Blockchain and Software Risks Clause Samples
The "Blockchain and Software Risks" clause defines the allocation of responsibility and liability for risks associated with the use of blockchain technology and related software in a contractual relationship. It typically outlines which party bears the risk of software bugs, security vulnerabilities, or failures in blockchain systems, and may specify procedures for addressing such issues if they arise. By clarifying these points, the clause helps manage expectations and reduces disputes by ensuring both parties understand who is responsible for losses or disruptions caused by technological failures.
POPULAR SAMPLE Copied 1 times
Blockchain and Software Risks. 2.1. Blockchain Delay Risk. On the most blockchains used for cryptocurrencies' transactions (e.g., Ethereum, Bitcoin blockchains), timing of block production is determined by proof of work so block production can occur at random times. For example, the cryptocurrency sent as a payment for the Tokens in the final seconds of the Token sale may not get included into that period. The respective blockchain may not include the purchaser’s transaction at the time the purchaser expects and the payment for the Tokens may reach the intended wallet address not in the same day the purchaser sends the cryptocurrency.
Blockchain and Software Risks