UIA Webinar – Digital Transformation, March 2-3, 2021

from 02 to 03 March 2021

Webinar presented by the UIA Information Technology Law Commission

 

Digital Transformation: What Lawyers must know about Smart Contracts, Digital Services and Block Chain

Recent technological advances in artificial intelligence (AI), internet of things (IOT), big data, block chain, data analytics etc. have enabled global tech majors to harness the data obtained in data processing to deliver actionable business insights often converted into data products. This process known as « digital transformation » has the potential to transform the value proposition of their global clients and is rapidly moving the service providers from the back office to the front office handling product design and development. This is a sensational leap forward for the IT consulting/service providers from the cost cutting of the outsourcing era and raises critical legal issues addressed for the first time, globally, in this webinar.

The first session examines digital transformation and contracts which are the key legal instrument for the entire success of the client’s digital transformation. First, the client’s contracts themselves must be digitized known as digital contract transformation or DCX. Once DCX is done, contract connectedness must be achieved which means that contracts are connected to IOT sensors through which market prices and other real-world data is fed into the system in order to ensure that post execution performance is captured digitally, and analytics are optimized. The session examines DCX, contract connectedness, smart contracts using block chain and their implications for successful digital transformation. The session also examines the key legal provisions in the digital transformation contract itself and how these differ from the decades earlier outsourcing contracts.

The second session examines the critical issue of the digital services and, in particular, the legal role of digital service providers and platforms in the current so-called « digital platform economy », as well as the role of data ownership in this new economy. The panel will discuss the legal challenges the digital platforms and intermediaries are facing in view of new regulations (such as the EU Digital Services Act package), the impact for the digital services of new competition and antitrust rules and perspective and the intellectual property rights recognized over the data generated in the provision of digital services.

The third session looks at how increased innovation and digitalisation (including some blockchain) is being used to effect transformation of the financial services sector. The session focuses on explaining how such increased innovation and digitalisation is being used in daily transactions in the financial and insurance sectors so that lawyers can equip themselves to meet their clients’ requirements.

 

SESSION 1 - DIGITAL TRANSFORMATION AND CONTRACTS

Tuesday, March 2 - from 12:00 PM CET to 13:30 PM CET (Paris time)

Contracts are, perhaps surprisingly, at the heart of a successful digital transformation. The session first examines Digital Contract Transformation (DCX) which is the digitization of contracts and contract lifecycle management process (CLM) processes which enables harnessing of data in contracts – the concept at the heart of digital transformation. Speakers will examine the 10 best practices for implementation of DCX. The session will address how smart contracts are created using blockchain and the use of blockchain for preparing documentary evidence, protecting trade secrets and traceability – all very critical concepts for legal practitioners. The session will also explore “connected contracting” or connecting legal agreements post execution to external sources of data and business systems to digitize, integrate and automate the performance of legally binding obligations. Postcontract execution, IoT sensors are used to connect to real-world data in order to improve contract management and business systems and ensure that post execution performance is captured digitally. Speakers will explain “Clause API” which allows users to add connected contracting functionality directly into their existing digital systems which, in turn, supports the success of digital transformation. The session will examine “Smart Clauses” and triggering smart clauses with external data. The session will also examine the key clauses in a digital transformation contract and how these differ from the earlier generation outsourcing contracts.

Welcome and Opening of the Webinar: Jorge MARTÍ MORENO, UIA President, Uría Menéndez, Valencia, Spain

Moderator: Aparna VISWANATHAN, UIA Counsellor to the President, Advocate and Bar at Law (of Lincoln’s Inn), Viswanathan & Co., Advocates, New Delhi, India

Panellists:

  • Argyri PANEZI, Professor of Law and Technology, IE Law School, Madrid, Spain
  • Víctor SÁNCHEZ HÓRREO, Head of Blockchain Practice, Emerging Digital Technologies division of Minsait (an Indra Company), Madrid, Spain
  • Bradley JOSLOVE, Avocat à la Cour and Attorney at Law, Joslove Digital Law, Paris, France
  • Nicolino GENTILE, Junior Partner, Commercial Law, IT, Start Ups, BLB Law, Milan, Italy

 

SESSION 2- DIGITAL PLATFORM ECONOMY

Tuesday, March 2 - from 3:00 PM CET to 4:30 PM CET (Paris time)

The panel will discuss the role of digital service providers and platforms in the new « digital platform economy » as well as the critical issue of data ownership. The discussion will focus on the legal challenges the digital platforms and intermediaries are facing in view of new regulations such as the EU Digital Services Act package and the Digital Markets Act in comparative analysis with the e- commerce Directive and the e-Platform-to-Business-Regulation. The panellists will address the impact for the digital services of the new competition and antitrust rules introduced by this new EU-wide legislation introduced in December 2020 as well as the intellectual property rights recognized over the data generated in the provision of digital services. Session 2 examines these cutting-edge issues and more.

Welcome and Opening of the Session: Jorge MARTÍ MORENO, UIA President, Uría Menéndez, Valencia, Spain

Moderator: Ashu THAKUR, Advocate, Ashu Thakur & Associates Advocates & Solicitors, Mumbai, India

Panellists:

  • Pablo SOLANO DIAZ, Associate, Uría Menéndez, Madrid, Spain
  • Leticia LÓPEZ-LAPUENTE, Partner, Internet & Privacy, Uría Menéndez, Madrid, Spain
  • Supratim CHAKRABORTY, Partner, Data Privacy & Protection, Khaitan & Co., Kolkata, India
  • Donato SILVANO LORUSSO, Co-Founder Partner, BLB Law, Milan, New York, Hong Kong

 

SESSION 3- HOW AI IS AND BLOCKCHAIN MAY TRANSFORM FINTECH AND INSURTECH

Wednesday, March 3 - from 2:00 PM CET to 3:30 PM CET (Paris time)

Pre-covid innovation and digitalisation was already changing how banks, insurers and derivative marketplaces were operating their businesses, particularly in B2B. Law firms were not immune but probably less proactive. Covid accelerated innovation and digitalisation for all. These financial services organisations are now considering how fintech and insurtech can adopt with the benefit of even more innovative digital technology. This is expected to extend to making changes to their B2C business models. Inevitably that word “blockchain” features in these discussions. In the short term it may be used to make B2B transactions more effective and to assist regulators to regulate banking, insurance and other financial markets. Blockchain is starting to make an impact B2C but probably more in the home environment rather than financial services. The session will also examine how innovation and digitalisation has been used in the pharma industry and is expected to change life for all. The session will focus on what lawyers need to know to better understand how this technology will impact their clients.

Welcome and Opening of the Session: Jorge MARTÍ MORENO, UIA President, Uría Menéndez, Valencia, Spain

Moderator: Adrian KNIGHT, Knight (Solicitors) and SmartKorr (Tech), London, UK

Panellists:

  • Mark G. FIELDS, Partner, Alsop Louie Partners; formerly CEO of Wickr and founding CEO of CME Ventures, Chicago, IL, USA
  • Suet-Fern LEE, NED of Rothschild Bank & AXA Japan (formerly AXA main board) and Sanofi SA; prior board member Morgan Lewis & Bockius and Chair of its International Leadership Team, Singapore
  • Andrew OGURA, Digital Strategist to Board of Mitsui Sumitomo Insurance Group; formerly systems implementation specialist at Oracle and PricewaterhouseCoopers, Tokyo, Japan
  • Pramod RAO, Group General Counsel at ICICI Bank, Mumbai, India