Blockchain is seen as one of the most promising and revolutionary new technologies: Crypto assets create new investment possibilities, token sales are heralding a sea-change in the way in which capital is raised, and smart contracts promise the extensive automation of complex agreements and bulk transactions. Besides their use in the FinTech sector, blockchain applications are also being tested for, among other things, manipulation-resistant supply chains and voting systems and in the areas of data and identity management.
Blockchain and its potential uses do not necessarily sit well with German law, however; to date there is no separate legislation specifically governing blockchain applications. Checks as to what information can be input into a blockchain and what technical adjustments are required, if any, therefore have to be based on the general legislation.
Our service portfolio includes the setup of compliance structures for the use of blockchains as well as the obligations and liability risks that need to be borne in mind when taking on key positions on a private blockchain. We evaluate the risks involved in inputting data onto a blockchain, especially as a result of the sometimes unavoidable mirroring of data on external nodes. We also examine the data protection and antitrust requirements that can run counter to blockchain transparency and immutability and need to be heeded on account of the transparency of blockchain data.