Sign Iowa Banking Agreement Simple

Industry sign banking iowa contract secure

okay I've actually got two papers in this conference because they had a 5,000 word limit and I've got two papers that form something a bit larger and I wanted to make sure I got it all inside submitted to in two parts and this is the other part of what I was going to talk about today so we talked about how in a commercial transaction we could actually integrate Bitcoin to be an evolution of how contracts work allowing an evidence framework a provable way of capturing contracts between businesses lowering their cost now we're going to take that further and take it into b2c and even consumer to consumer contracting so we have to look first of all in the statute of frauds 1677 so we mentioned before the golden ocean group in solid game mining and we know that we can form a contract under email and the courts are going to take the same sort of thing in Bitcoin as a valid contract if we match the same conditions we need to display things so if we look at the opera turn conditions within Bitcoin at the moment that SV has been boosting up we allow people to put data in that field we can now store the contractual evidence and the capture of signing all the rest in that field and once we do we have incorporated everything we need to show that we've displayed all that the user needs to know to be bound that they can agree to this and this is the limit of what they're being bound by because there's nothing hidden it's all there and we can take that to a court and the court will enforce it so contracting online with the requirements of EDI and Bills of exchange etc so if we look at meto versus parent foreign artists 2006 there are already contractual methods that have been upheld online by the courts so don't realize this but this is not new law and we can form contracts correctly in Bitcoin using a signed written agreement we've got some other cases I discussed those in the paper in more detail but these now allow us to formulate everything we need for in writing as electronic communications because what the ia 1978 dictates for us is typing printing lithography photography and other modes representing or reproducing words in a visible form and expressions referring to writing are construed according to the interpretations act 1978 to allow us to do any of this thing as a signature as in writing so we have some old cases we have telex and fax based communications such as an Tory's versus Mills Forrester Corporation and the one I've been harping on here ongoing series of emails which is Seliger mining industries can it be put in a visual representation that's an important aspect of all this so when we're looking at what's been happening online right now if we look at things like bits to Graham bits to Graham is an Instagram copy on Bitcoin that means images are being stored in Bitcoin in the Opera turn people are storing documents and files and if we can store an image we can also store a copy that can be signed and encrypted between people of the contract we can display it on their phone and we can take a screenshot of the display and they can sign that display they can either sign the hash if they don't want to put data and then have to save that somewhere or they can actually load the copy of their signature onto the blockchain and that requirement of visual display has now been proven in any court of law in the Commonwealth we are binding people allowing them to contract and exchange over Bitcoin in a way that provides immutable evidence simplifying disputes there won't be any oh I didn't mean to be whatever I didn't want to be under this contract or I'm meant to change whatever you are bound there's no dispute you agreed and when it happened what you agreed to no change in terms of conditions so again if we look at Williams versus AOL online Williams argued that he wasn't bound because well he changed the program that Iowa gave him to bypass the terms and conditions and the court said he was not bound because he didn't ever get that terms in addition we can now have it so that no one can do that they won't sign up if they don't agree and we can provably make that happen so exchanged sign transactions need to be viewed visually we can do that today on Bitcoin we can match everything in these requirements for the basically law society's framework that allow us to have trust services this now allows in writing to evolve such that under current law we can have an electronic signature that satisfies all of the paper and wet ink requirements of law right now people filled out pieces of paper to buy land they do that for shares although there is electronic trading already for some of these things many people still want a signed contract back or other things but rather than doing that we can actually embed that directly into Bitcoin and meeven meet the stock transfer Act in 1963 requirements and allow our electronic signatures to be captured not just as a I accept click page thing as a simple agreement but guaranteeing what we've done so look @ws tank ship etc we have signed does not necessarily involve signature by an individual using ink and pen and that it suffices that the guarantors name is written or printed on the document of course if we're doing an up return we don't want to ruin the sadhana me so what do we do we set up a differ Holman process between the two parties and we encrypt that data we display it encrypt it and we capture it and now only the parties to the contract can see the data but they can share it with others so it's private it's traceable it's immutable its evidence it allows trade and it allows certainty bitcoin is pseudonymous that can actually lead to problems why because we need to know who we're dealing with when we're contracting so what we can do and this is one of our early patents number 42 allows for a hierarchical key system that allows us to have a certified registry hold a key that it's the route derivative key and we never sign a Bitcoin transaction with that but we derive keys from it and that allows us to satisfy all of the