BLOCKCHAIN OPEN LAB: It is the first company in Spain with Smart Contract

On June 5, the company BLOCKCHAIN OPEN LAB S.L., formed by ten members of technical profiles, whose main corporate purpose is the development of solutions that require blockchain technology, was incorporated into the Notary Public of Madrid by Mr. Ignacio Gomá. Although it is true that it is not the first merchant whose social capital is made up of virtual currencies (they have already been constituted in bitcoins as well as ethers), it is the first one that goes a step further in the use of the blockchain, when a address in the name of the company in which all the participants in the presence of the Notary and by diligence, accredited the transmission of ethers in proportion to their social participation to the company’s management, and all this under the previous creation of a Smart Contract.

In this way the Notary was able to verify that a Smart Contract whose initial balance was at zero, was increasing its value while the participants made the transfers of their ethers to reach a social capital of 3,400 Euros. From that moment the direction of the society could only be handled by the Solidary Administrators of the same, and at the same time allows anyone to know the existence of the address of the merchant where the ethers are deposited (can be seen here).

There is therefore no legal disadvantage in forming a company with non-monetary contributions as established in article 63 of the Capital Companies Act: “In the articles of incorporation or in the execution of the capital increase must describe the non-monetary contributions with their registry data if they exist, the valuation in euros attributed to them, as well as the numbering of the shares or shares attributed. ”

The article 61.2 of the same legal text establishes “if the contribution was in another currency, its equivalence will be determined in euros according to the law”, a question that was determined by the access by the Notary to a web platform that informed him of the exact real-time value of virtual currencies. Despite the lack of regulatory regulations, Europe considers cryptocurrencies or virtual currencies as “a digital representation of value that is not issued or guaranteed by a central bank or public authority, is not necessarily linked to a legally established currency, and does not It is considered as currency or money of legal tender, but is accepted by persons or entities, as a means of
of exchange, and that can be transferred, stored and negotiated electronically “.

What is a Smart Contract?

A smart contract is a fragment of executable code on blockchain that maintains some properties of it, at the same time that it can extend other functionalities through its code, depending on how it is programmed. Not all blockchain networks allow multipurpose Smart Contracts. Being a multipurpose language depends on its programming to interact with the orders sent and the data of the blockchain itself.

Why set up the company on a Smart Contract?

The executable code of a Smart Contract can not be modified (“Code is Law”) so it is immutable. On the other hand, its state can vary. In addition, they have the possibility to run in a decentralized manner, and anyone can access their public data, which provides transparency. It is believed that in the future the blockchain will be the one that attests to many events. In this way we believe that they will be a revolution the day they have a legal value, and we want to be pioneers in going towards this evolution.

What are the advantages of having done so?

To constitute a company in a cryptocurrency over an address, has the disadvantage that when the administrator changes or the private key is compromised, the capital should move from account to account. However, in our case we have capitalized the Smart Contract and we have designed it so that only the administrator’s account can have all the capital, and this can be changed if it is compromised or another responsible person is appointed, without losing the reference where is this capital

BLOCKCHAIN OPEN LAB S.L. as a company that aims to be a reference in technological innovation, Blockchain has taken a step forward by being the pioneer in using a Smart Contract in its own creation.

Jose Felip

Jose Felip

The difficult thing is not to learn, the difficult thing is to know how to teach. Editor and coordinator of the free book "La era de las BLOCK punto COM" CEO of bitcoiner.today