Blockchain and Lebanese Corporate Law
Dr. Haissam Fadlallah
Associate Professor of Private Law
Lebanese University, Faculty of Law
French Section
Abstract:
Blockchain is now what the internet was twenty-five years ago. The purpose of this article is to discuss the essential applications that blockchain technology could provide to the corporate world. Indeed, recent foreign legislative experiences with blockchain technology have been fruitful. The adoption of blockchain technology by various business laws yielded numerous benefits. As a result, this paper underlines the significance of the benefits that blockchain technology could have on the corporate environment once implemented by Lebanese law.
Indeed, adopting blockchain technology will have a favorable impact on the company’s formation and performance. On the one hand, blockchain technology makes the formation of a corporation easier and safer, both in terms of registration and contributing to corporate capital. Blockchain technology, on the other hand, enhances the company’s performance by improving the working of its various organs, particularly the general meetings and the auditors.
Furthermore, relying on smart contracts, a blockchain-based technology, will make numerous corporate activities, operations, and transactions more efficient and safer. This paper invites the legislator to consider blockchain technology in the corporate world, thus allowing the Lebanese corporate law to be competitive, attractive, and evolutionary, to tackle diverse economic difficulties.
Keywords: company, commercial books, cryptocurrency, general meeting, smart contract.