electronic signature regime regulations under even an advanced certificate so that means we can sign through a signing platform on Bitcoin allowing us to capture all of the law of evidence requirements for contracts from a legal perspective we have more advantages over paper because you can lose paper you can alter paper you can damage paper people forge documents all the time we can create an unfortunate alterable single-use version of a contract not like bernie madoff where he had something like eight different versions of records we can insure one just one ever exists not where barrings bank allowed a trader to go in there and set up false records just one not where Enron set up multiple copies to fool the auditors to fool the regulator's to fool the investors just one provably and then we don't have this problem of cd-roms that can be copied many times low cost to commit fraud we make it immutable and we ruin all their little things where they want to try and get away from this now generally a trade transaction and a contract that forms from it involves many documents purchase orders invoices acknowledgments delivery labels delivery documents etc all of these can be captured in a stream of my transaction your transaction and we can link all of those to form a single contract that can be printed out and given to a judge once we can do that we satisfy everything that requires visualization under the law because we can print that out as if the other party had been viewing it the same way that means the scripting language can incorporate documents that are signed and validated to any level we can incorporate land signatories today not some special change of law we can make sure that the law and Bitcoin are aligned not by having to get new regulations by taking the old regulations and changing and morphing the technology into something that fits this is the problem we don't want people changing the laws laws have developed over a long time we want people taking laws that work and fitting the technology into existing law much better so we're going to do everything now that allows us to even form a qualified electronic signature so if we think about this as a legal issue example Alice and Bob Alice or what is good goods from Bob she has a smart contract she sends that off to the network Bob acknowledged the order and says yes I will send you this I will bill you later as soon as the goods come you give me the money now people talk about how you can escrow funds etc and Bitcoin but that means locking up money etc and the way that the world actually works is people will still order without having the funds so many businesses will go through an order process and want to keep their money till the end of the month maybe they've got terms where they pay monthly but now Alice can deny ordering she says I'm pseudonymous you can't tell Who I am except we have a way of stopping that not with the typical escrow but with law we can still do escrow we can put funds up we can even have liability etc we can have insurance many other types of contracts but we want to prove honestly and stop Alice doing this in the first place we don't want to have to fight to get our money back even on an escrow condition where we have a mediator that costs time and money we don't want to have to have disagreements we want to make Ellis know that her information has been captured so Bob needs to now prove that this was not just a Bitcoin transaction but it was a Bitcoin transaction from Ellis and he needs to do that in a way on a public ledger that is immutable and pseudonymous and we can do that because we can encapture all of this information encrypted between the two parties so that either party can decrypt it and prove probity of the link up to Ellis so Bob can use the record of Alice's transaction as evidence now and say yes this was actually Ellis he can have a record that is pseudonymous that can link Ellis to the sale allowing him to go into court and take action we also have things like timed offers what if Alice made an offer or Bob made an offer but it had 24-hour validity we can now set terms and conditions that automatically expire that are captured no matter what that if Alice sends to the network one second before the 24 hours she gets it locked in that can be automated right now allowing all the sort of trade to be smooth to I'll label us to have inventory levels automated such that an order goes out on a Bitcoin EDI type transaction when the stock level gets too low in our warehouse and we just automate repay we can further use things like the 1974 Consumer Credit Act and the modifications that allowed certain electronic contracts can be done in Bitcoin not we need to change the law no Bitcoin can do this we can do any of these templates back way back at the beginning when I first talked about how Bitcoin could do everything I meant it in 2009 when I was talking about any template could be created this is the sort of thing I was talking about we can do this in such a way that we can link identity because not about drugs it's not about any of these illegal dark market sites it's about an honest system that captures trade and makes it smooth both as a simple electronic transaction where we have a simple electronic signature and meeting the advanced electronic signature requirements where we actually store a link to a certificate we can do both now under land --let registration we would need to have something like an Aes and an advanced electronic signature could link to your identity and that would prove who bought the property yet still being pseudonymous not linking out to the world keeping your information private we can then know all of what we need up front and creditors and suppliers now need to think about how they might do this thinking that they need to capture information they need to display what they're doing not just send it over Bitcoin but send it on the right wallet that sends it in the correct way and then we can do everything to form an in writing contract right down to where we capture things like land and shares thank you [Applause]