Digital Transformation: What Lawyers must know about Smart Contracts, Digital Services and Block Chain

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Webinar presented by the UIA Information Technology Law Commission

Recent technological advances in artificial intelligence (AI), internet of things (IOT), big data, block chain, data analytics etc. have enabled global tech majors to harness the data obtained in data processing to deliver actionable business insights often converted into data products. This process known as « digital transformation » has the potential to transform the value proposition of their global clients and is rapidly moving the service providers from the back office to the front office handling product design and development.  This is a sensational leap forward for the IT consulting/service providers from the cost cutting of the outsourcing era and raises critical legal issues addressed for the first time, globally, in this webinar.

The first session examines digital transformation and contracts which are the key legal instrument for the entire success of the client’s digital transformation. First, the client’s contracts themselves must be digitized known as digital contract transformation or DCX. Once DCX is done, contract connectedness must be achieved which means that contracts are connected to IOT sensors through which market prices and other real-world data is fed into the system in order to ensure that post execution performance is captured digitally, and analytics are optimized. The session examines DCX, contract connectedness, smart contracts using block chain and their implications for successful digital transformation.  The session also examines the key legal provisions in the digital transformation contract itself and how these differ from the decades earlier outsourcing contracts.

The second session examines the critical issue of the digital services and, in particular, the legal role of digital service providers and platforms in the current so-called « digital platform economy », as well as the role of data ownership in this new economy. The panel will discuss the legal challenges the digital platforms and intermediaries are facing in view of new regulations (such as the EU Digital Services Act package), the impact for the digital services of new competition and antitrust rules and perspective and the intellectual property rights recognized over the data generated in the provision of digital services.

The third session looks at how increased innovation and digitalisation (including some blockchain) is being used to effect transformation of the financial services sector.  The session focuses on explaining how such increased innovation and digitalisation is being used in daily transactions in the financial and insurance sectors so that lawyers can equip themselves to meet their clients’ requirements.

For more information or if you are interested in joining the event, please do not hesitate to contact us.