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How NFT court summons could change the legal landscape

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How NFT court summons could change the legal landscape


RBB Lab, a technology development firm based in the Republic of San Marino, has utilized nonfungible token (NFT) technology to issue a court summons to a former employee and a contractor.

RBB Lab CEO Enrico Rubboli told Cointelegraph that it summoned the two individuals to the Judiciary of Italy on claims of attempted extortion and aggravated defamation of the firm. The summons was “an order restriction that we are asking them to stop this campaign against us,” said Rubboli.

This is the first time that an NFT has been used to deliver a court summons in Italy. If this technology catches on, it could mean big changes in how Italy handles legal cases in the future.

The RBB team says that serving a summons via the blockchain is more efficient than the traditional process, which can take weeks. Rubboli, said, “The goal is to streamline the process and make it more efficient,” adding:

“As a technology company, we want to push barriers in everything we do. This is an example where technology can facilitate and also improve a system that has been slow to adapt. Our goal is to find opportunities to improve our lives using technology. Unfortunately, the legal system has many examples of inefficiency where a lot can be done.”

RBB Lab is working with the law firm Annetta Rossi e Associati based in Florence, Italy, to develop a set of tools for the legal field. The goal is to create new blockchain-related legal products that can be used by both lawyers and law students. The project is still in its early stages, but the team is already making great progress.

“We have a very good relationship with the law firm and they are familiar with the blockchain. So, we decided to collaborate with them since we are an engineering company and can help them bring a variety of tools to the market such as on-chain forensic tools and the technology to deliver a court summons via the blockchain. We are also exploring the possibility of notarizing documents using the blockchain. So, we’ll have a way to prove that the document was in existence at a certain time,” Rubboli told Cointelegraph

Service of court papers with NFTs

Contrary to what one might expect, the use of NFTs for the service of court papers is becoming more commonplace. In fact, two courts in the United Kingdom and the United States have approved serving summons with NFTs in the context of a legal dispute potentially paving the way for more widespread use.

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As more and more people have begun using NFTs, the number of court cases linked to NFTs has also grown considerably over the last few years. One of the most recent ones saw a law firm use an NFT to serve a defendant with a temporary restraining order.

Another example saw a company taking the rather unique step of serving a defendant with an NFT as evidence in an $8 million hacking case.

The fact that lawyers have been embracing NFTs as a viable form of service in legal matters, regardless of the jurisdiction, is a clear sign that this new technology has been accepted and is being used in the legal community.

The traditional way of serving court papers has been characterized by personal delivery, yet with the emergence of blockchain technology, there is the opportunity to explore a more modern approach. This could have a wide-reaching effect on individuals and businesses alike, as it could potentially open up a world of possibilities for how court papers are served in the future.

When asked for the reason behind their decision to deliver the summons through an NFT, Rubboli answered:

“Through traditional means, the delivery of a summons can be quite difficult. When delivering a summons it should be sent out and delivered as soon as possible and as efficiently as possible.”

“At the moment it’s extremely complicated and prone to error due to delivery time and cost to find certain individuals — especially if they are anonymous. NFTs are the way to go because it’s reducing and automating the steps which as you know make fewer errors when done responsibly. Just a single error can be used by the counterparty to postpone court, and that of course could create an entire slew of new issues. So, efficiency is extremely important here,” he added.

Consequences for legal system

Although there are many advantages to using NFTs for delivering a court summons, there are also legal requirements that must be observed.

To gain a better understanding of this and the summons potential implications on the Italian legal system, Cointelegraph contacted Pietro Calvaruso from RBB Labs’ legal team for more insight.

“One of the main issues is still represented by a lack of familiarity by our rulers with blockchain technology,” Calvaruso said, “Although the number of professionals capable of using it is fast growing. It’s necessary for a change of mentality by our politicians.”

“The implementation of the blockchain into the Italian legal system would give our country a big boost in terms of the attractiveness of investments and would definitely contribute to creating a more fair environment both for entrepreneurs and consumers.”

Digital asset IP

In addition to using NFTs to serve court documents, some companies are also using them to fight counterfeits.

The use of NFTs allows companies to verify that a digital asset is native, original, and uncopyrighted with blockchain technology.

This technology makes them indestructible and easily verifiable. In addition, it can be used to transfer royalties and fees to the creator through the use of smart contracts.

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This has allowed media companies to tie their unique content to NFTs and provide their customers with a one-of-a-kind experience by taking advantage of this technology.

Earlier this year, The Sandbox, an Ethereum-based metaverse, partnered with the NFT collective World of Women.

This partnership serves as a great platform for the company to continue its mission of achieving greater education and representation for women in the virtual world.


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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Hotbit Exchange, a global crypto trading platform, officially listed $ESCROW (Cryptegrity DAO) on January 27, 2023. The ESCROW/USDT trading pair is now available for all users of Hotbit Exchange.

