INFORMATION TECHNOLOGY LAW – IT LAW
The law of information technology or IT law provides a regulatory framework for the circulation, collection, storage and using of data in digital form and computer programs within the global Internet network and beyond, as well as protection of digital information and currencies by encryption and cryptography.
With the development of artificial intelligence and e-commerce, more and more legal relationships, which are happening and being resolved in the real world today, will be moved to the Internet and information technologies field. The development of this legal area is a neediness of a rapidly moving market.
This kind of law is closely related to Internet law , which in fact covers more intellectual property issues, privacy rights, rights and obligations of e-commerce participants, internet freedom and freedom of speech, but also the areas of online security, licenses and software, which are regulated by both kind of rights. Each from a different perspective.
Software development agreement – A software procurement agreement
When it comes to IT law, the most practical needs for hiring lawyers and attorneys are in regulating the relationship between IT companies or IT companies and hired developers or executor, or when it comes to concluding IT contracts. Who will have the rights to the computer code, work methodology, SoW, payment dynamics, product launch and maintenance? Those elements are just some of these contractual relationships that need to be addressed.
Considering the regulation of the rights to the work performed – the product, the intellectual property clause is a key element of any software procurement agreement. Are the rights to the program assigned in an exclusive or non-exclusive manner also determines the scope of the right to future use of the software or its restrictions, but also the right to protection that can be emphasized to third parties.
Computer Program and databases as subjects of copyright and related rights are crucial for the adequate application of legal norms in the context of IT business.
Whether it is Request for information / RFI, Request for proposal / RFP, NDA Master Service Agreement or Software development agreement, each of these business phases in the IT industry carries with it a certain scope of rights and obligations, for the assessment of which it is necessary to hire an expert. Also, the implementation of the Scope statement / SoW must be in accordance with the basic agreement. The implementation of the Scope statement/SoW specifies and supplements the provisions of the basic agreement.
Dealing with the problems in IT industry is not reserved just for programmers, developers and platforms for online services. High technologies have become an crucial part of every business, so today the only way to successfully manage a company is to adhere to upcoming trends and improve your business in technologically and staff aspects.
The specificity of the online environment sets this legal area apart in which there is a neediness of applying this regulation and the theoretical and practical experience. A small number of attorneys have the necessary qualifications to represent legal entity and natural persons who have been related to digital and IT industry.
As in other areas, it is necessary to do everything to prevent disputes through legislation and contracts, which often have an international element. Only if all the arguments for reaching a settlement are exhausted, the parties should bring the case before the competent court.
IT law also includes smart contracts, as the most modern approach to make contracts using digital technologies and blockchain.
In recent months, with the expansion of the Ethereum crypto currency platform, more and more work is being done to improve smart contracts , implemented in programming code, which makes distance legal transactions in digital transactions more efficient and secure. More than a decade ago, the smart contract model, modeled on the Escrow deposit legal deal, first appeared with Bitcoin. However, Ethereum has brought a new generation of smart contracts, leaving legal and creative freedom to transaction participants to improve it. After the Ethereum, new, more sophisticated blockchain networks threaten to take over a significant part of this market, especially NFT-related ones, with their solutions and low transaction costs.
Also, legal support for blockchain technological solutions for monitoring the activities and transactions of entities in cyberspace, falls under IT law. This modern model of recording online transactions is the basis for further development of decentralization of trade in goods and services and bypassing traditional, slower and hollow methods of payment and contract’s conclusion.