The European Parliament has released a report, “How blockchain technology could change our lives,” summarizing the capabilities and challenges of blockchain technology as well as its possible impact on social values. The report, presented by the European Parliamentary Research Service, noted that among all the potential applications, self-executing contracts are creating ways for companies to operate automatically.
The report noted that blockchains are especially helpful for situations where it is important to know ownership histories, such as managing supply chains.
Despite the capabilities, however, the technology will not likely result in a revolution.
Some of the broader issues to consider include protecting sensitive data. While some blockchains offer anonymity, certain types of information should not be distributed on blockchains.
Digital Property Rights
In the area of digital property rights, blockchain technology can assist in identifying copyrighted works and settling disputes. It could lead to multi-territorial licensing policies and improved legal certainty for both creators and purchasers of content.
In the realm of protecting patents, blockchain technology could balance protection of innovators against that of competitors.
Read more ... source: CryptoCoinsNews
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