1、 2 NOTICE This Guidance does not constitute legal advice. It is intended to provide technical guidance and suggestions as to best practice for legal practitioners when dealing with matters involving blockchain and distributed ledger technology. The authors of this Guidance accept no liability for an
2、y claim in connection with any action or inaction of any party acting in reliance on the contents herein. 3 CONTENTS FOREWORD 8 PRESIDENTIAL FOREWORD 9 INTRODUCTION 10 COMMON ABBREVIATIONS 13 CHAPTER SUMMARIES 14 KEY RECOMMENDATIONS 17 SECTION 1: COMMERCIAL APPLICATION 24 Introduction 24 Public vs p
3、rivate? 24 Private vs central database? 25 Setting up a private blockchain 25 Use case 26 Contracting for private blockchains 28 Who owns IP in the blockchain? 29 Conclusion 29 SECTION 2: SMART CONTRACTS AND DATA GOVERNANCE 30 PART A: SMART CONTRACTS 30 Introduction 30 Objectives of the coding sub-g
4、roup 30 Experts and evidence 30 Definitions 31 Findings 32 Advantages and disadvantages of Smart Legal Contracts 32 Data governance 34 Digitisation 34 Choice of platform 34 Effective and efficient digitisation 35 4 Additional comments 37 Automating transaction elements best concluded off-chain 38 Di
5、spute resolution considerations 38 Regulatory considerations 38 Decentralised Autonomous Organisations and the impact they may have on the legal profession 39 What is a Decentralised Autonomous Organisation (DAO)? 39 PART B: DATA GOVERNANCE REQUIREMENTS SMART CONTRACTS 42 Introduction 42 What is a s
6、mart contract? 42 The elevated role of data and data governance in smart contracts 43 Data governance 44 Dimensions of data quality 46 Data required to assess the data quality of a data variable and quality control policies 46 SECTION 3: BLOCKCHAIN CONSORTIA 48 Introduction 48 What is a blockchain c