Join us for a focused legal hack session with Mark Weber of the MIT Digital Currency Initiative as we help solve for the legal aspects of transitioning paper-based warehouse receipts into the form of blockchain-backed digital, networked objects!
Hacknight Wiki page of background resources and context: https://github.com/ComputationalLaw/TransferableRecords-LegalHacking/wiki/Hack-Night-With-Mark-Weber
The general idea is to refactor legally valid and enforceable warehouse receipts from paper documents to digital records. For purposes of making good progress and helping to provide a solid starting point to work with, we will explore:
1) Identifying system design requirements or constraints by starting with a walk through of the rules governing "Transferable Records" under UETA and ESIGN; and
2) Identifying contract design requirements or constraints by starting with a walkthrough of a standard, international "Trading Partner Agreement" appropriate for participation in relatively open commerce platforms, exchange networks and multi-player market systems (not a big buyer supply chain trading partner).
The goal for this hack night is to develop a bullet list of potentially important legal requirements, constraints and other design goals derived from a rapid but focused walk through of relevant legal rules. The intention is to derive that bullet list from legal rules governing warehouse receipts in the form of electronic transferable records in the practical context of some likely types of rules governing parties using the digital warehouse receipt system derived from very standard trading partner and other commercial umbrella agreements. While these two sources are far from comprehensive sets of all the legal rules impacting a system for digital warehouse receipts, they do provide a core "DNA-like" set of coherent, widely accepted, authoritative, definite, timely, relevant and achievable foundation to build upon.
------- Background/Contextual Materials --------
Trading Partner Agreement Standard Examples:
Electronic Transferable Records materials:
Current UNCITRAL Drafts:
* A/CN.9/897 - Report of Working Group IV (Electronic Commerce) on the work of its fifty-fourth session
* A/CN.9/WG.IV/WP.138 - Annotated provisional agenda
* A/CN.9/WG.IV/WP.139 - Draft Model Law on Electronic Transferable Records
* A/CN.9/WG.IV/WP.139/Add.1 - Draft Model Law on Electronic Transferable Records
* A/CN.9/WG.IV/WP.139/Add.2 - Draft Model Law on Electronic Transferable Records
Note: The legal validity of Electronic Transferable Records was explicitly established in the US through UETA (as uniform state law) and ESIGN (federally), both of which (broadly) were implementations of the UNCITRAL Model Law on Electronic Commerce.