| Blockchain & Distributed Ledger Technology: Sustainable Business Revolutions Through Trustless Transactions William S. Wenzel, Esq.1; 1RED ROAD LEGAL, PC, Denver, United States; PAPER: 431/Laws/Regular (Oral) SCHEDULED: 14:50/Thu. 24 Oct. 2019/Hermes (64/Mezz. F) ABSTRACT: The purpose of Blockchain is to use technology to supplant the need for (and expense of) intermediaries in inter-party transactions. Global business entails interactions between scores of “arms-length” parties. This necessitates third-party intermediaries to verify the voracity and performance of each participant. Whether confirming ownership, determining that delivery occurred – on time and conforming with expectations, or ensuring that upstream suppliers and downstream purchasers maintain product quality standards, these business models require significant overhead in monitoring and authentication. Blockchain and other Distributed Ledger Technologies remove intermediaries from business transactions. It allows “strangers” to transact with each other in a streamlined, trustless manner. Opportunities abound for businesses to capitalize on this technology as providers and users. We will discuss best practices of implementation and use, challenges like GDPR, and monetization strategies for Blockchain and DLT. We will also examine sustainable system options that ensure Blockchain and DLT will best use a business’ available resources. |
