Blockchain this Week
UK Jurisdiction Taskforce publishes rules for blockchain and crypto legal disputes
In a big piece of news for the legal sector, new rules were recently published by the UKJT. The rules aim to address uncertainty, encourage fast resolution of disputes and boost business confidence. The rules allow parties to resolve disputes by arbitration, and enable on-chain implementation of decisions. The rules “will hopefully give global businesses greater confidence to adopt and utilise new digital technologies” said Master of the Rolls, Sir Geoffrey Vos, chair of the UKJT.
Fashion behemoths join blockchain alliance to combat fakes
Prada, Louis Vuitton, Cartier, Hublot and others have joined forces on ‘aura’, a blockchain alliance that will allow tracking of product history and proof of authenticity of luxury goods. The nonprofit platform is open to all luxury brands worldwide. The system traces the life cycle of a product, matching a product ID to a client ID, and enabling consumers to access the history of a product at every step of the value chain.
Egyptian customs authorities partners applies blockchain to customs declarations
The Egyptian government has authorised CargoX to provide blockchain services for a new cargo importing regime. The CargoX platform, which is based on Ethereum blockchain technology, allows non-fungible token-based transfers of Bills of Lading and other important shipping industry documents, for the fast, secure and tamper-proof movement of digital documents.
ASEAN blockchain consortium targets cross-border co-operation
Blockchain associations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines signed a memorandum of understanding this week to promote blockchain collaboration in the Asia Pacific region, forming the ASEAN Blockchain Consortium (ABC). The group aims to engage with regulators, raise industry awareness, and further education around digital assets and blockchain technology.
