Compliance and Blockchain, much more than cryptocurrencies and smart contracts

This is a very sweet moment because today the digital and technological sphere is at its peak, many of us are talking about Compliance and Blockchain . Colombia has the state of the art, as it is just starting. We are part of the most dynamic ecosystem, which includes Argentina, Mexico, Chile, Peru and Colombia; we are currently developing projects that have been developed in the public sector, which have been related to the issuance of land titles and contracting with government entities in the public sector. What has most empowered the Blockchain issue has been the financial sector, the banks, and startups and some enthusiastic communities have emerged with respect to this technology. We also have a Fintech association, which is dedicated to managing the whole issue with Startups under different scenarios and especially Blockchain. By 2024, what is projected is that it will have an enormous growth and so will Colombia.

‍

In the communiqués that have come out since last year, the World Economic Forum has named Colombia as the first centre in Latin America to be the first centre for technology. So we are working on this and the government is also currently empowering people to develop many programmes in favour of training in 4.0 technologies, especially Blockchain, the internet of things and artificial intelligence. I foresee great growth in Colombia, as we know that our economy depends on exchanges with China, England, the United States and we have recently joined the OECD. But how do we see this amalgamation between law and technology? In my opinion, I see it in three sectors: Blockchain as a tool, as a Legaltech solution for the public sector, for judicial offices, for activity, for how law is being exercised.

‍

The other scenario that I see as an amalgam is Blockchain as a probative value, where there are various activities that are going to be developed with Blockchain. So there are going to be some conflicts and some dynamics that will allow Blockchain to be used as evidence. Whether in intellectual property issues, registration of property titles and other aspects that contain this evidentiary nature. But there is a third point, which is one of the challenges that Blockchain poses for the law. The most important are issues such as the right to be forgotten, data privacy and jurisdiction, when disputes arise as a result of a Blockchain. And if we are talking about inter-company, inter-network and international business combinations, how can jurisdiction be established for these disputes in these matters? The law will also enter into these international standards, to find out how it will be regulated, and I believe that the most important aspect now is the development of smart contracts.

‍

I don't see it as complicated in terms of programming, because in the end what you read what you do is adapt it into a programmatic language, but more than anything else, I see it in terms of contracts. That people start to make them under platforms and characters of everyday life, making payments with cryptocurrency. That is where a great challenge for law comes in, with the whole issue of devices mounted on the Blockchain, that Smart Contract. So, I believe that this amalgamation has allowed us to see that law has not been static. Law has evolved in a gradual way to the changes in society, but these changes that came in such a disruptive way, so strong in the world, have led to all scenarios being transformed, and it has just reached the law. I think it is a very good amalgam that is going to be formed between these points of law and Blockchain.