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A Lawyer's Primer to Blockchain and Smart Contracts A Lawyer’s Primer to Blockchain and Smart Contracts October 12, 2018 12:00 p.m. – 1:30 p.m. CBA Law Center New Britain, CT CT Bar Institute Inc. CT: 1.0 CLE Credits (General) NY: 1.0 CLE Credits (AOP) No representation or warranty is made as to the accuracy of these materials. Readers should check primary sources where appropriate and use the traditional legal research techniques to make sure that the information has not been affected or changed by recent developments. Page 1 of 20 Lawyers’ Principles of Professionalism As a lawyer I must strive to make our system of justice work fairly and Where consistent with my client's interests, I will communicate with efficiently. In order to carry out that responsibility, not only will I comply opposing counsel in an effort to avoid litigation and to resolve litigation with the letter and spirit of the disciplinary standards applicable to all that has actually commenced; lawyers, but I will also conduct myself in accordance with the following Principles of Professionalism when dealing with my client, opposing I will withdraw voluntarily claims or defense when it becomes apparent parties, their counsel, the courts and the general public. that they do not have merit or are superfluous; Civility and courtesy are the hallmarks of professionalism and should not I will not file frivolous motions; be equated with weakness; I will endeavor to be courteous and civil, both in oral and in written I will make every effort to agree with other counsel, as early as possible, on communications; a voluntary exchange of information and on a plan for discovery; I will not knowingly make statements of fact or of law that are untrue; I will attempt to resolve, by agreement, my objections to matters contained in my opponent's pleadings and discovery requests; I will agree to reasonable requests for extensions of time or for waiver of procedural formalities when the legitimate interests of my client will not be In civil matters, I will stipulate to facts as to which there is no genuine adversely affected; dispute; I will refrain from causing unreasonable delays; I will endeavor to be punctual in attending court hearings, conferences, meetings and depositions; I will endeavor to consult with opposing counsel before scheduling depositions and meetings and before rescheduling hearings, and I will I will at all times be candid with the court and its personnel; cooperate with opposing counsel when scheduling changes are requested; I will remember that, in addition to commitment to my client's cause, my When scheduled hearings or depositions have to be canceled, I will notify responsibilities as a lawyer include a devotion to the public good; opposing counsel, and if appropriate, the court (or other tribunal) as early as possible; I will endeavor to keep myself current in the areas in which I practice and when necessary, will associate with, or refer my client to, counsel Before dates for hearings or trials are set, or if that is not feasible, knowledgeable in another field of practice; immediately after such dates have been set, I will attempt to verify the availability of key participants and witnesses so that I can promptly notify I will be mindful of the fact that, as a member of a self-regulating the court (or other tribunal) and opposing counsel of any likely problem in profession, it is incumbent on me to report violations by fellow lawyers as that regard; required by the Rules of Professional Conduct; I will refrain from utilizing litigation or any other course of conduct to I will be mindful of the need to protect the image of the legal profession in harass the opposing party; the eyes of the public and will be so guided when considering methods and content of advertising; I will refrain from engaging in excessive and abusive discovery, and I will comply with all reasonable discovery requests; I will be mindful that the law is a learned profession and that among its desirable goals are devotion to public service, improvement of In depositions and other proceedings, and in negotiations, I will conduct administration of justice, and the contribution of uncompensated time and myself with dignity, avoid making groundless objections and refrain from civic influence on behalf of those persons who cannot afford adequate legal engaging I acts of rudeness or disrespect; assistance; I will not serve motions and pleadings on the other party or counsel at such I will endeavor to ensure that all persons, regardless of race, age, gender, time or in such manner as will unfairly limit the other party’s opportunity disability, national origin, religion, sexual orientation, color, or creed to respond; receive fair and equal treatment under the law, and will always conduct myself