchain can be used to store, track and trace data used throughout the AI lifecycle, including training, deployment and monitoring of AI models and their algorithms. KPMG said it also establishes an AI chain of custody that verifies how and where data and models have been generated and used.
“Using blockchain allows both KPMG and our clients to confidently stand behind the responsible use of data entrusted to us,” said Marisa Boston, KPMG director and patent co-inventor with KPMG Director Rupa Shah.
“With this approach, we are able to help companies manage data, identify and mitigate issues such as bias or unnecessary access that could compromise data integrity, and drive increased confidence in insights driven by AI,” Boston continued in a news release.
KPMG insisted that organizations across the public and private sectors recognize the potential for data-driven business models to accelerate competitive advantage. However, the company pointed out current compliance regulations require data to be carefully monitored for rightful use.
Additionally, in order for machine learning models to become more accurate and effective when reflecting human intelligence and reasoning, KPMG explained they need to be fueled with improved data quality and data security.
KPMG stressed its method can improve shortcomings in current data management approaches and can help organizations operationalize a trust paradigm within the AI lifecycle by using blockchain to manage data provenance and lineage and support integrity in models and algorithms. Experts explained their tool can
— Allow to responsibly identify the most relevant available data
— Record how multiple parties interact with the data
— Manage data permissions and approvals for use in AI algorithms
— Identify when potential bias has been introduced through the training data
— Monitor training data history and quality
— Track how and where the models have been deployed and utilized
KPMG went on to mention key components of the data management process are automated using smart contracts to enhance the existing human procedures required to maintain data records and controls across large organizations. Outputs and insights gleaned by AI are explainable and auditable, allowing for increased confidence in results among stakeholders, according to the company.
KPMG added the trust and transparency enabled by end-to-end data provenance can allow AI to serve as a reliable technology that business leaders can leverage as part of their broader digital transformation efforts. Beyond helping clients with data management, KPMG plans to use this new technology in its own data strategy and digital transformation efforts.
“Technology is both the impetus for and solution to many of today’s most complex business problems. However, it’s critical that new innovations be developed and deployed responsibly,” KPMG vice chair of innovation and enterprise solutions Mike Nolan said.
“This blockchain method demonstrates how KPMG is focused both on uncovering the full potential of converging emerging technologies such as AI and blockchain, and on their responsible implementation,” Nolan went on to say.
The company also noted the patent is one component of KPMG’s intellectual property portfolio, which includes strategic investments in emerging technologies and partnerships with leading technology companies to develop and deploy technology-based solutions that address complex business challenges.
At least one firm sees the compound annual growth rate (CAGR) for the global automotive blockchain market to be quite robust in 2020 and into the next decade.
Allied Market Research said in its recently published report the global automotive blockchain market is expected to garner $428.6 million in 2020 and is projected to reach $5.6 billion by 2030, growing at a CAGR of 29.3% from 2020 to 2030.
The report identified 10 companies that the authors described as the major market players expected to fuel the growth, including:
— Carvertical
— CarBlock
— Accenture
— Xain
— HCL Technologies
— Helbiz
— IBM
— Microsoft
— Tech Mahindra
— NXM Labs
“Decreased operational cost and security against data leak and manipulations have boosted the growth of the global automotive blockchain market,” Allied Market Research said in a news release announcing the report’s availability. “However, uncertainty over regulations hampers the market growth.
“On the contrary, higher adoption for better payments, logistics and transportation and usage-based insurance is expected to create lucrative opportunities in the near future,” the firm continued about its report titled, "Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contracts, and Supply Chain), Provider (Application & Solution, Middleware, and Infrastructure & Protocol), and Mobility (Personal Mobility, Shared Mobility, and Commercial Mobility): Global Opportunity Analysis and Industry Forecast, 2020-2030."
Allied Market Research projected the supply chain segment is expected to contribute the largest share in 2020, accounting to nearly two-fifths of the global automotive blockchain market.
The firm explained the rise in use of blockchain in automobiles and increased demand for efficient means to track data regarding supply chain drives the segment. However, Allied Market Research added that the financing segment is projected to register the fastest CAGR of 32.7% during the forecast period, due to the implementation of blockchain in automobiles coupled with the application in financing and rise in trend of automation.
Allied Market Research went on to mention the application and solution segment is expected to hold the largest share in 2020, accounting for nearly half of the global automotive blockchain market. The firm contends the segment is expected to dominate the market throughout the forecast period.
“Moreover, the segment is anticipated to portray the fastest CAGR of 30.8% from 2020 to 2030. The application and solution providers provide better and efficient system, which supports the growth of blockchain in automobiles,” the firm said.
The complete report is available by going to this website.
Using blockchain to compute residual values appears to be unfolding in China with a high-line brand that often heavily depends on the metric.