To increase trust and protect the funds of buyers and sellers, Cryptegrity DAO (ESCROW) has introduced a means to trade crypto for goods and services without fear of theft or services not rendered, providing Security via smart contract technology. Its native token $ESCROW has been listed on Hotbit Exchange at 07:00 AM UTC on January 27, 2023, to expand its global reach further and maintain a secure and reliable platform for the exchange of goods and services using crypto.

INTRODUCING CRYPTEGRITY DAO

Cryptegrity is a blockchain-based platform that aims to increase trust between buyers and sellers of goods and services. The platform utilizes smart contract technology and cryptographic techniques to ensure transactions’ integrity and funds’ security. 

Cryptegrity’s web3 platform offers transparency and peace of mind that is impossible with traditional web2 competitors. Buyer funds are locked in an audited smart contract and released to the seller only when goods are received or services are rendered. This ensures that buyers and sellers can have confidence in the security of their transactions and reduces counterparty risk.

25% of revenue is distributed to $Escrow holders in real-time through smart contract technology. This revenue sharing continues for the lifespan of the platform or until all tokens are repurchased from public circulation. The Cryptegrity platform incentivizes the community and holders to help create liquidity and earn rewards by offering $Escrow for creating $Escrow LP pairs and staking them. Additionally, the Cryptegrity DAO rewards participants for contributing and resolving issues on the platform.

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In conclusion, Cryptegrity is an innovative platform changing our thoughts about online identity verification. With its cutting-edge technology, user-friendly interface, and listing on Hotbit, this project is poised to make a big impact in the industry.  

About $ESCROW Token

The Escrow Token serves dual purposes: it distributes platform fees to Token holders via revenue sharing and functions as a governance token with voting rights in the Cryptegrity DAO. It is the native token of the Cryptegrity Platform and is built on the Bep-20 and Erc-20 standards.

ESCROW has a total supply of 100 million tokens, with the following allocation: 10% to founders, 10% to the team, 10% for marketing and development, 10% for promotions, 10% for partnerships, 10% for liquidity for future DEX and CEX, and 40% available for sale to the public.

The ESCROW token is now available for trading on Hotbit Exchange starting at 07:00 AM UTC on January 27, 2023. Investors can easily buy and sell the token in relation to the Cryptegrity Project. The listing on Hotbit Exchange will aid in expanding the project’s reach and increasing market attention.

ABOUT HOTBIT

Founded in 2018 and holding Estonian MTR license, American MSB license, Australian AUSTRAC license, and Canadian MSB license, Hotbit cryptocurrency exchange is known as a leading trading platform that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit has already gained over 8 Million registered users from more than 210 countries and regions. Based on its globalized and unified strategies, Hotbit continues to focus on world’s emerging markets, such as Russia, Turkey and Southeast Asia markets and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019. Hotbit is constantly introducing and listing high-quality crypto projects so its users can directly trade, manage, track, and analyze cryptocurrencies, making the entire experience easier for ordinary people.

Start Trading Now: Hotbit.io

Telegram: https://t.me/Hotbit_English 

Twitter: https://twitter.com/Hotbit_news


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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.

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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.


“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”


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Australian Government Flagged FTX Concerns Eight Months Before Downfall

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Australian Government Flagged FTX Concerns Eight Months Before Downfall

A new report shows that the fallen crypto exchange FTX had already caused concerns with the Australian regulator months before its collapse. According to a document on The Guardian Australia’s website, the ASIC (Australian Securities and Investments Commission) started investigating the firm’s local operation last March.

An article in the Australian Financial Review prompted the concerns. The article outlined the now-bankrupt exchange’s plans to launch in Australia within a few weeks. FTX caused more concerns when rumors that it would allow users to purchase cryptocurrencies with margin loans of 30 times their investment started making rounds.

In early April 2022, several Australian regulators held meetings with FTX leadership, and at that time, the exchange promised to operate under the stipulated while cautioning its customers about potential scams. However, the regulators somehow remained concerned about the FTX business.

Report Shows ASIC Issued Several Notices to FTX Australia Within a Few Months

In a span of four months, the ASIC had issued about four notices to FTX’s Australian subsidiary, requesting more information about its business operations. However, to avoid interfering with its law enforcement activities, ASIC did not issue the notices via a freedom of information request.

The Guardian Australia’s briefing document released on November 12, 2022, a day after FTX had filed for bankruptcy, indicates that, indeed, the ASIC had been carrying out what’s described in the document as a ‘surveillance activity’ on the fallen exchange since last March.

The document stated that since March 2022, the Australian regulator has been requesting information from FTX Australia regarding its financial offerings. Among the issues raised included the firm’s compliance with the ASIC’s product intervention order alongside pricing and how it registered new users.

FTX Licensing Strategy

It has been discovered that FTX Australian began its operations without ASIC’s approval because it evaded the usual licensing procedures by buying out an existing firm that had possessed an Australian Financial Services License since 2021.

Another revelation shows that IFS Markets, the company acquired by FTX, had also gotten the license by taking over another financial firm called Forex Financial Services a few months earlier.


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