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Asters presents the White Paper on smart contracts for a new electricity market in Ukraine

Asters has published the White Paper on smart contracts for a new electricity market in Ukraine. The publication targets the top management of the Ukrainian electricity market players, as well as a wider readership interested in the introduction of blockchain and artificial intelligence technologies into the Ukrainian economy.

The White Paper analyses the possibilities to automate the electricity trade using smart contracts (agreements in the form of a computer program able to fulfill the obligations of its parties autonomously). The White Paper (in Ukrainian) is freely accessible at Asters website >>

Asters Senior Associate Vitaliy Kulinich is an author of the idea behind this White Paper. In a number of his previous articles Vitaliy has analyzed the legal regulation of the use of artificial intelligence. The White Paper is co-authored by Asters Counsel Sergiy Tsyba, an expert in information technology, telecommunications and information security. Asters partners Yuriy Kotliarov and Yaroslav Petrov revised the White Paper before publication.

"The new model of the electricity market has been operating in Ukraine for over a year. Some segments of this market are already using computer programs, which have some features of smart contracts and are deployed in centralized computer networks. In our publication we have analyzed the existing models, the possibilities of their improvement and additional use of smart  contracts, blockchain networks and artificial intelligence," - comments Vitaliy Kulinich, a co-author of the White Paper.
"To remain competitive and grow Ukrainian businesses must introduce innovations, including artificial intelligence technologies,"Serhii Sviriba, Asters' Co-Managing Partner says. "Asters experts are actively involved in improving the legal landscape for doing business in Ukraine. We hope that the key points of this White Paper will trigger a productive discussion on further optimization and modernization of the Ukrainian electricity market."

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Asters is the largest law firm in Ukraine with offices in Kyiv, Washington D.C., Brussels and London. Chambers Europe 2020 recognizes 21 lawyers of Asters – the largest number of the renowned practitioners in a single Ukrainian law firm

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