According to a recent news release, PlatON has developed a bespoke blockchain-based vehicle residual value management platform for the used-car business line of Beijing Mercedes-Benz Sales Service Co. (BMBS). Officials with the global privacy-preserving computing network explained the platform will store static data and dynamic data, which will be used automatically to compute a vehicle’s residual value throughout its lifecycle.
“From electric vehicles to driverless cars, emerging technologies have come to rapidly shape the trajectory of innovation in the automotive industry to a model that champions greater security and sustainability,” PlatON chief strategy officer Ada Xiao said.
“With over 6.5 million used cars in China traded in the first half of the year alone, we hope that our collaboration with BMBS will highlight the need for more sophisticated data collection systems to accurately monitor the value of the vehicles comprising China’s substantial used car market,” Xiao continued.
PlatON’s blockchain-based platform will be open to all relevant parties in the used car market from Mercedes-Benz and 4s car dealerships to vehicle inspection firms and owners, allowing for the convenient monitoring and auditing of the dynamic residual values of vehicles. In China, authorized dealerships are known as 4s car dealerships that offer four core services: sales, spare parts, servicing and surveying. According to the China Automobile Dealers Association (CADA), the number of 4s car dealerships in the country had increased to 29,664 by the end of 2018.
PlatON explained its emphasis on privacy-preserving mechanisms will help to ensure that all data stored on the blockchain is adequately encrypted, allowing for the safe transmission and storage of sensitive data without compromising privacy.
The collaboration between PlatON and automaker was born out of the project’s participation in Startup Autobahn Batch 3, an innovation platform powered by Daimler Innovation Technology in China. With the goal of mentoring and incubating global tech startups that look to develop products in the mobility sector, Startup Autobahn provides the technical mentorship and automotive expertise over the course of 100 days to help these projects successfully pilot and deploy a production-ready solution.
Startup Autobahn is the open innovation platform initiated by Daimler, aiming to combine the tech expertise of Silicon Valley and the best of German engineering. It unites global tech startups with industry giants. Startup Autobahn runs in several countries including Germany, the U.S., China, India, Singapore and South Africa.
Filament is leveraging the capacity of the university near its headquarters to cultivate its comprehensive enterprise blockchain solutions for the Internet of Things (IoT).
The company is now working with the University of Nevada-Reno’s intelligent mobility initiative to develop a new standard based on blockchain IoT technology for attested data integrity between autonomous vehicles and road infrastructure. The smart city project is being conducted through the university’s Nevada Center for Applied Research (NCAR) and is designed to improve safety and communication between autonomous connected vehicles and surrounding infrastructure with LIDAR and dedicated short-range communications (DSRC) devices mounted at intersections.
“The growth in the number of connected vehicles on roads will lead to an increase in the number of IoT devices, which can potentially create vulnerabilities,” said Carlos Cardillo, director of the Nevada Center for Applied Research, which facilitates the Intelligent Mobility initiative.
“Working with Filament as part of Intelligent Mobility will help us to create and validate secured data generated from the many connected LIDAR devices including those in autonomous vehicles that will soon be a common feature in our cities and towns. We believe this can result in a new set of data integrity standards that others can follow when rolling out their own initiatives,” Cardillo continued.
The university will begin simulated testing of Filament’s Blocklet technology with plans to soon integrate the technology into both an autonomous vehicle and the sensor infrastructure placed along defined routes to deliver a trustworthy record of events, enabling attested data exchange via blockchain transactions.
“We are excited to collaborate with the university’s Intelligent Mobility initiative on advancing this cutting-edge vehicle-to-infrastructure communication innovation. This is an important project for all cities preparing for autonomous vehicles as it will demonstrate how secure distributed ledger technology combined with connected, driverless cars and their surroundings can become a trusted reality,” Filament chief executive officer Allison Clift-Jennings said.
“For the project, the university’s test vehicles will accept only Blocklet-attested data transmissions, protecting them from potential bad actors or man-in-the-middle attacks. And with the data recorded on a blockchain, the shared root of trust is established for transparent exchange and transactions,” Clift-Jennings continued.
Officials insisted the state of Nevada, with the support and commitment of its research universities, industries and startups, has established itself as a premier location for innovative vehicle and transportation technologies. Supported by the governor's Office of Economic Development, the University of Nevada-Reno’s Intelligent Mobility is testing synchronized mobility concepts and gathering data in real-world, “Living Lab” settings.
A vehicle-to-infrastructure (V2I, also known as V2X) communication project demonstrating the security of data sent to-and-from autonomous vehicles and street-side infrastructure using blockchain technology is expected to be completed in the first half of 2019.
Filament’s Blocklet products can provide blockchain native tools and technology for enterprises and industrial corporations, enabling them to securely process and record transactions directly from IoT devices, secure RFID tags, vehicles, manufacturing equipment and other connected machines, ensuring digital trust from the edge to drive smart contracts, automation, compliance and new revenue streams.
The company’s solutions are being used by global corporations in the automotive, communications and other enterprise sectors.
