On 10 July 2020, Gabriela and Karen delivered a webinar on blockchain technology titled “Unravelling Blockchain - Blockchain, Smart Contracts and Data Privacy” to selected firm clients. Over 40 people joined the webinar including in-house counsels from banks, insurance, telecommunication and media companies.
Gabriela opened with an explanation of how blockchain technology works, and used real-life cases to illustrate the technology’s functionality and practical application in the business world. Moving on to smart contracts, Gabriela outlined their key elements before comparing them to traditional contracts. They have been widely used in areas such as insurance, supply chain and trade finance. However, she also highlighted some of the challenges that smart contracts present. Karen then followed up with an analysis of data protection principles and their compatibility with blockchain, discussing four ways in which they may be seen to clash – how blockchain is decentralised rather than controlled and processed; the distribution of blockchain data across a network vs restrictions on cross-border transfer of data; the unalterable nature of blockchain data vs the obligation to correct data and how it cannot be deleted against the right to have data erased. Gabriela and Karen used real-life examples throughout the presentation.