Introduction
Technological advancements have seen a meteoric rise in the last few years with extraordinary effect on the general public also. In today’s era, technology has transformed our way of living in the manner of how we walk, play or interact with others. With the extensive use of mobile phones and cellular data, individuals have connected with their peers, family members and colleagues through e-networking websites, video call applications and e-mail platforms. Further, because of these technological abilities, vast new businesses and industries have taken to electronic commerce. One need not visit the workplace, super market or shopping complex in order to purchase the various commodities and goods. Not only this, perhaps a person sitting at home can experience real life activities by sitting on their couch through Virtual Reality (VR) or Artificial Intelligence (AI). Some of the other advancements in this field of technology such as blockchain and cryptocurrency have been discussed in this paper. In hindsight, it is a grievous matter at hand. As the years have yielded headways in the different innovative fields, so have the wrongdoings expanded. Thus, today because of high web infiltration and cyber crimes, cybersecurity is one of the greatest “need” of the world as cybersecurity dangers are exceptionally hazardous to the nation’s security.
Blockchain
Blockchain is a network of computers which enables peer-to-peer transaction without the need for an intermediary. Each transaction is validated along with a group of validated transactions which is called a block and added to a chain of blocks, coming to be known as blockchain. The information present in blocks cannot be altered after being added to the chain.
Apart from having some considerable benefits from using blockchain like increased efficiency, generation of cost savings, permanent and immutable transaction records, there are some shortcomings which can attract legal attention, like blockchain provides anonymity which makes it a tool for money laundering and terrorist funding, these circumstances can attract criminal securities fraud laws. Also, it’s subject to cybersecurity risk from hackers.
Countries like USA have agencies to stop these fraudulent activities viz. Securities and Exchange Commission (SEC) which has specified the issuers to register the coins or token and it must constitute a security. These regulations will put a stop on investors getting involved in fraudulent activities.
Cryptocurrency: Reliable or Not?
Cryptocurrency is a just a smaller version of virtual currency, the difference is in the technique used for transactions. In cryptocurrency, a technique named cryptography is used for encryption and decryption of cryptocurrency which makes it more efficient and secure. Having no physical existence their ownership is through entries in blockchain. Its value largely depends upon demand of users, as opposed to virtual currencies which can be legal tenders, cryptocurrencies are still not recognized as legal tenders anywhere i.e. they cannot replace paper based-currency, hence they require agreement on part of the users for transaction.
Some cryptocurrencies are now working with NASDAQ (National Association of Securities Dealers Automated Quotations) which is an American exchange and this step will surely help in adding to the legitimacy of the cryptocurrencies although the way to NASDAQ is difficult but several cryptocurrency exchange have made it possible.
Some examples of cryptocurrency are Bitcoin, Ethereum, and Ripple.
Artificial Intelligence: A Way to Future
AI or Artificial Intelligence means a computer system working on algorithms which not only gives the output for the given input, but also finds a pattern in those inputs and can learn from past experiences to respond to different outputs on its own.
Although this technology is a game-changer, but in addition to that it has also raised questions related to law which needs to be dealt by countries in recent times. The fields in which AI is being used are limited, but future prospects are bright hence the law also needs to be evolving to handle the situations caused by this technology to protect the innocents from being harmed.
Some legal questions which are raised up till now are:
- Privacy: As data is being used by AI, it raises an alarm for the users because their personal data may be used by the developers or any third party. Many regulations and guidelines are coming into force to minimise this concern like “General Data Protection Regulation” (GDPR) enacted by European Parliament which puts a bar on organizations to collect unauthorised data of users.
- Liability: In case of AI if something goes wrong then who is to be held liable – the user, the developer or the machine? NITI Aayog provided answers to these questions in its National Strategy on Artificial Intelligence #AIForAll that Negligence test should be conducted in place of strict liability and the parties should bear proportionate liability in place of joint and several liability.
- Biased decision making: Some countries have started using AI in court proceedings but as we know AI is based on algorithms and it makes its decisions based on patterns but what if the decisions are biased? It is a possibility that AI based technology can give biased decision because the society in which we live is a biased society and if its source decision was biased so will be its own decision therefore solely depending on the AI is still not an option.
- Breach of Contract: AI works on data and more the data is provided it works more efficiently, but what if it starts using data for another purpose on its own? A simple solution to this problem would be forming a contract between the user and developer for a certain fixed work for which the AI is being sold and if it does any work outside that field then the developers can be held liable for breach of contract therefore they will be more cautious while programming the algorithms.
Cybercrime and Cybersecurity
Cyber Crimes identifies with the word ‘digital’ which is related toComputers and Networks. For example, carrying out extortion, abusing security utilise computerised information from Computer frameworks and other electronic gadgets.
Cybersecurity implies ensuring information, systems, programs and other data from unapproved or unattended access, devastation or change. For information security, numerous organizations create programming. This product secures the information. Cybersecurity is significant on the grounds that it assists with making sure about data as well as our framework from infection assault.
India has enacted the first I.T.Act, 2000 based on the UNCITRAL model recommended by the general assembly of the united nations by a resolution dated 30th January, 1997. Chapter XI of this Act deals with offences/crimes along with certain other provisions scattered in this Act.
Two major cyber attacks that I would like to include in leu of this topic are briefly discussed below –
- Nigerian Letter Scam or “419” Fraud – This fraud attracted attention around the whole world. In which a self- proclaimed government official offers an opportunity to an individual to earn some illegal money by providing their personal financial information and this whole trap is setup to drain the bank account of the individual, millions of dollars loss was done through this scheme.
- WannaCry Ransomware Attack – The WannaCry ransomware attack took place in May 2017. This ransomware attack spread through computers operating Microsoft Windows, users files were held hostage, and a Bitcoin ransom was demanded for their return.
Conclusion
Advancement in technology is not only a mere requirement but a necessity to make sure that an organization or country stands a chance in this cut throat competition.
But what about the innocents? Therefore it becomes a duty to protect them from this evolving yet unfair world and this responsibility lies on the shoulders of law.
Though one cannot expect that regulations can be brought into effect before the practice of such acts but they should be enacted as soon as possible.
It should also be considered that some countries still do not accept the use of such technologies, it not only make them debilitated in competitive market but also makes them vulnerable to unfair and illegal activities.
Therefore we can say that it is largely unknown how the law will deals with these technological advancements but it sure will be the first step towards legal development.
2020-6-30-1593499320