in such a way as to promote equality and justice for all. In business transactions I will not quarrel over matters of form or style, but will concentrate on matters of substance and content; It is understood that nothing in these Principles shall be deemed to supersede, supplement or in any way amend the Rules of Professional Conduct, alter existing standards of conduct against which lawyer conduct I will be a vigorous and zealous advocate on behalf of my client, while might be judged or become a basis for the imposition of civil liability of recognizing, as an officer of the court, that excessive zeal may be any kind. detrimental to my client’s interests as well as to the proper functioning of our system of justice; --Adopted by the Connecticut Bar Association House of Delegates on June 6, 1994 While I must consider my client’s decision concerning the objectives of the representation, I nevertheless will counsel my client that a willingness to initiate or engage in settlement discussions is consistent with zealous and effective representation; Page 2 of 20 Table of Contents Program Description and Agenda ....................................................................................................................................... 4 Faculty Biography ................................................................................................................................................................. 5 A Lawyer’s Primer on Blockchain and Smart Contracts ................................................................................................. 6 Page 3 of 20 A Lawyer’s Primer to Blockchain and Smart Contracts ABOUT THE PROGRAM Discover what blockchains, smart contracts, ICOs, Ethereum and Bitcoin are all about. How can attorneys use blockchains and smart contracts to change their everyday practice of law? Find out how the rule of code and the rule of law will intersect and change society as we know it. YOU WILL LEARN • How blockchain and smart contracts have created “trustless” decentralized applications and organization that rely on cryptographic proof rather than relying a trusted centralized party, such as notaries, attorneys, large internet companies such as Google. • How smart contracts and blockchain are currently being used, exploring Bitcoin, Ethereum. The benefits and limitations of smart contracts. • Current and future applications and use cases of smart contracts and blockchain for attorneys. WHO SHOULD ATTEND New and experienced attorneys who want to learn what blockchains and smart contracts are and how it is already changing the practice of law. SPEAKER: Michael Chan, Attorney and Legal Engineer Open Law (A Consensys spoke), New York, NY. Consens Resides: Trumbull, CT PROGRAM AGENDA TIME TOPIC 12:00-12:05 Speaker Introduction 12:05-12:30 Intro to Blockchain Technology: What is a blockchain and how does it work? Introduction to various platforms: Bitcoin, Ethereum, etc. 12:30-1:00 Smart Contracts as Legal Contracts: How and what are they currently being used for? Benefits and limitations of smart contracts. 1:00-1:20 Future Applications of Smart Contracts and Blockchain: decentralized organizations, automated governance. Future of regulation. 1:20-130 Question and Answer Page 4 of 20 Faculty Biography Michael C. Chan is a Legal Engineer/software developer with OpenLaw.Io, a spoke of Consensys. Consensys is a world leader in developing blockchain applications and decentralized software. Michael has long been interested in smart contracts and making the law more accessible through technology. Michael is a founding partner of the New York City intellectual property law firm Melwani and Chan LLP. He has also worked at a clean tech start-up in Shanghai, China. He was formerly Corporate Counsel at East West Bank, a publicly traded California based bank (NASDAQ: EWBC), where he advised the bank on capital raises, SEC investigations, shareholder lawsuits, regulatory compliance issues, and distressed debt sales. Michael started his legal career with the hip-hop entertainment law firm Anthony Arther &Associates in New York City. Michael is licensed to practice law in New York and Connecticut. He received his Juris Doctorate from Yeshiva University’s Benjamin N. Cardozo School of Law in New York City and his B.S. in Anthropology from the University of Wisconsin-Madison. Prior to law school he worked as an archeologist in Wisconsin and on the Aleutian Islands, located off the tip of the Alaskan Peninsula, where he helped excavate a 3500 year-old Aleut fishing village. Page 5 of 20 A Lawyer’s Primer on Blockchain and Smart Contracts Michael Chan [email protected] What is a Blockchain? ● The blockchain is like a huge, global, decentralized spreadsheet. ● It keeps track of who sent how many Bitcoins or Ether
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