NEWS & DEALS
Inside Story.

  • Home
  • News & Deals
  • News
  • Kinstellar Prague hosts discussion on blockchain, smart contracts and cryptocurrencies, from business and legal perspectives

Search by

Kinstellar Prague hosts discussion on blockchain, smart contracts and cryptocurrencies, from business and legal perspectives

November 2017 - More than 50 representatives of leading Czech businesses gathered in Prague for discussions on blockchain, smart contracts and cryptocurrencies, which was organised by Kinstellar Prague. “We are very happy that this topic has attracted key Czech business players in this field, commented Zdeněk Kučera, head of TMT and litigation at Kinstellar Prague, who moderated the event. “It is evident that many of them consider blockchain a part of their business model. We have also seen a significant increase in the number of questions relating to these topics from our clients”.

Martina Březinová, head of the Prague banking and finance practice, noted the interest in the law’s impact on digital money. “As our clients were especially interested in the regulation of cryptocurrencies, we addressed this topic in detail,” she added.

Petr Měšťánek, head of the firm's Know-how, explained how blockchain works, what technologies are needed to run a blockchain database, and clarified the differences between public and private blockchains. He further pointed out two key advantages of using blockchain databases: they make it possible to execute a transaction between distant parties without the need to use a “trusted third party” (such as a bank, a securities dealer or the state), and they also enable the creation of a digital asset that cannot be copied.

He was followed by Jan Lamser – a co-founder and board member of Adel, a technology incubator for blockchain innovation and an associate partner at the fintech firm Redeggs. He introduced different kinds of blockchain business models and then went on to describe the lifecycle of various blockchain technologies, many of which are in a hype stage at present. He also introduced some solutions suitable for the financial sector, such as payment or settlement solutions.

Tomáš Formánek, from the Czech logistics company Logio, laid out how blockchain works within the supply chain, pointing out this technology benefits for end customers, since they can be sure of a product’s origin.

The legal discussion was presented by Zdeněk Kučera, who commented on the legal aspects of smart contracts, and Martina Březinová, who expounded on the legal aspects of cryptocurrrencies. Kučera identified a key problem in the wide scale application of smart contracts – implementation of non-operational clauses and consumer and data protection. Březinová presented the positions of the Czech National Bank and European Central Bank on cryptocurrencies and confirmed that currently they are not considered to be electronic money and remain unregulated.

At the conclusion of the seminar, Martin Kolek from the Czech Republic’s largest online retailer, Alza.cz, reported on his firm’s implementation of BitCoin payments and confirmed that this can be performed smoothly and effectively.

Sharing knowledge with such experienced guest speakers and the audience is extremely important for us. We constantly cooperate with top players in the market to be up-to speed in the newest technologies and I am glad that the seminar also helped to achieve this,” concluded Měšťánek.

For more information please contact Zdeněk Kučera, Managing Associate, head of TMT and litigation, Prague, at

e-mail

.